TSX Venture Exchange: NEV
VANCOUVER, Nov. 4, 2019 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is
pleased to announce that drilling has commenced at the Kinsley
Mountain Gold Project ("Kinsley Mountain" or the "Project"),
located near Wendover in eastern
Nevada, USA. Kinsley
Mountain is a joint venture between Liberty Gold Inc. ("Liberty
Gold", formerly Pilot Gold Inc.) (TSX: LGD) and the Company, with
Liberty Gold holding a 79.1 percent
interest, and Nevada Sunrise, through a wholly-owned U.S.
subsidiary, holding a 20.9 percent interest.
2019 Drilling at Kinsley Mountain
Nevada Sunrise and Liberty Gold
have approved the 2019 budget for Kinsley Mountain at US$590,000, which includes administrative and
holding costs. The 2019 drilling program is planned to consist of
approximately 1,600 metres (5,250 feet) of reverse circulation
drilling in five to six holes. Drill holes will target the eastward
extension of the Western Flank high-grade sulphide resource that
includes 284,000 Indicated ounces at an average grade of 6.04
grams/tonne gold (see gold resource estimate described below). Two
other targets in the Central Kinsley Trend and Racetrack area are
also scheduled to be tested.
For maps showing the 2019 target areas, please access Nevada
Sunrise's website at:
http://www.nevadasunrise.ca/projects/kinsley-mountain/
About 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 5 leased patents totaling 4,189 hectares
(10,451 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.
Liberty Gold, as operator,
discovered the Western Flank deposit in 2013 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.
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/ounce gold
price.
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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 gold, copper, cobalt and lithium exploration projects
located in the State of Nevada,
USA.
The Company's key gold asset is a 21% interest in a joint
venture with Liberty Gold Inc. (TSX: LGD) at the Kinsley Mountain
Gold Project near Wendover, with
the property subject to a 3.0% net smelter returns royalty.
Nevada Sunrise has the right to earn a 100% interest in the
historic Lovelock Cobalt Mine and Treasure
Box copper properties, each located approximately 150
kilometers (100 miles) east of Reno, both of which are currently under option
to Global Energy Metals Corp. (TSXV: GEMC), who can earn up to an
85% participating interest from the Company. In September 2018, Nevada Sunrise acquired the right
to earn a 100% interest in the Coronado VMS Project, located in
Pershing County, approximately 48
kilometers (30 miles) southeast of Winnemucca.
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 44411, located within the Clayton Valley basin
near Silver Peak, 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,
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 Kinsley Mountain property
as well as specific historical data associated with drill results
from the Kinsley Mountain property, information from Liberty 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 Liberty 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 Nine Months ended June 30,
2019, 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