TSX Venture Exchange: NEV
VANCOUVER, April 12, 2017 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) wishes to update its shareholders on drilling programs planned on two of its Nevada gold exploration projects, namely Roulette and Kinsley Mountain, both considered typical Carlin-style, sediment-hosted, gold projects and located in eastern Nevada, USA.
2017 Drilling at the Roulette Gold Project ("Roulette")
Roulette (formerly known as the Grulla property) is located approximately 45 kilometers (30 miles) north of Ely and consists of 120 unpatented claims totaling 971 hectares (2,400 acres). Nevada Sunrise can earn up to a 100 percent interest in Roulette, subject to the terms of an underlying option agreement (see Nevada Sunrise news release dated November 17, 2014). 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.
Construction of access roads and the first three drill pads for the 2017 drilling program is complete and the Company's first drill test of Roulette is expected to commence by the third week of April 2017. Three holes totaling approximately 1,000 metres (3,280 feet) are planned for the first phase of drilling, using reverse circulation ("RC") drilling equipment. Targets were developed from geochemical and geophysical surveys carried out in 2015 and 2016. Follow-up drilling will be based on the results of the initial drilling.
A "depth slices" animated plan map of the combined 2015-2016 geophysical surveys carried out by Nevada Sunrise and a screenshot from the 3D model showing a primary Roulette drill target can be viewed on the Company's website at: http://www.nevadasunrise.ca/projects/roulette/
2017 Drilling at the Kinsley Mountain Gold Project ("Kinsley Mountain")
Kinsley Mountain is located approximately 80 kilometres (50 miles) south of Wendover, Nevada, and 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). Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems, and hosts a past-producing mine with an extensive exploration database and numerous untested gold targets.
Kinsley Mountain is a joint venture between Pilot Gold Inc. ("Pilot Gold") (TSX: PLG) and the Company, with Pilot Gold holding a 79.1 percent interest, and Nevada Sunrise, through a wholly-owned U.S. subsidiary, holding a 20.9 percent interest. Nevada Sunrise and Pilot Gold have approved the 2017 budget for Kinsley Mountain at US$528,000. Four RC holes totaling approximately 1,400 metres (4,590 feet) are planned in two prospective target areas. Three holes are planned to test the eastern extension of the Western Flank gold deposit. Pilot Gold, as operator, discovered the deposit in 2014 hosted by the Secret Canyon Shale and outlined a sulphide resource estimate, using multiple cut-offs1, of 284,000 Indicated ounces of gold grading 6.04 grams per tonne (g/t) and 39,000 Inferred ounces grading 2.41 g/t gold (see Nevada Sunrise news release dated November 5, 2015). The fourth hole is planned in the southeast part of the project on the eastern flank of the Kinsley range where a surface geochemical anomaly has been identified over promising structures, in an area with sparse shallow drilling and no tests of the Secret Canyon Shale at depth.
1 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.
For maps showing the 2017 target areas, please access Nevada Sunrise's website at: http://www.nevadasunrise.ca/projects/kinsley-mountain/
Further information on Kinsley Mountain is available in the National Instrument 43-101 compliant technical report entitled "Updated Technical Report and Estimated Mineral Resources for the Kinsley Project, Elko and White Pine Counties, Nevada, U.S.A.", effective October 15, 2015, dated December 16, 2015 and prepared by Michael M. Gustin, CPG, Moira Smith, Ph.D., P.Geo., and Gary Simmons, B.Sc. MMSA (the "Kinsley Technical Report"), available at www.nevadasunrise.ca/investors or under the Company's SEDAR profile at www.sedar.com.
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.
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 gold and lithium mineral exploration projects in the State of Nevada, USA.
The Company's three key gold assets include a 100% interest in the Golden Arrow project near Tonopah, an option to earn a 100% interest in Roulette located in the southeastern Carlin trend, and a 21% interest in a joint venture with Pilot Gold at Kinsley Mountain, 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, 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 has optioned five of its Nevada lithium projects to Advantage Lithium Corp., and a sixth, the Atlantis project, is currently under option to American Lithium Corp. (TSXV: LI). The Salt Wells lithium project, in the Carson Basin near Reno, is currently the subject of due diligence 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 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 Roulette and Kinsley Mountain properties as well as specific historical data associated with drill results from the Kinsley Mountain 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 Nevada Sunrise and/or 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 Three Months ended December 31, 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
For further information: Warren Stanyer, President and Chief Executive Officer, Telephone: (604) 428-8028, Facsimile: (604) 484-7143, email: [email protected]