VANCOUVER, Dec. 7, 2016 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce the completion of ground geophysical and geochemical surveys at the Roulette Gold Project ("Roulette", or the "Project") located in White Pine County, eastern Nevada, USA, at the southeastern extent of the Carlin Trend. The 2016 geochemical and geophysical results were integrated into a 3D model, which has provided high-priority targets that Nevada Sunrise plans to drill in the spring of 2017.
2016 Exploration Program
The 2016 exploration consisted of multi-element geochemical sampling along 11.2 line kilometres (6.7 line miles) of grid. In addition, 4 kilometers (2.4 line miles) of Volterra 3D-IP ground geophysical surveying was completed as a follow up to a 2015 survey carried out by Nevada Sunrise. Exploration at Roulette is focussed on determining the extent of 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).
"Roulette is a classic example of a Carlin Trend project overlooked in recent years because of its sediment cover," said Warren Stanyer, President and CEO of Nevada Sunrise. "Historical explorers were attracted to Roulette because of the mineralized jasperoid on the property but were unable to determine its buried source. The use of modern geophysical techniques to help outline the extent and depth of favourable geology provides us with targets that can be drilled with a much higher degree of confidence."
A total of 400 soil samples were taken at 25 metre intervals on lines spaced 200 metres apart to complement historical work by U.S. Gold (now McEwen Mining Inc.), and Cordex Exploration Co., prior to the Company's acquisition of the Project. The 2016 survey lines were extended to the north and east over interpreted faults. Anomalous values ranging up to 15.5 ppb gold, 205 ppm arsenic and 5.1 ppm antimony were found in the soils. The geochemical signature appears to be spatially associated with both jasperoid locations and along interpreted brittle structural faults. This may suggest an association of brittle structure and silicification, a characteristic also consistent with Carlin-type mineralization.
The 2016 ground induced polarization/resistivity survey was designed as an extension of the work Nevada Sunrise performed in 2015 over a 1,500 metre-long area, where strong chargeability anomalies were detected in the southern part of the grid, and another chargeability anomaly was partially-surveyed within the northern end of the grid, short of the property boundary. In order to provide a suitable overlap with the latest survey results, data was gathered on the three northernmost lines of the Roulette grid, and then merged and blended with the 2015 results to produce a single, coherent model.
The 2015 survey had delineated three high chargeability anomalies along a NNE trending band of elevated chargeability values that closely follows the interpreted Joana-Pilot Shale contact. The two southern anomalies, A1 and A2, appear to be related to the Parlay and Gambit jasperoid showings. A third anomaly, A3, was mapped on the northernmost survey line along strike from the jasperoid showings. The 2016 survey shows that A3 continues to the north, becoming larger and higher amplitude. It is traced for some 300 plus metres strike length, where it terminates sharply forming an ENE striking lineation along its northern edge. This anomaly appears to form a pod shaped body, narrow and elongated to the northeast. Modelling suggests it has a depth extent on the order of 200 metres and appears to lie on top of the westerly dipping Guilmette formation limestone. Nevada Sunrise considers each of A1, A2 and A3 as prime drill targets.
Combined geological mapping, geochemistry and geophysics (3D-IP survey) have provided three distinct targets for drilling and four proposed drill holes. Nevada Sunrise is in the process of permitting these four drill sites in preparation for drilling in early 2017.
A "depth slices" animated plan map of the combined 2015-2016 3D-IP geophysical surveys can be viewed on the Company's website at http://www.nevadasunrise.ca/projects/roulette/.
Roulette (formerly known as the Grulla property) consists of 120 unpatented claims totaling 971 hectares (2,400 acres) located approximately 45 kilometers (30 miles) north of Ely, Nevada in a fertile area of mineral exploration. The Project was acquired from an underlying vendor by Nevada Sunrise in 2014 (see Nevada Sunrise news release dated November 14, 2014).
The conceptual target at Roulette is a sediment-hosted, Carlin-type, disseminated gold deposit. Gold is commonly micron-sized, and is associated with hydrothermal alteration of carbonate host rocks. Nevada Sunrise believes that Roulette is under-explored, and until 2015-2016, there is no known ground or airborne geophysical surveys in the public record. Historical drilling is unconfirmed as to drill hole location, footage or results.
To the north of Roulette is McEwen Mining Inc.'s ("McEwen") Limousine Butte project, which according to McEwen's public disclosure, three deposits hosts a measured plus indicated resource of 241,080 ounces of gold, and an inferred resource of 50,700 ounces of gold (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.
Roulette shows geological similarities to the Alligator Ridge gold deposits located about 36 kilometers (24 miles) to the west, now part of Barrick Gold's Bald Mountain gold mine. The Alligator Ridge mine was discovered in the mid-1970s and produced approximately 700,000 ounces of gold from three deposits in the 1980s. 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 considers the geological setting of Alligator Ridge as a model for future exploration on the Roulette Project.
John R. Kerr, P. Eng., is the Company's designated Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
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/20161207_C2196_PHOTO_EN_833500.jpg
For further information: Warren Stanyer, President and Chief Executive Officer, Telephone: (604) 428-8028, Facsimile: (604) 484-7143, email: [email protected]