VANCOUVER, June 7, 2017 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) and Advantage Lithium Corp. ("Advantage") (TSXV: AAL) are pleased to announce the acquisition of a 100% interest in the Triton lithium property ("Triton", or the "Property"), located in the northern Clayton Valley in Esmeralda County, Nevada, close to the town of Silver Peak.
Under mutual agreement with the vendor, the acquisition of Triton is subject to an area of interest clause contained within the property agreement for the Clayton Northeast Project, currently owned 51% by Advantage and 49% by Nevada Sunrise, located approximately 5 kilometres to the northeast (for details of the terms of the Clayton Northeast underlying property agreement see Nevada Sunrise news release dated December 10, 2015, and for details of the Advantage option agreement for five Nevada lithium properties, including Clayton Northeast, see Nevada Sunrise news release dated June 20, 2016). Advantage can increase its ownership interest in Triton and Clayton Northeast to 70% by continuing to fund property exploration and tenure costs. To date, Advantage has funded over CAD$2.0 million of its CAD$3.0 million earn-in commitment.
"The acquisition of Triton adds a very strategic property to our portfolio of Clayton Valley projects," said Warren Stanyer, President and CEO of Nevada Sunrise. "We believe that Triton lies in a highly-prospective area for lithium brines at the edge of North America's only producing lithium mine."
About the Triton Lithium Property
Triton consists of 19 unpatented claims totaling approximately 380 acres (154 hectares) and is contiguous to the Silver Peak lithium brine mine operated by Albemarle Corporation ("Albemarle") (ALB: NYSE), and to the lithium brine exploration property known as Clayton Valley South owned by Pure Energy Minerals Limited (TSXV: PE). Triton lies on the southwestern edge of Albemarle's lithium brine operations, and a portion of a dormant evaporation pond is present on the Property. Triton straddles Alcatraz Island in a geologically prospective area less than 1 kilometre from the town of Silver Peak and is divided into two parts - East Graben and West Graben, with each area covering a playa surface. No known exploration drill holes are present on Triton. Nevada Sunrise believes that the stratigraphy of the Property is consistent with that of Albemarle's Silver Peak lithium brine production area and intends to drill test Triton as soon as is practicable.
For further information on Triton including a map showing its location, see the Company's website under "Projects-Nevada Lithium" at: http://www.nevadasunrise.ca/projects/nevadalithium/
About the Clayton Valley
In 2013, the USGS released a report describing the Clayton Valley's potential to host lithium deposits based on the hypothesis that lithium is liberated by weathering of host rocks or derived from hydrothermal fluids from a variety of rock sources within a closed basin. The floor of Clayton Valley has an area of about 100 square kilometers and a catchment of about 1,400 square kilometres, and is the lowest (topographically) of at least five adjacent basins that are hydrologically linked by groundwater flow (Zampirro, 2003). It is the combined area of all five linked catchments that makes the effective area of the Clayton Valley lithium-brine system much larger than the footprint of the Clayton Valley proper (Source: from USGS Open File 13-1006, 2013).
A successful 6-hole exploration drilling program carried out in 2016-2017 by Nevada Sunrise and Advantage at Clayton Northeast intersected up to 426.72 metres of brine-producing strata averaging 243.44 milligrams per litre ("mg/l") lithium in borehole CNE-17-04 between a depth of 140.21 metres to 609.6 metres, including a higher-grade interval averaging 274.6 mg/l lithium over 79.2 metres from a depth of 530.35 metres to 609.6 metres (see Nevada Sunrise news release dated March 1, 2017).
Robert M. Allender, Jr., CPG, RG, SME is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained herein.
About Nevada Sunrise
Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in mineral exploration projects in the State of Nevada, USA. Nevada Sunrise began acquisitions of Nevada lithium properties in September 2015, which include options to earn a 75% interest in the Neptune project (Resolve Ventures Inc. (TSXV: RSV) owns a 25% interest), a 100% interest in the Clayton Northeast project, and 100% of the Aquarius project by way of staking, all located in the Clayton Valley area. The Company also holds options to earn 100% interests in the Jackson Wash and Atlantis projects, each located in playas proximal to the Clayton Valley. In July 2016, the Company optioned five of the Nevada lithium projects to Advantage Lithium Corp., who since has earned a 51% interest in Clayton Northeast, Aquarius and Jackson Wash projects, and a 50% participating interest in the Gemini project. The Atlantis project is currently under option to American Lithium Corp. (TSXV: LI).
The Company's three key gold assets include a 21% interest in a joint venture with Liberty Gold Inc. (formerly Pilot Gold Inc.) (TSX: LGD) at Kinsley Mountain near Wendover, a 100% interest in the Golden Arrow project near Tonopah, and an option to earn a 100% interest in the Roulette gold property in the southeastern Carlin trend near Ely, with each of the properties subject to certain production royalties.
FORWARD LOOKING STATEMENTS
All statements in this news release, other than statements of historical fact, are "forward-looking information" with respect to Nevada Sunrise Gold Corporation ("Nevada Sunrise") within the meaning of applicable Canadian securities laws, including statements that address the properties transaction with Advantage Lithium Corp., and the proposed exploration and development of our lithium exploration properties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Nevada Sunrise to differ materially from those anticipated in such forward-looking information.
Such factors include, among others, risks related to the interpretation and actual results of historical exploration at its lithium properties, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on its lithium properties, current exploration and development activities; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for the Six Months Ended March 31, 2017, which is available under Company's SEDAR profile at www.sedar.com.
Although Nevada Sunrise has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Nevada Sunrise disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.
Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Nevada Sunrise, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Nevada Sunrise does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release. The Securities of Nevada Sunrise Gold Corporation have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.
SOURCE Nevada Sunrise Gold Corporation
For further information: Warren Stanyer, President and Chief Executive Officer, Telephone: (604) 428-8028, Facsimile: (604) 484-7143, Email: [email protected], Website: www.nevadasunrise.ca