Skylight

The Skylight property is located 60 km northwest of Tonopah, Nevada. It is situated on BLM land and is surrounded by historic mines and active exploration.

The property is underlain by Paleozoic sedimentary rocks that are intruded by Mesozoic intrusive rocks; Tertiary volcanic rocks cap the sequence. A series of brecciated silica units (‘silica caps’) form the top of the highest hill on the property.

Gold-silver assays within the Skylight property are associated with elevated arsenic values and visible hydrothermal clay-kaolinite alteration, quartz veining and brecciated felsic rhyolite volcanic rocks, consistent with a high-level, low-sulphidation epithermal environment.

Limited 2007 RC drilling completed by a previous operator returned 11 metres averaging 0.49 g/t Au and 14 metres averaging 0.1 g/t Au along the southern and northern periphery of the silica cap within the current Skylight Property (Rimfire Minerals Corporation, November 2007). A 3D IP/resistivity survey was later completed during 2017 (Silver Range Resources Limited, June 2017). The historical drilling and geophysical survey results described above were obtained by a previous operator and are considered historical in nature. These historical results have not been verified by the Company.

Anomalous gold and silver values have been returned from Rush rock sampling, outlining a 1.2-kilometre north-south trend, which included 0.23 g/t Au and 4.8 g/t Ag, 0.1 g/t Au and 3.8 g/t Ag, 0.19 g/t Au and 2.7 g/t Ag and 0.13 g/t Au. Rock samples are selective by nature and are not necessarily representative of the mineralization of the property. In addition, to better define drill targets, the Company's technical team have integrated rock chip assays with short-wave infrared (VIS-SWIR) hyperspectral TerraSpec analysis and WV-3 satellite alteration imagery.

The Company has also completed ASTER satellite image processing with the study identifying widespread alteration anomalies (iron, clay, silica), consistent with a low-sulphidation epithermal gold-silver system, extending over approximately 1.2 km. These findings align with previous soil sampling, rock sampling, hyperspectral analysis, and have assisted in refining exploration drill targets.

Based on the Company’s analysis of gold-silver and pathfinder element anomalies from historic and recent geochemical sampling coincident with surface hyperspectral hydrothermal alteration, and subsurface chargeability geophysical anomalies, the Company interprets that the 2007 RC drilling did not adequately test the priority targets, and as such the Company considers the Skylight Property a high priority for additional drilling.