VANCOUVER, June 23, 2015 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce that Pilot Gold Inc. ("Pilot Gold") (TSX:PLG) has reported initial drill results to the Company from the 2015 drill program at the Kinsley Mountain Project ("Kinsley Mountain", or the "Project") in eastern Nevada. Drilling within an area approximately 150 metres northeast of the high-grade Western Flank has intercepted high-grade gold in two key stratigraphic horizons, indicating the presence of a new mineralized zone that remains open to the east and west.
Drill highlights include:
- PK208: 2.34 grams per tonne ("g/t") gold over 9.1 metres (Dunderberg shale host),
and 3.46 g/t gold over 18.3 metres (Secret Canyon Shale host);
including 13.7 g/t Au over 3.0 metre
- PK210: 2.95 g/t Au over 13.7 metres (Secret Canyon Shale host).
The new intercepts are from the Dunderberg Shale and the Secret Canyon Shale which contain most of the known gold mineralization at Kinsley Mountain and are believed to underlie a significant portion of the Project area. Pilot Gold believes the previously-discovered Western Flank zone is not an isolated occurrence and there is a high probability of ongoing discoveries at Kinsley Mountain, and that these results confirm their exploration model for the discovery of new areas of mineralization.
2015 Exploration Program
The initial 2015 field program at Kinsley is currently budgeted at US$2.0 million, including up to 10,000 metres of reverse circulation and 1,000 metres of diamond drilling. Thus far, 4,300 metres have been completed in 9 holes and one lost hole, including three that were drilled for the purpose of conducting an induced polarization geophysical survey. The remaining program will focus on following up the new discovery and will also test a number of high-priority targets across the property. Exploration of this nature is drill-intensive and sequential; the program will be continually evaluated in light of data and interpretations from each and every drill hole.
On the basis of these results the 2015 exploration program is being modified to potentially expand and connect the new zone to the Western Flank and target the 'high-grade' northwest trending structures in the historical mine trend.
For maps outlining the Western Flank and the new discovery area, please click here: http://files.newswire.ca/1407/Maps.pdf
For a table of 2015 Kinsley Mountain drill results to date, please click here: http://files.newswire.ca/1407/Drill_Results.pdf
Further information on Kinsley Mountain can be accessed on the Company's website at: http://www.nevadasunrise.ca/projects/kinsley-mountain/
John R. Kerr, P.Eng., is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and approved the technical information contained in this release. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-90% of the reported lengths. Drill samples were assayed by ALS Chemex (ISO9001:2000) in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NACN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS.
About Kinsley Mountain
Kinsley Mountain is a joint venture between Pilot Gold and Nevada Sunrise, with Pilot Gold, the operator, holding a 79.1 percent interest, and Nevada Sunrise, through a wholly-owned U.S. subsidiary, holding a 20.9 percent interest. Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems. The Project consists of 475 claims on U.S. Bureau of Land Management land plus 5 leased patents totalling 9,575 acres (3,875 hectares) and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets.
Kinsley Mountain is an early-stage exploration project and does not contain any mineral resource estimates as defined by NI 43-101. The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource for the targets disclosed herein. It is uncertain if further exploration will result in these targets being host to a mineral resource.
Further information on Kinsley Mountain is available in the recently filed NI 43-101 Technical Report entitled "Updated Technical Report on the Kinsley Project, Elko and White Pine Counties, Nevada, U.S.A." (the "Report"), effective March 1, 2015 and dated March 19, 2015, available on Nevada Sunrise's SEDAR listing at http://www.sedar.com and on Nevada Sunrise's website. The Report was prepared by Michael M. Gustin, C.P.G. of Mine Development Associates, Pilot Gold Chief Geologist, Moira Smith, Ph.D., P.Geo. and Gary L. Simmons, MMSA from GL Simmons Consulting LLC. Each of Messrs. Gustin and Simmons and Dr. Smith are Qualified Persons for the purposes of NI 43-101.
About Nevada Sunrise
Nevada Sunrise is a junior gold exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in three exploration projects in Nevada, USA. Our three key assets include Kinsley Mountain near Wendover, the Golden Arrow project near Tonopah, and the recently-acquired Roulette property (formerly known as the Grulla property) near Ely, Nevada.
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 future mineral production, reserve potential, exploration drilling, the future price of gold, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, or other study, 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 production at Kinsley Mountain, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Kinsley Mountain property as well as specific historic data associated with and drill results from the property, information from Pilot Gold Inc., 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; failure of Pilot Gold Inc., to complete anticipated work programs; 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, 2015 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/20150623_C9812_PHOTO_EN_43720.jpg
For further information:
Warren Stanyer, President and Chief Executive Officer
Telephone: (604) 428-8028
Facsimile: (604) 484-7143