Rush Gold to Begin Exploration at Nevada's Skylight Property
Rush Gold Corp. has recently been listed on the Canadian Securities Exchange and plans to commence drilling at the Skylight gold-silver property in Nevada, a site previously showing gold mineralization.
Rush Gold Corp. is set to begin drilling at its Skylight gold-silver property in Nevada, following its recent listing on the Canadian Securities Exchange (CSE). The property, located in the Royston Hills area of Nye County, Nevada, features a low-sulphidation hydrothermal system.
Silver Range Resources Ltd., which originally identified the property's potential, announced Rush Gold's listing. The hydrothermal system at Skylight is believed to be proximal to the source of mineralization, exhibiting quartz-chalcedony breccia and rare laminated silica. Geochemical and geophysical surveys have identified potential mineralized feeder structures beneath the surface.
Previous drilling on the periphery of the system by Newmont and Rimfire Metals in 2007 yielded several gold intersections, with the best result being 10.67 meters grading 0.49 g/t gold. This suggests the hydrothermal system at Skylight is gold-bearing, making it an attractive exploration target.
Rush Gold may acquire a 100% interest in the Skylight Property by completing 3,000 meters of drilling, paying Silver Range $310,000, and issuing 680,000 shares over a three-year period. Silver Range will retain a 3% net smelter return (NSR) and is entitled to milestone payments upon definition of resources on the property.