TSX Venture Exchange: NEV
VANCOUVER, BC, Aug. 27, 2020 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce that it has received an update from its joint venture partner New Placer Dome Gold Corp. ("New Placer Dome", TSXV: NGLD) on drilling progress at the Kinsley Mountain Gold Project ("Kinsley Mountain"), near Wendover, Nevada, USA. Nevada Sunrise holds a 20.01% interest in Kinsley Mountain, with New Placer Dome, as operator, holding a 79.99% interest.
New Placer Dome reports that over 1,500 metres of reverse circulation ("RC") drilling has been completed in six holes at Kinsley Mountain, and that the drilling rate at Kinsley Mountain is now poised to increase with the addition of a diamond drill rig. New Placer Dome also expects to mobilize a second, larger truck-mounted RC drill rig to Kinsley Mountain by early September 2020.
The initial drilling at Kinsley Mountain is focused on expanding the high-grade Western Flank Gold Zone, which hosts a 1.54 million tonne indicated resource containing 302,000 ounces of gold at a grade of 6.11 grams per tonne1. New Placer Dome reports that the current Western Flank RC drilling has intersected pyrite-mineralized Secret Canyon shale lithologies that appear visually similar to historical well-mineralized drill intercepts.
1 Technical Report and updated estimate of mineral resources on the Kinsley Project, Elko County, Nevada, U.S.A., effective January 15, 2020 and prepared by Michael M. Gustin, Ph.D., CPG, Moira Smith, Ph.D., P.Geo. and Gary L. Simmons, MMSA under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR (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 gold, copper, cobalt and lithium exploration projects located in the State of Nevada, USA.
The Company's key gold asset is a 20% interest in a joint venture with New Placer Dome Gold Corp. (TSXV: NGLD) at the Kinsley Mountain Gold Project near Wendover, with the property subject to a 3.0% net smelter returns royalty.
Nevada Sunrise has the right to earn a 100% interest in the historic Lovelock Cobalt Mine and Treasure Box copper property, each located approximately 150 kilometers (100 miles) east of Reno, both of which are currently under option to Global Energy Metals Corp. (TSXV: GEMC) who can earn up to an 85% participating interest from the Company. In September 2018, Nevada Sunrise acquired the right to earn a 100% interest in the Coronado VMS Project, located in Pershing County, approximately 48 kilometers (30 miles) southeast of Winnemucca.
Nevada Sunrise owns 100% interests in the Jackson Wash and Gemini lithium projects, both of which are located in Esmeralda County. The Company owns Nevada water right Permit 44411, located within the Clayton Valley basin near Silver Peak, Nevada.
FORWARD LOOKING STATEMENTS
This release may contain forward–looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward–looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward–looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward–looking statements whether as a result of new information, future events or otherwise.
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) 684-9365, email: [email protected]