VANCOUVER, July 25, 2016 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce it has received drilling permits from the U.S. Bureau of Land Management (the "BLM") to explore for lithium brines on the Clayton Northeast Project ("Clayton NE")" and the Gemini Project ("Gemini"), both located in the Esmeralda County, Nevada, USA.
The BLM has approved up to 6 exploration drill hole locations at Clayton NE, and 10 drill hole locations at Gemini. Nevada Sunrise plans to drill up to 3 to 4 vertical holes at each project as an initial test to depths ranging from 300 to 600 metres, with follow-up drilling if warranted. The drill programs are proposed to begin later in 2016, following the closing of the announced property option transaction with Advantage Lithium Corp. (TSXV: AAL.H, formerly North South Petroleum Corp. – see Nevada Sunrise news release dated June 20, 2016 for further details).
For further information on Clayton NE and Gemini, including location maps and maps and sections showing the Gemini geophysical interpretation, see the Company's website under "Projects-Nevada Lithium" at: http://www.nevadasunrise.ca/projects/nevadalithium/
About Clayton NE
- Property consists of 50 unpatented placer claims totaling 1,000 acres (405 hectares);
- Located in the Clayton Valley adjacent to the eastern boundary of the Silver Peak lithium mine operated by Albemarle Corporation (NYSE: ALB);
- Several of Albemarle's lithium brine production wells are situated within 100 metres west of the Clayton NE claim boundary;
- A historical 1977 USGS drill hole (CV-5) located on Clayton NE was drilled to a depth of 479 feet (146 metres) and encountered lithium values in ground water ranging from 24 parts per million ("ppm") to 110 ppm lithium, averaging 69.3 ppm lithium for a group of 11 samples, and averaging 65.75 ppm lithium for another group of 12 samples, analyzed both in the laboratory and in the field;
- Nevada Sunrise plans to test for lithium brines with deeper holes than those drilled by the USGS in the 1970s.
- Property consists of 247 unpatented placer claims totaling 4,940 acres (2,000 hectares);
- Located in the Lida Valley, a desert basin with a similar geological setting to the established Clayton Valley basin, approximately 6 miles (10 kilometres) east of the town of Lida, Nevada;
- Nevada Sunrise acquired Gemini by claim staking, with no applicable royalties;
- Eureka Resources Inc. ("Eureka") (TSXV: EUK) has acquired a 50% working interest in a joint venture at Gemini (see Nevada Sunrise news release dated January 21, 2016 for further details);
- Dr. John Oldow's geological research team collected approximately 500 gravity measurements along 7 transects crossing the Lida Valley, which indicated strong gravity lows within two, faulted sub-basins approximately 7 kilometres (4.5 miles) apart, each interpreted to be hundreds of metres deep;
- Two separate TDEM surveys over Gemini West and Gemini East carried out in 2016 have each detected conductive zones within the sub-basins interpreted to represent conductive brines at depth located well below the non-conductive sediments at and near surface.
- There are no known drill tests for lithium brines within the targeted Gemini sub-basins.
John R. Kerr, P. Eng., 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 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 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 Clayton NE and Gemini properties, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Clayton NE and Gemini properties, 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 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 as required by 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]