TSXV: NEV
VANCOUVER, Feb. 16, 2017 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is
pleased to announce that it has signed a Letter of Intent (the
"LOI") with Lithium Corporation of Elko,
Nevada (OTCQB: LTUM) on the Salt Wells lithium brine
prospect ("Salt Wells") located in Churchill County, Nevada. Salt Wells
consists of 43 placer claims covering an area of approximately
3,440 acres (1,392 hectares) in a desert salt flat located
approximately 75 miles (120 kilometres) east-southeast of
Reno, Nevada.
Under the terms of the LOI, Nevada Sunrise may earn a 100%
interest in Salt Wells, subject to a 2.0% Net Smelter Royalty
("NSR"), by making staged payments of cash and common shares of
Nevada Sunrise over the next two years, on the following terms:
- US$10,000 non-refundable deposit
upon execution of the LOI;
- US$15,000 and issuance of 400,000
common shares of Nevada Sunrise on the later of TSX Venture
Exchange acceptance of the LOI or the signing of a formal
definitive agreement (the "Effective Date");
- US$50,000 and 500,000 shares on
the 1st anniversary of the Effective Date;
- US$75,000 and 600,000 shares on
the 2nd anniversary of the Effective Date.
Nevada Sunrise has the right to conduct due diligence on Salt
Wells for 15 days from the execution of the LOI, and if satisfied
with the results of that due diligence will give notice to Lithium
Corporation that it wishes to proceed to a definitive agreement.
The Company will pay all claim and other property-related fees
during the earn-in phase of the Salt Wells definitive agreement,
and will also retain the right to purchase one-half (1%) of the NSR
at any time up until the third anniversary of the signing of the
definitive agreement for $1,000,000.
Lithium Corporation conducted past exploration at Salt Wells
that culminated in a multiple phase, shallow direct push drilling
program in 2011. The target model at that time was
near-surface lithium brines. Nevada Sunrise plans to pursue a
deeper sub-basin target, which is interpreted from historical
gravity survey work. Recent field work conducted by Nevada Sunrise
at Salt Wells consisting of surface sediment and water sampling
returned values in soils ranging from 51 to 691 parts per million
lithium, and a water sample that contained 34.1 milligrams/litre
lithium. The Company intends to carry out a geophysical survey to
locate conductive zones that may indicate the presence of brines
and perform follow-up drilling, if warranted.
For further information about the Company's exploration
properties, please access the Nevada Sunrise website at:
http://www.nevadasunrise.ca/projects/nevadalithium/
John Kerr, P. Eng., 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 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). Salt Wells, in which
the Company can earn a 100% interest, is the newest lithium
property acquisition by Nevada Sunrise.
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 proposed exploration and development of our
exploration properties including the Salt Wells property, 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 Year Ended September 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