VANCOUVER, Sept. 1, 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 an exploration program for their Clayton Northeast ("Clayton NE") project in the Clayton Valley, Nevada. Clayton NE borders the Silver Peak mine operated by Albemarle Corporation ("Albemarle"), North America's only producing lithium mine. The exploration program will be comprised of both ground geophysics and reverse circulation drill holes. Three drill holes totaling approximately 1,500 metres (4,920 feet) will focus on high-priority lithium brine targets close to the Silver Peak mine border and several of Albemarle's production wells.
Drill Program Highlights:
- Three priority drill targets have been chosen in proximity to Albemarle's Silver Peak mine where brine production wells are situated approximately 100 metres from the Clayton NE property boundary. The drill program is expected to commence in late September 2016.
- 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.
In addition to the drilling, an 11.0 line-km Volterra 3D Resistivity ground geophysical survey will be conducted over the entire Clayton NE project area. The survey has the potential to image subsurface faults as well as conductive horizons to approximately 600 metres depth. Brine formations such as those that Albemarle produces lithium from should appear as conductive horizons. The location, thickness and potential concentrations of lithium in brines are often influenced and controlled by geological structural features. The 3D Resistivity survey is designed to image subsurface structural features such as the Angel Island fault, which is projected to run parallel to and proximal to the eastern claim boundary at Clayton NE. The Angel Island fault is interpreted to be an important feature associated with Silver Peak's economic brine formations. The exploration program is budgeted at CDN$642,000.
For further information on Clayton NE 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.
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 100% interests in the Neptune and Clayton NE projects, 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 desert basins proximal to the Clayton Valley.
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 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 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/20160901_C4352_PHOTO_EN_764087.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