TSX Venture Exchange: NEV
VANCOUVER, BC, Jan. 31, 2022 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is
pleased to announce that it has negotiated an amendment to the
terms of an option agreement whereby the Company has the right to
purchase a 100% interest in the Coronado VMS property ("Coronado",
or the "Property"), located in the Tobin Sonoma Range of
Pershing County, Nevada,
approximately 30 miles (48 kilometres) southeast of Winnemucca. A letter of intent for the
Coronado option agreement was
first announced by the Company on June 7,
2018, and a definitive agreement was announced on
September 28, 2018.
Details of the Coronado Amended Option Agreement
Terms
Nevada Sunrise retains the right to acquire a 100%
interest in Coronado, subject to a
2.0% net smelter returns royalty ("NSR"), with certain buydown
provisions, in consideration for the amended cash and share
payments to the vendors and minimum exploration expenditures as
described below (all dollar amounts listed are in US
dollars unless marked otherwise):
Schedule of Payments and Expenditures
Payment Due
Dates
|
Cash Payments
|
Share Payments
|
Minimum
Exploration Expenditures
|
Within 5 business
days of TSXV
acceptance of the Agreement
|
$30,000
(paid)
|
200,000 (paid)
|
$50,000 (Incurred)
|
On or before 1st
anniversary of TSXV acceptance
of the Agreement
|
$35,000 (paid)
|
300,000 (paid)
|
$100,000 (incurred)
|
On or before 2nd
anniversary of TSXV acceptance
of the Agreement
|
$40,000
(paid)
|
400,000 (paid)
|
$150,000 (Incurred)
|
On or before 3rd
anniversary of TSXV acceptance
of the Agreement
|
$50,000 (pending)
|
500,000 (pending)
|
$300,000 (pending)
|
On or before 4th
anniversary of TSXV acceptance
of the Agreement
|
$50,000 (amended)
|
500,000 (amended)
|
$300,000 (amended)
|
On or before 5th
anniversary of TSXV acceptance
of the Agreement
|
$50,000 (amended)
|
500,000 (amended)
|
$300,000 (amended)
|
On or before 6th
anniversary of TSXV acceptance
of the Agreement
|
$50,000
(amended)
|
500,000 (amended)
|
$300,000 (amended)
|
On or before 7th
anniversary of TSXV acceptance
of the Agreement
|
$50,000 (amended)
|
500,000 (amended)
|
$300,000 (amended)
|
On or before 8th
anniversary of TSXV acceptance
of the Agreement (subject to
the Company's completion of a
pre-feasibility study)
|
$1,050,000
(amended)
|
600,000 (amended)
|
n/a
|
Totals:
|
$1,405,000
|
4,000,000
|
$1,800,000
|
Nevada Sunrise retains the right to accelerate the timing of
cash and share payments to the vendors at its discretion. If
minimum exploration expenditures, which include property
maintenance costs, are exceeded in any year, the excess
expenditures will be credited to a succeeding year. On the
8th anniversary payment due date, and if a
pre-feasibility study has been completed, and if the cash spot
price of copper as quoted on the London Metal Exchange exceeds
$4.00 per pound, then the cash
payment due of $1,050,000 will be
increased to $1,300,000.
The vendors shall retain a 2.0% NSR applicable to the Property,
50% of which can be purchased for up to five years after the
effective date of the Agreement (i.e., 1.0%) at any time for
$1,500,000, minus any advance royalty
payments made by the Company. An advance royalty payment of
$500,000 would be payable to the
vendors upon completion of a feasibility study.
The amending agreement for Coronado is subject to acceptance by the TSXV.
For more information about Coronado, including maps and photos, click
here.
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 20.01% interest in a joint
venture with New Placer Dome Gold Corp. (TSXV: NGLD) at the Kinsley
Mountain Gold Project ("Kinsley Mountain") near Wendover.
Nevada Sunrise has the right to earn a 100% interest in the
Coronado VMS Project, located approximately 48 kilometers (30
miles) southeast of Winnemucca.
The Company owns a 15% interest in the historic Lovelock Cobalt
Mine and the Treasure Box copper properties, each located
approximately 150 kilometers (100 miles) east of Reno, with Global Energy Metals Corp. (TSXV:
GEMC) holding an 85% participating interest.
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 86863, located in the Lida Valley basin, near
Lida, Nevada.
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 and other
metals, potential quantity and/or grade of minerals, potential size
of a mineralized zone, potential expansion of mineralization, the
timing and results of current or future mineral resource estimates
or other studies, proposed exploration and development of our
exploration properties and the estimation of historical mineral
resources on the Company's mineral properties, including the
Coronado property. 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
actual results of proposed exploration at the Coronado property, reliance on technical
information provided by third parties on any of our exploration
properties, including access to and interpretation of historical
information on the Coronado
property as well as specific historical data associated with drill
results and sampling from adjacent areas to the Coronado property, information from the public
domain, 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; failure of Nevada Sunrise or its contractors to
complete anticipated work programs; 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, 2021, 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