Silver Range options Legal Tender to Rush Gold

Executive Summary

• Silver Range Resources Ltd. has granted Rush Gold Corp. an option to earn a 100 % interest in the high‑grade Legal Tender property for up to $200,000 and completion of 1,000 m of drilling over four years.
• Silver Range will retain a 2.5 % NSR royalty (potentially reduced to 1.0 % for an additional $500,000) and receive a resource payment of US$4 per ounce of gold (or gold equivalent) on all measured and indicated resources produced.
• Historical grab samples from the property have returned up to 1,875 g/t Ag and 4.94 g/t Au, indicating significant precious‑metal potential adjacent to Rush Gold’s existing Skylight property.

Key Details

• Property Description: Legal Tender is a high‑grade silver prospect located ~62 km NW of Tonopah in the Royston Hills, covering historic Farris, Hyland and Black Butte mines within the Republic mining district.
• Geology & Mineralization: Silver‑gold occurs in moderate to steeply dipping vein faults, veins and breccia bodies along a 1,200 m Main trend and a 400 m northeast‑trend; hosted in volcanic and carbonate rocks of the Luning Formation.
• Historical Assay Results: Grab samples have shown up to 1,875 g/t Ag and 4.94 g/t Au.
• Option Terms – Earn‑In Payments: Rush Gold may acquire 100 % of the property by paying escalating cash payments totaling US$200,000 and completing 1,000 m of drilling within four years.
• Royalty Structure: Silver Range retains a 2.5 % net smelter return (NSR) royalty, which can be reduced to 1.0 % if Rush Gold pays an additional US$500,000 per 0.5 % reduction.
• Resource Payment: Silver Range is entitled to a US$4 per ounce of gold (or gold equivalent) on all measured and indicated resources delineated on the property.
• Proximity to Existing Assets: The Legal Tender property lies ~3 km north of Rush Gold’s Skylight property, suggesting similar mineralization style.
• Qualified Person Approval: Technical information approved by Mike Power, MSc, CPG, President & CEO of Silver Range (NI 43‑101 qualified person).

Notable Quotes

(No direct quotes were provided in the release.)