VANCOUVER, BC, Feb. 14,
2023 /CNW/ - Nevada Sunrise Metals Corp.
("Nevada Sunrise", or the "Company") (TSXV: NEV) (OTC:
NVSGF) is pleased to announce the acquisition by staking of
the Badlands Lithium Project ("Badlands" or the "Project") located
in the Lida Valley, Esmeralda County,
Nevada. Badlands consists of 54 unpatented claims on
Bureau of Land Management land totaling approximately 1,080 acres
(437 hectares) and lies roughly halfway between the Company's
Gemini and Jackson Wash Lithium projects.
Badlands was staked by Nevada Sunrise in 2022 following the new
lithium discovery made by the Company at Gemini and was not
announced at the time of its acquisition due to the onset of
competitive staking in the Lida Valley. The general
topography of the Project is reminiscent of the TLC lithium
property in Nye County, which led
to a surface investigation by Nevada Sunrise in March 2022. Samples were collected in a
reconnaissance prospecting program, from which six outcrop samples
were randomly selected for analysis and subsequently returned
anomalous values of lithium ranging from 70.0 parts per million
("ppm") to 165.8 ppm lithium.
The Badlands property is underlain by flat-lying tan-colored
beds of weakly lithified bedded clay, silt and gravel. The
sediments are primarily composed of air-fall tuffs interbedded with
thin-bedded clastic alluvial deposits. Weathering and erosion have
sculpted the area into a "badlands"-style topography, featuring
eroded ravines, gullies and hoodoos. The maximum exposed thickness
of the volcanic ash beds and alluvium is approximately 20 feet (6.1
metres). Drilling will be required to determine the total thickness
of the deposits. Judging by the flat dips and weak induration it
has been inferred by previous investigations that these deposits of
volcanic ash beds and alluvium are Pleistocene-aged or younger.
They appear to be dissected playa deposits like those found in the
Clayton Valley and other playas in Esmeralda County and Nye County.
Exploration Plans for
2023
Nevada Sunrise intends to carry out a more comprehensive
sampling program at Badlands in 2023, which may include the use of
a "backpack" prospecting drill to collect small-core samples to a
depth of several metres from surface. The goal of further work at
the Project is to determine if lithium values increase with depth
and if so, positive results from the proposed prospecting program
could provide the foundation for a systematic conventional drilling
program.
Sampling and Analytical QA/QC and
Statement of Qualified Person
Surface Sample Collection and
Analysis
Outcrop samples described in this new release averaged
approximately 0.24 kilograms each. The samples were submitted
to American Assay in Reno, NV, and
were analyzed utilizing a multi-element ICP-AES 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 atomic emission spectrometry
(AES) 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.
Status of Warrants
Exercised
Nevada Sunrise is pleased to announce that a total of 1,154,700
common share purchase warrants with an expiry date of February 12, 2023 and an exercise price of
CAD$0.16 were exercised in 2022-2023
by the warrant holders, with total proceeds to the Company of
$184,752.
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 lithium, gold, copper, and cobalt exploration projects
located in the State of Nevada,
USA.
Nevada Sunrise owns 100% interests in the Gemini, Jackson Wash and Badlands lithium projects, all
of which are located in the Lida Valley in Esmeralda County, NV. The Company owns Nevada
water right Permit 86863, also located in the Lida Valley basin,
near Lida, NV.
The Company's key gold asset is a 20.01% interest in a joint
venture at the Kinsley Mountain Gold Project near Wendover, NV with Copaur Minerals Inc.
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.
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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).
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Nevada Sunrise has the 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.
holding an 85% participating interest.
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
results and outcomes of the Company's 2022-2023 exploration at the
Badlands 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 Year
Ended September 30, 2022, 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.
SOURCE Nevada Sunrise Metals Corporation