VANCOUVER, BC, May 2, 2023
/CNW/ - Nevada Sunrise Metals Corporation ("Nevada Sunrise"
or the "Company") (TSXV: NEV) (OTC: NVSGF) announced today that it
has signed a binding purchase and sale agreement with Global Energy
Metals Corp. ("GEMC", TSXV: GEMC) for GEMC to acquire the Company's
remaining 15% interest in the Lovelock Cobalt Mine and the Treasure
Box mineral properties (the
"Properties") in Nevada (the "Transaction").
Upon closing of the Transaction (the "Closing"),
consideration for the purchase of the Properties will be paid to
Nevada Sunrise in the form of 2,500,000 common shares of GEMC (the
"Consideration Shares"). Closing is planned to occur on or before
June 30, 2023, subject to TSX Venture
Exchange approval and the satisfaction of certain other conditions.
In addition to a regulatory 4-month hold period, Nevada Sunrise has
agreed to additional voluntary hold periods with respect to the
Consideration Shares, which will vest in four tranches over a
12-month period from their date of issuance.
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 and lithium 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.
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 the right to earn a 100% interest in the
Coronado VMS Project, located approximately 48 kilometers (30
miles) southeast of Winnemucca,
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
results and outcomes of the Company's exploration activities and
future exploration plans at its projects; 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 ending December 31, 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