VANCOUVER, Sept. 7, 2016 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce that a geochemical sampling program is underway on its 100%-owned Roulette Gold Project ("Roulette", or the "Project") located in White Pine County, Nevada, USA, at the southeastern extent of the Carlin Trend. The multi-element soil sampling program is designed to test areas of the property not covered by previous explorers. A 3D induced polarization ("IP") ground geophysical survey is also planned later in September 2016 to follow-up on the results of a previous 3D-IP survey carried out by the Company in 2015 (see Nevada Sunrise news release dated June 18, 2015).
Approximately 600 soil samples at 25 metre intervals on lines spaced 200 metres apart are planned for the 2016 geochemical program at Roulette. Nevada Sunrise has acquired historical geochemical data from surface work performed by U.S. Gold (now McEwen Mining Inc.) and Cordex Exploration Co., prior to the Company's acquisition of the Project in 2014, which will be integrated with the results of the current program. A review of the historical soil data shows: (1) a chemical association of gold, antimony and mercury with wider haloes of silver and arsenic, consistent with Carlin-type mineralization, and (2) the chemical signature appears to be spatially associated with both jasperoid locations and along interpreted brittle structural faults and intersection points. This may suggest an association between brittle structure and silicification, a characteristic also consistent with Carlin-type mineralization.
The 2015 3D-IP geophysical survey was focussed in the northern half of Roulette covering two jasperoid outcrops ("Parlay" and "Gambit") known from historical prospecting and mapping, one of which is mineralized. The Parlay jasperoid was sampled in August 2014 by Nevada Sunrise and returned 4.44 grams/tonne gold over a sample length of 3.30 metres (10 feet), and 1.05 grams/tonne gold over a sample length of 2.64 metres (8 feet).
The results of the 2015 3D-IP survey showed three strong chargeability anomalies:
- The largest chargeability high is located near the south end of the survey grid, ENE of the Parlay jasperoid gold showing, and is associated with a strong arsenic/antimony soil anomaly;
- A second chargeability high is located in the north central part of the grid, immediately east of the Gambit jasperoid;
- A third chargeability high is located on the northernmost line of the survey on strike with the Parlay and Gambit jasperoids and is open to the north. The 2016 work is designed to cover the open northern anomaly and determine its strike length.
Maps of Roulette and an animated view of the 2015 3D-IP survey results can be viewed on the Company's website at http://www.nevadasunrise.ca/projects/roulette/.
About the Roulette Gold Project
Roulette (formerly known as the Grulla property) is located approximately 30 miles (45 km) north of Ely, Nevada in a fertile area of mineral exploration. Roulette consists of 120 unpatented claims totaling 2,400 acres (971 hectares), and was acquired by Nevada Sunrise in November 2014.
To the north of Roulette is McEwen Mining Inc.'s ("McEwen") Limousine Butte project, which according to McEwen's public disclosure hosts a Measured plus Indicated resource of 241,080 ounces of gold, and an Inferred resource of 50,700 ounces of gold in three deposits (Source: "NI 43-101 Technical Report for the Limousine Butte Project, White Pine County Nevada", dated July 1, 2009, authored by Telesto Nevada Inc.). To the northwest, Freeport-McMoran Inc. ("Freeport") holds a large claim block (approximately 30,000 acres, or 12,000 hectares) prospective for porphyry copper/gold deposits, which encompasses the Butte Valley copper prospect Freeport acquired in 2012 from Quaterra Resources Inc.
The conceptual target at Roulette is Carlin-type gold deposits, which are observed to be sediment-hosted, with disseminated gold. Gold is commonly micron-sized, and is associated with hydrothermal alteration of carbonate host rocks. Nevada Sunrise believes that Roulette is underexplored – there is no public record of ground or airborne geophysical surveys at the Project other than the Company's work in 2015, and any historical drilling is unconfirmed as to drill hole location, footage or results.
Roulette shows geological similarities to the Alligator Ridge gold deposits located about 24 miles (36 km) to the west, now part of Barrick Gold's Bald Mountain gold mine. The Alligator Ridge mine was discovered in the mid-1970s in an area of no previous exploration or mining history after a mineralized outcrop was found by a prospector. The area was subsequently mapped, sampled and drilled. Production of approximately 700,000 ounces of gold from three deposits at Alligator Ridge was reported by various operators into the 1990s, until its assimilation into the Bald Mountain mine.
Roulette and Alligator Ridge share certain sedimentary rock formations known to host Carlin-style mineralization, namely a sequence of Devonian/Mississippian limestones and shales including the Guilmette Limestone, Pilot Shale, Joana Limestone and Chainman Shale. Nevada Sunrise believes that the potential exists for undiscovered gold mineralization at Roulette, with Alligator Ridge as a model for future exploration on the Project.
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.
Nevada Sunrise also wishes to report it has granted a total of 785,000 stock options to directors, officers and consultants of the Company, exercisable at a price of 37 cents per share for a period of five years from the date of grant. The options have been granted in accordance with the Company's stock option plan.
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 exploration at the Roulette property or other properties in the Carlin Trend district, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Roulette 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, 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/20160907_C4615_PHOTO_EN_767034.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