VANCOUVER, June 2, 2016, /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce that the U.S. Bureau of Land Management (the "BLM") has approved a Plan of Operations for the Golden Arrow property ("Golden Arrow", or the "Property") located 40 miles (60 kilometres) east of Tonopah in Nye County, Nevada, USA.
Nevada Sunrise, through its wholly-owned Nevada subsidiary Intor Resources Corp., submitted a Plan of Operations (the "Plan") for Golden Arrow to the BLM in early 2015. The Plan contemplates approximately 240,000 feet (73,170 metres) of drilling in up to 240 holes to explore for new areas of gold mineralization on the Property, and to potentially expand the known gold resources. The approval of the Plan is the successful outcome of a permitting process initiated by the Company in June 2014, when biological surveys commenced at Golden Arrow, followed by cultural surveys. In February 2016, an Environmental Assessment for the Project was filed online by the BLM for public review. After the required 30-day period, and following a review of comments received from the local stakeholders and other interested parties, the BLM concluded that the implementation of the Plan does not pose significant impacts on the Project area and a positive decision document was issued on May 11, 2016.
"The approval of our Golden Arrow exploration plan is an important step for Nevada Sunrise" said Warren Stanyer, President and CEO of Nevada Sunrise. "Our objective is to increase the size and quality of the gold resources at Golden Arrow and we are now able to carry out the work necessary to achieve that goal."
To review the Golden Arrow Environmental Assessment and other documents related to the permitting process, please visit: http://1.usa.gov/23ZvuY0
Nevada Sunrise has been actively seeking exploration partners for Golden Arrow and is currently evaluating option and joint venture opportunities for the Project.
About Golden Arrow
Golden Arrow consists of 357 unpatented claims and 17 patented claims on the western flank of the Kawich Range approximately 40 miles (60 kilometres) southeast of Tonopah, Nevada. The Property is situated on the eastern margin of the Walker Lane Structural Belt in a mining district with a long history of precious metals mining and exploration.
Golden Arrow hosts a calculated Measured and Indicated resource of 296,500 ounces of gold and 4,008,000 ounces of silver contained in 12,172,000 tonnes at an average grade of 0.024 oz/t gold, and 0.33 oz/t silver. It also hosts a calculated Inferred resource of 50,400 ounces gold and 1,249,000 ounces silver contained in 3,790,000 tonnes at an average grade of 0.013 oz/t gold and 0.33 oz/t silver. Silver to gold ratio is 55 to 1; variable cutoff grades are 0.01 oz/t gold for oxide and 0.015 oz/t gold for unoxidized (resource estimates calculated by Mine Development Associates, Reno, NV, May 2009 – see link to National Instrument 43-101 report in Investors at www.nevadasunrise.ca or under Nevada Sunrise's filed public documents at www.sedar.com.
The technical information contained in this news release for Golden Arrow was reviewed and approved by John Kerr, P.Eng., a qualified person as defined by National Instrument 43-101.
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 the amount of future exploration work, the anticipated timing of the completion of work programs, and statements regarding the resource estimates at Golden Arrow. 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 Golden Arrow property; reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Golden Arrow 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; the failure of equipment 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; delays in 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 Six Months Ended March 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
Image with caption: "Nevada Sunrise Gold Corporation (CNW Group/Nevada Sunrise Gold Corporation)". Image available at: http://photos.newswire.ca/images/download/20160602_C3306_PHOTO_EN_704615.jpg
For further information: Warren Stanyer, President and Chief Executive Officer, Telephone: (604) 428-8028, Facsimile: (604) 484-7143, Email: [email protected]