VANCOUVER, March 2, 2016 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce it has commenced mobilization of a drilling program to explore for lithium brines on the Neptune property ("Neptune", or the "Property") located in the Clayton Valley of Nevada, USA.
The U.S. Bureau of Land Management has approved 10 exploration drill hole locations at Neptune, and Nevada Sunrise plans to drill up to three vertical holes to depths ranging from approximately 380 to 480 metres as an initial test of the interpreted Neptune sub-basin. A member of the Company's geological team is on site to supervise final preparations for the drilling program. Access roads and drill pads for the first two holes have been constructed in the past few days and a third site is under construction. Drilling is expected to begin on or about March 6, 2016.
Neptune consists of 316 unpatented 20-acre placer claims totaling approximately 6,320 acres (2,557 hectares) and is located in an active area of lithium exploration and mining. The Silver Peak lithium mine operation, acquired by Albemarle Corporation (NYSE: ALB) in 2015, has extracted lithium minerals from brines continuously since 1966 and is located approximately 10 miles (15 kilometres) to the north of Neptune. Nevada Sunrise has an option to earn a 100% interest in Neptune, subject to a 3.0% gross overriding royalty (see Nevada Sunrise news release dated September 21, 2015 for further details of the Neptune option agreement).
The geologic setting within Clayton Valley with its thick sequence of clastic sediments and evaporate deposits is prospective for metal-enriched brines. Nevada Sunrise has acquired geophysical data collected in 2011 at Neptune by a previous landholder, which shows the presence of conductive zones within a faulted sub-basin exceeding 1,300 metres (4,265 feet) deep in two locations. Nevada Sunrise is targeting the conductive zones for their potential to contain lithium-bearing brines. 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/
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 Northeast 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 playas 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 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 Three Months ended December 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
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For further information: Warren Stanyer, President and Chief Executive Officer, Telephone: (604) 428-8028, Facsimile: (604) 484-7143, email: [email protected]