VANCOUVER, Oct. 18, 2016 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) and its joint venture partner, Advantage Lithium Corp. ("Advantage Lithium") (TSXV: AAL) are pleased to announce that a drilling program has begun at their Clayton Northeast lithium brine exploration project ("Clayton NE") in the Clayton Valley, Nevada. Clayton NE borders the Silver Peak mine operated by Albemarle Corporation ("Albemarle") (NYSE: ALB), North America's only producing lithium mine. Three reverse circulation drill holes totaling approximately 1,500 metres (4,570 feet) will focus on high-priority lithium brine targets close to the Silver Peak mine border and several of Albemarle's production wells.
In September 2016, an 11.0 line-km Volterra 3D-IP ground geophysical survey was carried out over the Clayton NE project area. The geophysical survey successfully imaged highly-conductive horizons to the survey limit of approximately 800 metres depth, and these conductive zones are interpreted as brine formations. The northeast trending Angel Island fault appears to bound the conductive horizons parallel to and proximal to the eastern claim boundary at Clayton NE.
2016 Drilling Program Highlights
- Three priority drill targets have been chosen to best intersect the broadest and most conductive zones detected by the geophysical survey.
- Historical drilling within the Clayton NE project area by the United States Geological Survey ("USGS") was reported to encounter elevated lithium values in ground water.
- Nevada Sunrise and Advantage Lithium are the only lithium explorers in the Clayton Valley, other than Albemarle, with access to certified water rights for the purposes of future development.
For further information on Clayton NE, including location maps, see the Company's website under "Projects-Nevada Lithium" at: http://www.nevadasunrise.ca/projects/nevadalithium/
About Clayton NE
- Consists of 50 claims totaling approximately 1,000 acres (405 hectares);
- It is reported in the USGS Open-File Report 82-415 (1982) that a historical drill-hole (CV-5) is located on the Clayton NE property. Hole CV-5 encountered lithium values in groundwater ranging from 24 parts per million ("ppm") to 110 ppm, averaging 67.5 ppm. The hole was part of a 1977 regional drilling program carried out by the USGS. Nevada Sunrise and Advantage Lithium believe that drilling deeper holes at Clayton NE could intersect additional aquifers potentially hosting brines of similar or better contents of lithium than were encountered in the relatively shallow historical hole;
- Nevada Sunrise is the project manager at Clayton NE on behalf of Advantage Lithium, the operator.
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 nine 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 a 100% interest in the Aquarius Project, all located in the Clayton Valley area. The Company also holds options to earn 100% interests in the Jackson Wash and Atlantis projects, and has a 50% participating interest in the Gemini project, each located in playas proximal to the Clayton Valley. The Company has recently optioned its interests in five of the Nevada lithium projects to Advantage Lithium Corp. (TSXV: AAL), and 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 Pilot Gold Inc. (TSX: PLG) 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 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., the successful transfer of Place of Use and Point of Diversion of water rights, proposed exploration and development of our exploration properties and the estimation of mineral resources. 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 Nine Months ended June 30, 2016, 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
Image with caption: "Nevada Sunrise Gold Corporation (CNW Group/Nevada Sunrise Gold Corporation)". Image available at: http://photos.newswire.ca/images/download/20161018_C6477_PHOTO_EN_797805.jpg
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