VANCOUVER, March 6, 2017 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce that a drilling permit has been received from the U.S. Bureau of Land Management (the "BLM") for its 100% owned Roulette Gold Project ("Roulette") located at the southeastern extent of the Carlin Trend in White Pine County, eastern Nevada, USA. In addition, a performance bond submitted by the Company has been accepted by the BLM to allow construction of up to nine drill pads and their associated access roads. Flagging of access roads and construction of drill pads for the first three target areas is underway and drilling is expected to commence as soon as ground conditions permit.
2017 Drilling Program
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). Subsequent geochemical and geophysical surveys by Nevada Sunrise in 2015 and 2016 were integrated into a 3D model, which assisted in identifying several high-priority targets based on chargeability and geochemical anomalies, favourable lithology and interpreted structures (see Nevada Sunrise news release dated December 7, 2016).
"Our work at Roulette has provided promising drill targets that exhibit the geological characteristics of a Carlin-style gold deposit," said Warren Stanyer, President and CEO of Nevada Sunrise. "We are eager to begin this drilling program in a fertile district for gold mineralization."
Three holes totalling approximately 1,000 metres (3,280 feet) are planned for the first phase of drilling, using reverse circulation drilling equipment. 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 and a screenshot from the 3D model showing one of the primary Roulette targets 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. Roulette was acquired from an underlying vendor by Nevada Sunrise in 2014 (see Nevada Sunrise news release dated November 14, 2014).
To the north of Roulette is McEwen Mining Inc.'s ("McEwen") Limousine Butte project, which according to McEwen's public disclosure, hosts three deposits containing 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.
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 data in the public record. Any historical drilling is unconfirmed as to drill hole location, footage or results.
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 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]