TSXV: NEV
VANCOUVER, Dec. 17, 2015 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce that in conjunction with Pilot Gold Inc. ("Pilot Gold") (TSX: PLG), the Company has filed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") technical report entitled "Updated Technical Report and Estimated Minerals Resources for the Kinsley Project" (the "Report"), effective October 15, 2015 and dated December 16, 2015, on SEDAR at http://www.sedar.com.
The Report relates principally to an initial independent resource estimate at the Kinsley Mountain property ("Kinsley Mountain") announced on November 4, 2015. The resource estimate addresses well-explored mineralization in the historic Kinsley Mine area, and contains a significant high-grade component in the Secret Canyon shale unit in the Western Flank area at the northwest end of the Kinsley Mountain mine trend. It is the first of several targets to be tested and to have sufficient work completed to demonstrate a resource. The majority of the property remains untested by drilling.
The resource estimate for all mineralization types, using multiple cut-offs, is:
Mineralization hosted in the Secret Canyon Shale in the Western Flank zone includes 284,000 Indicated ounces at an average grade of 6.04 g/t gold.
| Indicated |
Inferred |
||||||
| Mineralization |
oz Au |
g/t Au |
Tonnes |
oz Au |
g/t Au |
Tonnes |
Cutoff (g/t Au) |
| All types |
405,000 |
2.27 |
5,529,000 |
122,000 |
1.13 |
3,362,000 |
- |
| Secret Canyon Shale sulphide |
284,000 |
6.04 |
1,461,000 |
39,000 |
2.41 |
508,000 |
1.0 |
| Dunderberg Shale sulphide and transitional |
45,000 |
2.67 |
520,000 |
37,000 |
2.44 |
470,000 |
1.3 |
| Oxide |
76,000 |
0.66 |
3,548,000 |
46,000 |
0.60 |
2,384,000 |
0.2 |
The resource estimate, effective October 15, 2015, includes three separate cut-off grades, reflecting depth from surface, oxidation, and metallurgical considerations. These include shallow oxidized rock (0.2 g/t Au cut-off); shallow transitional and sulphide mineralization, primarily hosted in the Dunderberg Shale (1.3 g/t Au cut-off), and Secret Canyon Shale-hosted sulphide and transitional mineralization (1.0 g/t Au cut-off). Cut-off grades assume an open-pit mining scenario, using a pit floor elevation generated using Whittle software, reasonable assumptions for mining and milling costs, and a US$1,300/oz gold price.
There are no material differences between the results announced in the November 4, 2015 news release and results contained in the Report. The Report has also been posted on the Company's website at www.nevadasunrise.ca.
Pilot Gold and Nevada Sunrise have approved a 2016 program and budget for Kinsley Mountain totaling US$460,000, which includes care and maintenance of the property, and a geological mapping and drill target development program. The Company's share of the 2016 budget is approximately US$91,000, which is subject to amendment depending on general market conditions.
The Report was prepared by Michael M. Gustin, C.P.G., with Mine Development Associates, Inc. of Reno, Nevada; Gary Simmons, BSc, Metallurgical Engineering, of G L Simmons Consulting, LLC; and Dr. Moira Smith, Ph.D., P.Geo. Chief Geologist for Pilot Gold, all of whom are "Qualified Persons" as defined by NI 43-101. Mr. Gustin and Mr. Simmons are independent of Pilot Gold and Nevada Sunrise.
John R. Kerr, P.Eng., is the Company's designated Qualified Person within the meaning of NI 43-101 and has reviewed and approved the technical information contained in this news release.
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 513 unpatented lode claims on U.S. Bureau of Land Management land plus 6 leased patents totaling 4,213 hectares (10,410 acres), and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets.
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 five exploration projects in the State of Nevada, USA. Our three key gold assets include a 21% interest in a joint venture with Pilot Gold 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. 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 in the Clayton Valley area, subject to certain production royalties. A third lithium exploration acquisition, the Jackson Wash property, is pending.
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 current or future mineral 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 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/20151217_C7746_PHOTO_EN_566418.jpg
Warren Stanyer, President and Chief Executive Officer, Telephone: (604) 428-8028, Facsimile: (604) 484-7143, email: [email protected]
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