TSXV: NEV
VANCOUVER, BC, Feb. 22, 2022 /CNW/ - Nevada Sunrise Gold
Corp. ("Nevada Sunrise", or the "Company") (TSXV: NEV)
is pleased to provide an update on 2022 activities for two of its
Nevada mineral exploration
projects: the Gemini Lithium Project and the Kinsley Mountain Gold
Project.
Gemini Lithium Project ("Gemini")
Nevada Sunrise owns a 100% interest in Gemini, which is located
in the Lida Valley basin in Esmeralda
County, Nevada. The Company, through its
Nevada subsidiary, has executed a
drilling contract with O'Keefe Drilling Company of Butte, Montana, for up to 3,500 feet (1,067
metres) of reverse circulation ("RC") drilling on untested
geophysical anomalies identified by ground gravity and
electromagnetic surveys. The exploration objectives for the
Gemini West target are twofold: testing the conductive zone for
lithium brines at depth and analyzing for lithium-in-sediment,
which has never been tested in the western Lida Valley. Drilling is
planned to begin in the second week of March
2022.
About Gemini
Gemini consists of 13 unpatented placer claims totaling 260
acres (105 hectares) located in the western Lida Valley,
Esmeralda County, approximately 6
miles (10 kilometres) east of the town of Lida, Nevada. Gemini is situated adjacent to the
Gold Point Solar Energy Zone, a Bureau of Land Management 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, and the claims are in good standing
until September 1, 2022.
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 State of Nevada law, water cannot be pumped
from a subterranean source without a valid water permit.
For further information on Gemini, including location maps and
photos click here
Kinsley Mountain Gold Project ("Kinsley Mountain")
Nevada Sunrise also announces that its joint venture partner,
New Placer Dome Gold Corp. ("New Placer Dome") (TSXV: NGLD) reports
that IP/resistivity surveying is ongoing at Kinsley Mountain,
currently targeting the under-explored Kinsley North Range. Five survey lines
totaling 15.9 line kilometres have been completed at Kinsley North
with an additional nine lines totaling 29.7 line kilometres
planned.
Highlights of New Kinsley North Range IP/Resistivity
Targets
- 2021-2022 IP/resistivity surveys expanded 6.5 kilometres north
of the high-grade gold Western Flank Zone to test underexplored
Kinsley North Range targets (see
Figure 1).
- Chargeability breaks indicative of significant displacement and
arsenic ± antimony in soil anomalies associated with property-scale
northwest-trending fault structures analogous to those host
significant gold resources along the Kinsley NW fault.
- Chargeability/resistivity breaks and broad arsenic ± antimony
in soil anomalies associated with northeast to northwest-trending
block faulting exposing prospective lower Pogonip Group carbonate
rocks.
- Chargeability highs are associated with mapped jasperoid and
arsenic-antimony in soil anomaly along north-trending fault
structure in the centre of the range.
- Nine Kinsley North IP/resistivity lines are planned to cover a
significant strike length of block faulted Pogonip Group and upper
Notch Peak Formation rocks on the east side of the Kinsley
Range.
For further information about Kinsley Mountain, including maps
and photos click here
Methodology and QA/QC
A total of 14 lines totalling approximately 50.9 line kilometres
were completed to mid-February during the 2021-2022 Kinsley
Mountain geophysical program. The lines are spaced 150 to 1,000
metres apart, with line lengths ranging from approximately 2.5 to
4.0 kilometres. Data were collected using the Direct Current
Resistivity, Induced Polarization ("DCIP") method, on a 16-channel
pole-dipole array with a dipole size (a-spacing) of 100 metres. A
GDD GRx16 receiver and GDD 5000W-2400V-20A IP Tx model Tx4
transmitter was used. Raw data were loaded into GDD IP Post-Process
software and Geosoft Oasis Montaj software for quality control and
review. The reviewed data were used to produce pseudo section plots
of apparent resistivity and apparent chargeability and were the
input for the inversion. Inversions were completed using the
UBC-GIF DCIP2D inversion codes. Each line of data was inverted
independently. The resistivity and IP inversion is a two-step
process. The resistivity inversion is run first, and this model is
used in the chargeability inversion. Multiple inversions were
completed for quality control.
Qualified Person
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. Mr. Allender has examined the information provided by
New Placer Dome, which includes the data disclosed underlying the
information and opinions contained herein.
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 in a joint
venture with New Placer Dome Gold Corp. (TSXV: NGLD) at the Kinsley
Mountain Gold Project near Wendover,
NV. 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 Jackson Wash and
Gemini 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
Gemini Lithium Project 2022 exploration plans and the
interpretation of exploration results from 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, technical information received from New Placer
Dome Gold Corp., 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 New Placer Dome Gold Corp. to
complete anticipated work programs; 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, 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