TSX Venture Exchange: NEV
VANCOUVER, April 12, 2017 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) wishes
to update its shareholders on drilling programs planned on two of
its Nevada gold exploration
projects, namely Roulette and Kinsley Mountain, both considered
typical Carlin-style, sediment-hosted, gold projects and located in
eastern Nevada, USA.
2017 Drilling at the Roulette Gold Project
("Roulette")
Roulette (formerly known as the Grulla property) is located
approximately 45 kilometers (30 miles) north of Ely and consists of 120 unpatented claims
totaling 971 hectares (2,400 acres). Nevada Sunrise can earn up to
a 100 percent interest in Roulette, subject to the terms of an
underlying option agreement (see Nevada Sunrise news release dated
November 17, 2014). Roulette shows
geological similarities to the Alligator Ridge gold deposits
located about 36 kilometers (24 miles) to the west, now part of
Barrick Gold's Bald Mountain gold
mine.
Construction of access roads and the first three drill pads for
the 2017 drilling program is complete and the Company's first drill
test of Roulette is expected to commence by the third week of
April 2017. Three holes totaling
approximately 1,000 metres (3,280 feet) are planned for the first
phase of drilling, using reverse circulation ("RC") drilling
equipment. Targets were developed from geochemical and geophysical
surveys carried out in 2015 and 2016. Follow-up drilling will be
based on the results of the initial drilling.
A "depth slices" animated plan map of the combined 2015-2016
geophysical surveys carried out by Nevada Sunrise and a screenshot
from the 3D model showing a primary Roulette drill target can be
viewed on the Company's website at:
http://www.nevadasunrise.ca/projects/roulette/
2017 Drilling at the Kinsley Mountain Gold Project ("Kinsley
Mountain")
Kinsley Mountain is located approximately 80 kilometres (50
miles) south of Wendover, Nevada,
and consists of 513 unpatented lode claims on U.S. Bureau of Land
Management land plus 6 leased patents totaling 4,213 hectares
(10,410 acres). Kinsley Mountain hosts near-surface mineralization
similar to other Carlin-style, sediment-hosted gold systems, and
hosts a past-producing mine with an extensive exploration database
and numerous untested gold targets.
Kinsley Mountain is a joint venture between Pilot Gold Inc.
("Pilot Gold") (TSX: PLG) and the Company, with Pilot Gold holding
a 79.1 percent interest, and Nevada Sunrise, through a wholly-owned
U.S. subsidiary, holding a 20.9 percent interest. Nevada Sunrise
and Pilot Gold have approved the 2017 budget for Kinsley Mountain
at US$528,000. Four RC holes totaling
approximately 1,400 metres (4,590 feet) are planned in two
prospective target areas. Three holes are planned to test the
eastern extension of the Western Flank gold deposit. Pilot Gold, as
operator, discovered the deposit in 2014 hosted by the Secret
Canyon Shale and outlined a sulphide resource estimate, using
multiple cut-offs1, of 284,000 Indicated ounces of gold
grading 6.04 grams per tonne (g/t) and 39,000 Inferred ounces
grading 2.41 g/t gold (see Nevada Sunrise news release dated
November 5, 2015). The fourth hole is
planned in the southeast part of the project on the eastern flank
of the Kinsley range where a surface geochemical anomaly has been
identified over promising structures, in an area with sparse
shallow drilling and no tests of the Secret Canyon Shale at
depth.
1 Cut-off grades assume an open-pit mining
scenario, using a pit floor elevation generated using Whittle
software, reasonable assumptions for mining and milling costs, and
a US$1,300/oz gold price.
For maps showing the 2017 target areas, please access Nevada
Sunrise's website at:
http://www.nevadasunrise.ca/projects/kinsley-mountain/
Further information on Kinsley Mountain is available in the
National Instrument 43-101 compliant technical report entitled
"Updated Technical Report and Estimated Mineral Resources for the
Kinsley Project, Elko and
White Pine Counties, Nevada, U.S.A.", effective October 15, 2015, dated December 16, 2015 and prepared by Michael M. Gustin, CPG, Moira Smith, Ph.D., P.Geo., and Gary Simmons, B.Sc. MMSA (the "Kinsley Technical
Report"), available at www.nevadasunrise.ca/investors
or under the Company's SEDAR profile at
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 nine gold and lithium mineral exploration projects in
the State of Nevada, USA.
The Company's three key gold assets include a 100% interest in
the Golden Arrow project near Tonopah, an option to earn a 100% interest in
Roulette located in the southeastern Carlin trend, and a 21% interest in a joint
venture with Pilot Gold at Kinsley Mountain, with each of the
properties subject to certain production royalties.
Nevada Sunrise began acquisitions of Nevada lithium properties in September 2015, which include options to earn
100% interests in the Neptune and Clayton Northeast projects, and a
100% interest in the Aquarius Project, all located in the Clayton
Valley area. The Company also holds options to earn 100% interests
in the Jackson Wash and Atlantis projects, and has a 50%
participating interest in the Gemini project, each located in
playas proximal to the Clayton Valley. The Company has optioned
five of its Nevada lithium
projects to Advantage Lithium Corp., and a sixth, the Atlantis
project, is currently under option to American Lithium Corp. (TSXV:
LI). The Salt Wells lithium project, in the Carson Basin near
Reno, is currently the subject of
due diligence by the Company.
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,
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 study, proposed exploration and development of our
exploration properties and the estimation of mineral resources.
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
interpretation and actual results of historical production at
Kinsley Mountain, reliance on technical information provided by
third parties on any of our exploration properties, including
access to historical information on the Roulette and Kinsley
Mountain properties as well as specific historical data associated
with drill results from the Kinsley Mountain property, information
from Pilot Gold Inc., 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 and/or
Pilot Gold Inc. 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 Three Months ended December
31, 2016, 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