VANCOUVER, May 7, 2015 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce the completion of ground geophysical 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. Roulette, consisting of 120 unpatented claims totaling 2,400 acres (971 hectares), was acquired by Nevada Sunrise in November 2014 (for further details see the Company's news release dated November 17, 2014).
The conceptual target at Roulette is Carlin-type gold deposits, which are observed to be sediment-hosted, with disseminated gold. Gold is commonly micron-sized, and is associated with hydrothermal alteration of carbonate host rocks. Nevada Sunrise believes that Roulette is under-explored – there are no known ground or airborne geophysical surveys in the public record, and any historical drilling is unconfirmed as to drill hole location, footage or results.
The 2015 ground geophysical surveys by SJ Geophysics Ltd. of Delta, B.C., consisted of:
- A 17.0 line kilometre, Volterra 3-D Induced Polarization ("3DIP") survey in the northern part of Roulette intended to map the geophysical properties, resistivity and chargeability of the subsurface rocks, and an additional 3.4 kilometres of reconnaissance 2-D lines in the southern half of the Project;
- A magnetic survey on the same survey lines to assist in the mapping of geological structures that may be present at Roulette.
The 2015 ground surveys were focussed in an approximate 1,500 metre-long area covering 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).
The receipt of a 3-D model of the survey results is expected before the end of May 2015. Nevada Sunrise is planning a multi-element geochemical survey over the geophysical survey grid during the 2ndQ 2015 to test for gold-in-soil anomalies and other pathfinder elements. Nevada Sunrise will integrate the geochemical and geophysical results, and select targets for a future drilling program, if warranted.
About the Roulette Gold Project
Roulette (formerly known as the Grulla property) is located approximately 30 miles (45 km) north of Ely, Nevada in a fertile area of mineral exploration. To the north of Roulette is McEwen Mining Inc.'s ("McEwen") Limousine Butte project, which according to McEwen's public disclosure in three deposits hosts a Measured resource of 168,350 ounces of gold, and an Indicated resource of 72,730 ounces of gold, for a Measured plus Indicated total 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 24 miles (36 km) to the west, now part of Barrick Gold's Bald Mountain gold mine. The Alligator Ridge mine was discovered in the mid-1970s in an area of no previous exploration or mining history after a mineralized outcrop was found by a prospector. The area was subsequently mapped, sampled and drilled. Production of approximately 700,000 ounces of gold from three deposits at Alligator Ridge was reported by various operators into the 1990s, until its assimilation into the Bald Mountain mine.
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 believes that the potential exists for undiscovered gold mineralization at Roulette, with Alligator Ridge as a model for future exploration on the Project.
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.
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 Year Ended September 30, 2014, 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]