VANCOUVER, BC, May 12, 2022
/CNW/ - Nevada Sunrise Gold Corp. ("Nevada Sunrise", or the
"Company") (TSXV: NEV) (OTC: NVSGF) is pleased to announce
that a geophysical survey has commenced at its 100%-owned Gemini
Lithium Project ("Gemini"), located in the Lida Valley basin in
Esmeralda County, Nevada. The
time-domain electromagnetic ("TDEM") survey is planned to expand
the scope of geophysical surveys carried out by the Company in
2016. Conductive zones detected in the 2016 surveys were targeted
in the Company's drilling program in March and April 2022, which intersected the following
mineralized zones (see Nevada Sunrise news release dated
April 28, 2022):
- Borehole GEM22-01: weighted-average of 1,203.41 parts
per million ("ppm") lithium over 580 feet (176.83 metres) from
320 to 900 feet (97.56 to 274.39 metres), including 1,578.19 ppm
lithium over 300 feet (91.46 metres) from 480 to 780 feet
(146.34 to 237.8 metres);
- Borehole GEM22-02: weighted-average of 775.9 ppm
lithium over 130 feet (39.63 metres) from 390 to 520
feet (118.90 to 158.54 metres), including 1,133.1 ppm
lithium over 40 feet (12.20 metres) from 480 to 520 feet
(146.34 to 158.54 metres). The analytical results for an additional
131 samples from GEM22-02 are still pending.
2022 Geophysical Program
The 2022 surveys are designed to outline the possible lateral
extent of the conductive, lithium-bearing clay layers within a
historical gravity low that were intersected in drillholes GEM22-01
and GEM22-02. A total of 13.0 line kilometres are planned in three
new survey lines as shown in Figure 1.
The TDEM moving loop survey will employ 400 metre by 400 metre
loops to collect data along new survey lines parallel to the 2016
survey lines, which had detected a highly-conductive layer (see
Figure 2 below). At present, the northern and western limits of the
conductive clay layer at Gemini are not well-defined and the 2022
survey results are anticipated to add to the Company's geological
knowledge of the conductive zones. Results from the TDEM survey are
expected during May 2022 and based on
those results, Nevada Sunrise plans to submit an amended drilling
plan to the Bureau of Land Management ("BLM") for the permitting of
new drill targets at Gemini.
About Gemini
Gemini consists of 407 unpatented placer and lode claims located
in the western Lida Valley, Esmeralda
County, approximately 6 miles (10 kilometres) east of the
town of Lida, Nevada. Nevada
Sunrise expanded the size of the Project by staking 80 additional
unpatented placer claims and 288 new unpatented lode claims in the
spring of 2022. Gemini is situated adjacent to the Gold Point Solar
Energy Zone, a BLM land reserve set aside for solar and wind power
generation projects until 2033. Drill pads and access roads are in
place at Gemini with an active drilling permit.
The Lida Valley is a flat, arid basin with a similar geological
setting to the better-known Clayton
Valley basin where Albermarle Corporation operates the
Silver Peak lithium brine mine, which has operated continuously
since 1966. Exploration at Gemini is complemented by the Company's
80.09 acre/feet/year water right, a pre-requisite for the
exploration and development of lithium brine projects in
Nevada. Under the laws of
Nevada, water cannot be pumped
from a subterranean source without a valid water permit.
Nevada Sunrise drilled two reverse circulation ("RC") boreholes
for a total of 2,020 feet (615.85 metres) in its maiden drilling
program at Gemini in March and April
2022. The initial results represent a new discovery of
lithium-bearing sediments in the western Lida Valley, which has not
been historically drill tested for lithium mineralization. The
initial analytical results from boreholes GEM22-01 and GEM22-02
suggest that the lithium-bearing clay layers at Gemini may be
widespread. Additional drilling is planned following receipt of an
amendment to the current BLM drilling permit, which will be
required to cover the Company's newly-expanded land position.
For further information on Gemini, including location maps and
photos click here
Sampling and Analytical QA/QC and
Statement of Qualified Person
The results of geochemical analysis on sediment samples
described in this news release were shipped in March and
April 2022 to American Assay
Laboratories and ALS Group USA ("ALS") and were analyzed utilizing a
multi-element ICP-MS method. Specifically, the analytical method
involves aqua regia digestion of the sample followed by the
inductively coupled plasma (ICP) technique to ionize the sample,
and spectrometry to determine elemental concentrations. Duplicates,
field blanks, and certified reference standards were inserted at
regular intervals in the sample stream to ensure accuracy of the
analytical method.
The scientific and technical information contained in this news
release has been reviewed and approved by Robert M. Allender, Jr., CPG, RG, SME and a
Qualified Person for Nevada Sunrise as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
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 at the Kinsley
Mountain Gold Project ("Kinsley Mountain") near Wendover, NV. Kinsley
Mountain is a joint venture with Copaur Minerals Inc.
("Copaur", TSXV:CPAU), following the completion of a plan of
arrangement between Copaur and the Company's former joint venture
partner, New Placer Dome Gold Corp. Kinsley
Mountain is a Carlin-style gold project hosting a National
Instrument 43-101 compliant gold resource consisting of 418,000
indicated ounces of gold grading 2.63 g/t Au (4.95 million tonnes),
and 117,000 inferred ounces of gold averaging 1.51 g/t Au (2.44
million tonnes), at cut-off grades ranging from 0.2 to 2.0 g/t Au
1.
1 Technical Report on the Kinsley
Project, Elko County, Nevada, U.S.A., dated June 21, 2021 with an
effective date of May 5, 2021 and prepared by Michael M. Gustin,
Ph.D., and Gary L. Simmons, MMSA and filed under New Placer Dome
Gold Corp.'s Issuer Profile on SEDAR
(www.sedar.com).
|
Nevada Sunrise has right to earn a 100% interest in the Coronado
VMS Project, located approximately 48 kilometers (30 miles)
southeast of Winnemucca, NV. 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,
NV, with Global Energy Metals Corp. (TSXV: GEMC) holding an
85% participating interest.
Nevada Sunrise owns 100% interests in the Gemini and
Jackson Wash lithium projects, both
of which are located in Esmeralda County,
NV. The Company owns Nevada water right Permit 86863,
located in the Lida Valley basin, near Lida, NV.
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 and include disclosure of anticipated exploration
activities. 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.
Such factors include, among others, risks related to the
Company's 2022 exploration plans at the Gemini Lithium Project;
reliance on technical information provided by third parties on any
of our exploration properties; 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 due to pandemic; 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, 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.
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 or 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