TSXV: NEV
VANCOUVER, Oct. 18, 2016 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV)
and its joint venture partner, Advantage Lithium Corp. ("Advantage
Lithium") (TSXV: AAL) are pleased to announce that a drilling
program has begun at their Clayton Northeast lithium brine
exploration project ("Clayton NE") in the Clayton Valley,
Nevada. Clayton NE borders
the Silver Peak mine operated by Albemarle Corporation
("Albemarle") (NYSE: ALB), North
America's only producing lithium mine. Three reverse
circulation drill holes totaling approximately 1,500 metres (4,570
feet) will focus on high-priority lithium brine targets close to
the Silver Peak mine border and several of Albemarle's production
wells.
In September 2016, an 11.0 line-km
Volterra 3D-IP ground geophysical survey was carried out over the
Clayton NE project area. The geophysical survey successfully
imaged highly-conductive horizons to the survey limit of
approximately 800 metres depth, and these conductive zones are
interpreted as brine formations. The northeast trending
Angel Island fault appears to bound
the conductive horizons parallel to and proximal to the eastern
claim boundary at Clayton NE.
2016 Drilling Program Highlights
- Three priority drill targets have been chosen to best intersect
the broadest and most conductive zones detected by the geophysical
survey.
- Historical drilling within the Clayton NE project area by the
United States Geological Survey ("USGS") was reported to encounter
elevated lithium values in ground water.
- Nevada Sunrise and Advantage Lithium are the only lithium
explorers in the Clayton Valley, other than Albemarle, with access
to certified water rights for the purposes of future
development.
For further information on Clayton NE, including location maps,
see the Company's website under "Projects-Nevada Lithium" at:
http://www.nevadasunrise.ca/projects/nevadalithium/
About Clayton NE
- Consists of 50 claims totaling approximately 1,000 acres (405
hectares);
- It is reported in the USGS Open-File Report 82-415 (1982) that
a historical drill-hole (CV-5) is located on the Clayton NE
property. Hole CV-5 encountered lithium values in groundwater
ranging from 24 parts per million ("ppm") to 110 ppm, averaging
67.5 ppm. The hole was part of a 1977 regional drilling program
carried out by the USGS. Nevada Sunrise and Advantage Lithium
believe that drilling deeper holes at Clayton NE could intersect
additional aquifers potentially hosting brines of similar or better
contents of lithium than were encountered in the relatively shallow
historical hole;
- Nevada Sunrise is the project manager at Clayton NE on behalf
of Advantage Lithium, the operator.
Robert M. Allender, Jr., CPG, RG,
SME is the Company's designated Qualified Person for this news
release within the meaning of National Instrument 43-101 and has
reviewed and approved the technical information 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 nine mineral
exploration projects in the State of
Nevada, USA. Nevada Sunrise began acquisitions of
Nevada lithium properties in
September 2015, which include options
to earn a 75% interest in the Neptune project (Resolve Ventures
Inc., TSXV: RSV, owns a 25% interest), a 100% interest in the
Clayton Northeast project, 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 recently optioned its interests in five of
the Nevada lithium projects to
Advantage Lithium Corp. (TSXV: AAL), and the Atlantis project is
currently under option to American Lithium Corp. (TSXV: LI).
The Company's three key gold assets include a 21% interest in a
joint venture with Pilot Gold Inc. (TSX: PLG) at Kinsley Mountain
near Wendover, a 100% interest in
the Golden Arrow project near Tonopah, and an option to earn a 100% interest
in the Roulette gold property in the southeastern Carlin trend near Ely, with each of the properties subject to
certain production royalties.
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 the properties transaction with Advantage
Lithium Corp., the successful transfer of Place of Use and Point of
Diversion of water rights, 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 exploration at its
lithium properties, reliance on technical information provided by
third parties on any of our exploration properties, including
access to historical information on its lithium properties, 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; 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, 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