TSXV: NEV
VANCOUVER, June 7, 2017 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) and
Advantage Lithium Corp. ("Advantage") (TSXV: AAL) are pleased to
announce the acquisition of a 100% interest in the Triton lithium
property ("Triton", or the "Property"), located in the northern
Clayton Valley in Esmeralda County,
Nevada, close to the town of Silver Peak.
Under mutual agreement with the vendor, the acquisition of
Triton is subject to an area of interest clause contained within
the property agreement for the Clayton Northeast Project, currently
owned 51% by Advantage and 49% by Nevada Sunrise, located
approximately 5 kilometres to the northeast (for details of the
terms of the Clayton Northeast underlying property agreement see
Nevada Sunrise news release dated December
10, 2015, and for details of the Advantage option agreement
for five Nevada lithium
properties, including Clayton Northeast, see Nevada Sunrise news
release dated June 20, 2016).
Advantage can increase its ownership interest in Triton and Clayton
Northeast to 70% by continuing to fund property exploration and
tenure costs. To date, Advantage has funded over CAD$2.0 million of its CAD$3.0 million earn-in commitment.
"The acquisition of Triton adds a very strategic property to our
portfolio of Clayton Valley projects," said Warren Stanyer, President and CEO of Nevada
Sunrise. "We believe that Triton lies in a highly-prospective area
for lithium brines at the edge of North
America's only producing lithium mine."
About the Triton Lithium Property
Triton consists of
19 unpatented claims totaling approximately 380 acres (154
hectares) and is contiguous to the Silver Peak lithium brine mine
operated by Albemarle Corporation ("Albemarle") (ALB: NYSE), and to
the lithium brine exploration property known as Clayton Valley South owned by Pure Energy
Minerals Limited (TSXV: PE). Triton lies on the southwestern edge
of Albemarle's lithium brine operations, and a portion of a dormant
evaporation pond is present on the Property. Triton straddles
Alcatraz Island in a geologically prospective area less than 1
kilometre from the town of Silver Peak and is divided into two
parts - East Graben and West Graben, with each area covering a
playa surface. No known exploration drill holes are present on
Triton. Nevada Sunrise believes that the stratigraphy of the
Property is consistent with that of Albemarle's Silver Peak lithium
brine production area and intends to drill test Triton as soon as
is practicable.
For further information on Triton including a map showing its
location, see the Company's website under "Projects-Nevada Lithium"
at: http://www.nevadasunrise.ca/projects/nevadalithium/
About the Clayton Valley
In 2013, the USGS released a
report describing the Clayton Valley's potential to host lithium
deposits based on the hypothesis that lithium is liberated by
weathering of host rocks or derived from hydrothermal fluids from a
variety of rock sources within a closed basin. The floor of Clayton
Valley has an area of about 100 square kilometers and a catchment
of about 1,400 square kilometres, and is the lowest
(topographically) of at least five adjacent basins that are
hydrologically linked by groundwater flow (Zampirro, 2003). It is
the combined area of all five linked catchments that makes the
effective area of the Clayton Valley lithium-brine system much
larger than the footprint of the Clayton Valley proper (Source:
from USGS Open File 13-1006, 2013).
A successful 6-hole exploration drilling program carried out in
2016-2017 by Nevada Sunrise and Advantage at Clayton Northeast
intersected up to 426.72 metres of brine-producing strata averaging
243.44 milligrams per litre ("mg/l") lithium in borehole CNE-17-04
between a depth of 140.21 metres to 609.6 metres, including a
higher-grade interval averaging 274.6 mg/l lithium over 79.2 metres
from a depth of 530.35 metres to 609.6 metres (see Nevada Sunrise
news release dated March 1,
2017).
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 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 100% of the Aquarius project by way
of staking, all located in the Clayton Valley area. The Company
also holds options to earn 100% interests in the Jackson Wash and
Atlantis projects, each located in playas proximal to the Clayton
Valley. In July 2016, the Company
optioned five of the Nevada
lithium projects to Advantage Lithium Corp., who since has earned a
51% interest in Clayton Northeast, Aquarius and Jackson Wash
projects, and a 50% participating interest in the Gemini project.
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 Liberty Gold Inc. (formerly Pilot Gold Inc.)
(TSX: LGD) 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 news 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., and the proposed exploration and development of our
lithium exploration properties. 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 Six Months Ended March 31, 2017, 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