Sounds like the jet was on loan to Top Gun and pilot ejected safely during a FCF. Looking through the pictures of the wreckage site, I see a Red Devils logo on the vert. Hope they can catch a break soon.
http://mynews4.com/news/local/aircraft-crashes-near-naval-air-station-fallon
http://mynews4.com/news/local/aircraft-crashes-near-naval-air-station-fallon