TSXV: NEV
VANCOUVER, April 6, 2017 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) and its
exploration partner Advantage Lithium Corp. ("Advantage Lithium")
(TSXV: AAL) are pleased to announce that a regional drilling
program has commenced at the Neptune Lithium Project ("Neptune")
located in the southern Clayton Valley of Nevada, USA. One borehole to a depth of
approximately 610 metres (2,000 feet) is planned to follow up on
encouraging results from a 2016 lithium brine drilling program
carried out by Nevada Sunrise. Other boreholes are planned at the
Jackson Wash, Aquarius and Gemini projects in the coming
months.
Neptune is the subject of an earn-in agreement between Nevada
Sunrise and Advantage Lithium where Advantage Lithium can earn a
50% interest in Neptune from the Company by spending CDN$700,000 over a three-year period (see Nevada
Sunrise news release dated June 20,
2016). At present, Neptune ownership is 75% Nevada Sunrise
and 25% Resolve Ventures Inc. (TSXV: RSV), subject to a 3% gross
overriding royalty according to the terms of an underlying option
agreement with a Nevada
vendor.
Nevada Sunrise completed two exploration holes at Neptune in
late March 2016. Borehole N-2016-1,
drilled to 457.2 metres (1,500 feet) showed anomalous lithium in a
grab sample of groundwater of 6.8 mg/l lithium at a depth of 438.9
metres (1,440 feet). A third hole is underway approximately 1.6
kilometres (1 mile) to the east of hole N-2016-1 in an area
interpreted from a 2016 geophysical survey to be a potential trap
where denser, lithium-bearing brines could accumulate. If results
from the third Neptune borehole warrant further work, a drill pad
and access road have been prepared for a fourth hole location.
About Neptune
Neptune consists of 316 unpatented
20-acre placer claims totaling approximately 6,320 acres (2,557
hectares) and is located in an active area of lithium exploration
and mining. The Silver Peak lithium mine operation, acquired by
Albemarle Corporation (NYSE: ALB) in 2015, has extracted lithium
minerals from brines continuously since 1966 and is located
approximately 10 miles (15 kilometres) to the north of Neptune.
Nevada Sunrise has an option to earn a 100% interest in Neptune,
subject to a 3.0% gross overriding royalty (see Nevada Sunrise news
release dated September 21, 2015 for
further details of the Neptune underlying option
agreement).
About Lithium Exploration at Neptune
Drill targets at
Neptune have been generated from the integration of the results of:
(1) a detailed gravity survey by a previous operator that outlined
a deep, fault-bounded sub-basin, (2) a controlled source audio
magnetotellurics follow-up survey that detected conductive horizons
within the sub-basin, and (3) a 2016 time-domain electromagnetic
survey that provided additional detail about the conductive
horizons. In each of the two holes completed in 2016,
permeable sedimentary, lacustrine strata interbedded with volcanic
ash and other ejecta was logged at various levels throughout the
holes. This type of sedimentary strata is interpreted as a
requisite host horizon for lithium-bearing brines as seen in the
northern Clayton Valley.
For further information on Neptune including maps showing its
location and exploration plans please visit the Nevada Sunrise
website at: "Projects – Nevada Lithium":
http://www.nevadasunrise.ca/projects/nevadalithium/
A National Instrument 43-101 ("NI 43-101") compliant technical
report on Neptune dated February 29,
2016 can be accessed on the Nevada Sunrise website at
"Investors – Downloads": http://www.nevadasunrise.ca/investors/
Initial water and sediment samples collected in 2016 were
submitted to ALS Minerals in Reno,
NV, and analyzed at ALS Minerals in Vancouver, BC. Water samples were analyzed by
ICP-AES and ICP-OES, and composite sediment samples were analyzed
by 48-element, four-acid ICP-MS. Re-analysis of groundwater was
carried out by Western Environmental Testing Laboratory in
Reno, Nevada, where testing
included analysis for specific gravity, total hardness and
alkalinity, bicarbonate, carbonate, hydroxide, TDS and electrical
conductivity. Anions (chloride, sulfate) were analyzed by ion
chromatography. Trace metals (lithium, magnesium, boron, calcium,
potassium and sodium) were analyzed by ICP-OES. All depth
measurements reported, including sample and interval widths are
down-hole. As holes are oriented vertical and geologic
stratigraphy is primarily horizontal to sub-horizontal, downhole
measurements are assumed to be close to true thickness.
Robert M. Allender, Jr., CPG, RG,
SME is the Company's designated Qualified Person for this news
release within the meaning of NI 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 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). The Salt Wells Lithium
project, in the Carson Basin near Reno, is currently the subject of due
diligence by the Company.
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 future mineral production, reserve
potential, exploration drilling, the future price of lithium,
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
Neptune property, reliance on technical information provided by
third parties on any of our exploration properties, including
access to historical information on the Neptune 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 Three Months ended December 31, 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