VANCOUVER, Nov. 24, 2015 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce it has made application to the U.S. Bureau of Land Management (the "BLM") for a drilling permit to explore for lithium brines on its Neptune property ("Neptune", or the "Property") located in the Clayton Valley, Esmeralda County, Nevada, USA.
Nevada Sunrise has acquired geophysical data that indicates Neptune may host an interpreted 1,200 metres (3,630 feet) deep basin with the potential to host lithium-bearing brines in subterranean aquifers. In its application to the BLM, the Company has proposed drilling 3 to 4 vertical holes up to 400 to 500 metres deep into the interpreted basin, with follow-up drilling, if warranted. The drill program is planned to begin in early 2016, following receipt of all BLM approvals. For further information on Neptune including a map showing its location and planned drill holes please visit "Projects – Nevada Lithium" at: http://www.nevadasunrise.ca/projects/nevadalithium/
2015 Neptune Exploration and Land Management
The southern Clayton Valley area demonstrates enrichment in lithium in the nearby mountain ranges, desert sediments and in local plants. Nevada Sunrise has carried out ASTER spectral analysis of satellite imagery over the Property and surrounding areas of the Clayton Valley. Results indicate lithium-bearing clay is derived from bedrock in areas to the north, west and southeast of Neptune. Biogeochemical data collected by the Company in October 2015 has confirmed anomalous lithium concentrations ranging from 11 ppm up to 35 ppm in a specific desert plant common to the Clayton Valley and sampled near the planned Neptune drill holes.
In October 2015, Nevada Sunrise carried out a re-staking program in the Clayton Valley and expanded the size of Neptune to 316 unpatented 20-acre placer claims totaling approximately 6,320 acres (2,557 hectares). Under the terms of the Neptune option agreement a 1.5 mile (2.25 kilometre) area of interest applies to the Property. Nevada Sunrise can earn a 100% interest in Neptune, subject to a 3.0% gross overriding royalty ("GOR"). On the 3rd anniversary of the signing of a definitive agreement, Nevada Sunrise would have the right to purchase 1.0% of the GOR for US$1.0 million (see Nevada Sunrise news release dated September 21, 2015 for further details of the Neptune option agreement).
About Neptune and the Clayton Valley
Neptune (formerly known as the Clayton Deep property) is located approximately 37 miles (55 kilometres) southwest of Tonopah, Nevada in an active area of lithium exploration and mining. The Silver Peak lithium mine, now owned by Albemarle Corporation (NYSE: ALB), has extracted lithium minerals from brines continuously since 1966, and is located approximately 10 miles (15 kilometres) to the north of the Property. Pure Energy Minerals Ltd. (TSXV: PE), a Canadian-based exploration company, has recently published a technical report on an inferred lithium resource for its Clayton Valley South project located near the Silver Peak mine.
In 2013, the USGS released a paper 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 topographically lowest of at least five adjacent basins that are hydrologically linked by groundwater flow (Zampirro, 2004). It is the combined area of all five linked catchments that matters, making 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).
John R. Kerr, P. Eng., 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 in this news release.
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 gold and lithium exploration projects in Nevada, USA. Our three key gold assets include a 21% interest in a joint venture with Pilot Gold Inc. 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. The Neptune lithium property near Silver Peak is the Company's first acquisition in the field of lithium exploration, while the Clayton NE and Jackson Wash lithium properties are subject to interim agreements and are currently being evaluated by the Company.
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 lithium, 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 exploration at the Neptune property, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Neptune property, 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, 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/20151124_C6278_PHOTO_EN_552570.jpg
For further information: Warren Stanyer, President and Chief Executive Officer, Telephone: (604) 428-8028, Facsimile: (604) 484-7143, Email: [email protected]