TSXV: NEV
VANCOUVER, Dec. 7, 2016 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is
pleased to announce the completion of ground geophysical and
geochemical surveys at the Roulette Gold Project ("Roulette", or
the "Project") located in White Pine
County, eastern Nevada,
USA, at the southeastern extent of the Carlin Trend. The
2016 geochemical and geophysical results were integrated into a 3D
model, which has provided high-priority targets that Nevada Sunrise
plans to drill in the spring of 2017.
2016 Exploration Program
The 2016 exploration
consisted of multi-element geochemical sampling along 11.2 line
kilometres (6.7 line miles) of grid. In addition, 4 kilometers (2.4
line miles) of Volterra 3D-IP ground geophysical surveying was
completed as a follow up to a 2015 survey carried out by Nevada
Sunrise. Exploration at Roulette is focussed on determining the
extent of two jasperoid outcrops ("Parlay" and "Gambit") known from
historical prospecting and mapping, one of which is mineralized.
The Parlay jasperoid was sampled in August
2014 by Nevada Sunrise and returned 4.44 grams/tonne gold
over a sample length of 3.30 metres (10 feet), and 1.05 grams/tonne
gold over a sample length of 2.64 metres (8 feet).
"Roulette is a classic example of a Carlin Trend project
overlooked in recent years because of its sediment cover," said
Warren Stanyer, President and CEO of
Nevada Sunrise. "Historical explorers were attracted to Roulette
because of the mineralized jasperoid on the property but were
unable to determine its buried source. The use of modern
geophysical techniques to help outline the extent and depth of
favourable geology provides us with targets that can be drilled
with a much higher degree of confidence."
Geochemical Results
A total of 400 soil samples were
taken at 25 metre intervals on lines spaced 200 metres apart to
complement historical work by U.S. Gold (now McEwen Mining Inc.),
and Cordex Exploration Co., prior to the Company's acquisition of
the Project. The 2016 survey lines were extended to the north and
east over interpreted faults. Anomalous values ranging up to 15.5
ppb gold, 205 ppm arsenic and 5.1 ppm antimony were found in the
soils. The geochemical signature appears to be spatially associated
with both jasperoid locations and along interpreted brittle
structural faults. This may suggest an association of brittle
structure and silicification, a characteristic also consistent with
Carlin-type mineralization.
Geophysical Results
The 2016 ground induced
polarization/resistivity survey was designed as an extension of the
work Nevada Sunrise performed in 2015 over a 1,500 metre-long area,
where strong chargeability anomalies were detected in the southern
part of the grid, and another chargeability anomaly was
partially-surveyed within the northern end of the grid, short of
the property boundary. In order to provide a suitable overlap with
the latest survey results, data was gathered on the three
northernmost lines of the Roulette grid, and then merged and
blended with the 2015 results to produce a single, coherent
model.
The 2015 survey had delineated three high chargeability
anomalies along a NNE trending band of elevated chargeability
values that closely follows the interpreted Joana-Pilot Shale contact. The two southern
anomalies, A1 and A2, appear to be related to the Parlay and Gambit
jasperoid showings. A third anomaly, A3, was mapped on the
northernmost survey line along strike from the jasperoid showings.
The 2016 survey shows that A3 continues to the north, becoming
larger and higher amplitude. It is traced for some 300 plus metres
strike length, where it terminates sharply forming an ENE striking
lineation along its northern edge. This anomaly appears to form a
pod shaped body, narrow and elongated to the northeast. Modelling
suggests it has a depth extent on the order of 200 metres and
appears to lie on top of the westerly dipping Guilmette formation
limestone. Nevada Sunrise considers each of A1, A2 and A3 as
prime drill targets.
Combined geological mapping, geochemistry and geophysics (3D-IP
survey) have provided three distinct targets for drilling and four
proposed drill holes. Nevada Sunrise is in the process of
permitting these four drill sites in preparation for drilling in
early 2017.
A "depth slices" animated plan map of the combined 2015-2016
3D-IP geophysical surveys can be viewed on the Company's website at
http://www.nevadasunrise.ca/projects/roulette/.
About Roulette
Roulette (formerly known as the Grulla
property) consists of 120 unpatented claims totaling 971 hectares
(2,400 acres) located approximately 45 kilometers (30 miles) north
of Ely, Nevada in a fertile area
of mineral exploration. The Project was acquired from an underlying
vendor by Nevada Sunrise in 2014 (see Nevada Sunrise news release
dated November 14, 2014).
The conceptual target at Roulette is a sediment-hosted,
Carlin-type, disseminated gold
deposit. Gold is commonly micron-sized, and is associated with
hydrothermal alteration of carbonate host rocks. Nevada Sunrise
believes that Roulette is under-explored, and until 2015-2016,
there is no known ground or airborne geophysical surveys in the
public record. Historical drilling is unconfirmed as to drill hole
location, footage or results.
To the north of Roulette is McEwen Mining Inc.'s ("McEwen")
Limousine Butte project, which according to McEwen's public
disclosure, three deposits hosts a measured plus indicated resource
of 241,080 ounces of gold, and an inferred resource of 50,700
ounces of gold (Source: "NI 43-101 Technical Report for the
Limousine Butte Project, White Pine
County Nevada", dated July 1,
2009, authored by Telesto Nevada Inc.). To the
northwest, Freeport-McMoran Inc. ("Freeport") holds a large claim
block (approximately 30,000 acres, or 12,000 hectares) prospective
for porphyry copper/gold deposits, which encompasses the Butte
Valley copper prospect Freeport
acquired in 2012 from Quaterra Resources Inc.
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. The Alligator Ridge mine was discovered in the
mid-1970s and produced approximately 700,000 ounces of gold from
three deposits in the 1980s. Roulette and Alligator Ridge share
certain sedimentary rock formations known to host Carlin-style
mineralization, namely a sequence of Devonian/Mississippian
limestones and shales including the Guilmette Limestone, Pilot
Shale, Joana Limestone and Chainman Shale. Nevada Sunrise considers
the geological setting of Alligator Ridge as a model for future
exploration on the Roulette Project.
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.
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 future 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 exploration at the
Roulette property or other properties in the Carlin Trend district,
reliance on technical information provided by third parties on any
of our exploration properties, including access to historical
information on the Roulette property, 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