TSX Venture Exchange: NEV
VANCOUVER, July 13, 2017 /CNW/ - British Columbia -
Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company")
(TSXV: NEV) is pleased to announce it has received results from
Liberty Gold Corp. ("Liberty Gold", TSX: LGD, formerly Pilot Gold
Inc.) from a 4-hole reverse circulation ("RC") drilling program
carried out at the Western Flank East Extension Target at the
Kinsley Mountain Project ("Kinsley Mountain", or the "Project") in
eastern Nevada. The 2017 drilling program is part of an
ongoing effort to test new targets and expand sparsely-drilled
targets at Kinsley Mountain, which is a joint venture between
Liberty Gold and Nevada Sunrise,
with Liberty Gold holding a 79.1
percent interest, and Nevada Sunrise, through a wholly-owned U.S.
subsidiary, holding a 20.9 percent interest. Liberty Gold is operator of the Project.
Highlights from the Western Flank East Extension
Target include:
- From the Secret Canyon Shale Zone (lower host):
-
- 5.30 grams/tonne ("g/t") gold over 29.0 metres
including 7.84 g/t gold over 16.8 metres in
hole PK221
- 3.68 g/t gold over 3.0 metres in hole PK224
- From the Dunderberg Shale Zone (upper host):
-
- 12.4 g/t gold over 4.6 metres including 35.1
g/t gold over 1.5 m in PK221
- 6.84 g/t gold over 7.6 m including 12.8 g/t
gold over 3.0 metres in PK224
The Western Flank East Extension Target is located immediately
east of the Western Flank deposit, which was discovered in late
2013. The sulphide resource at the Western Flank deposit, hosted in
the Secret Canyon Shale, is currently estimated at 284,000
Indicated ounces of gold grading 6.04 g/t, and 39,000 Inferred
ounces grading 2.41 g/t gold (see Nevada Sunrise news release
dated December 17, 2015), and the
Kinsley Mountain Technical Report available on the Company's
website at www.nevadasunrise.ca or under the Company's
SEDAR profile at www.sedar.com).
The Western Flank East Extension Target had yielded several
high-grade intercepts in previous drilling, including:
- 6.15 g/t gold over 7.6 metres (Secret Canyon Shale host)
in hole PK200;
- 2.34 g/t gold over 9.1 metres (Dunderberg Shale host) in
hole PK208;
- 3.46 g/t gold over 18.3 metres including 13.7
g/t gold over 3.0 metres (Secret Canyon Shale host) in hole
PK208, and
- 2.95 g/t gold over 13.7 metres (Secret Canyon Shale
host) in hole PK210.
The new drill holes link gold mineralization in the Western
Flank deposit to drill holes PK208 and PK210, 150 metres to the
east. Results provide impetus for further drilling in this sparsely
tested area, which remains open to infill and extension in all
directions for both stratigraphic horizons.
Three additional holes were drilled in the current
program. One drill hole tested the Dunderberg Shale and
returned 1.37 g/t Au over 3.0 metres, but was lost above the Secret
Canyon Shale target. Another hole tested stratigraphy to the
southeast of the historic mine. It did not return a
mineralized intercept, but it did confirm the presence of the
prospective Secret Canyon Shale at shallow depth.
For a map of drill collars and traces, and a complete table of
drill results for the current holes, please visit the Company's
website
at: http://www.nevadasunrise.ca/projects/kinsley-mountain/
About the Western Flank Target Area
The Western Flank deposit was discovered in late 2013 in the
Secret Canyon Shale Formation, which lies below the Dunderberg
Shale, host to shallow oxide resources and past-production at
Kinsley Mountain, and was previously unrecognized as a potential
host to mineralization (see Nevada Sunrise news release dated
November 18, 2013). In late 2015,
Liberty Gold released a resource
estimate for the Kinsley Mountain deposit, including a separate
estimation for the Western Flank Zone (see Nevada Sunrise news
release dated November 5, 2015).
Metallurgical testing of sulphide material from the Western Flank
Zone returned excellent recoveries and concentrate grades,
suggesting that the gold may be amenable to extraction using low
capital cost and conventional flotation methods (see Nevada Sunrise
news release dated January 19,
2015).
Drill composites were calculated using a cut-off of 0.20 g/t
gold. Drill intersections are reported as drilled thicknesses. True
widths of the mineralized intervals vary between 30 and 100 percent
of the reported lengths due to varying drill hole orientations, but
are typically in the range of 60 to 80 percent of true width. Drill
samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30
gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t
were re-assayed and completed with a gravimetric finish. For these
samples, the gravimetric data were utilized in calculating gold
intersections. For any samples assaying over 0.200 ppm an
additional cyanide leach analysis is done where the sample is
treated with a 0.25% NaCN solution and rolled for an hour. An
aliquot of the final leach solution is then centrifuged and
analyzed by AAS. Metallic screen techniques may be employed
where the presence of coarse free gold is suspected. Approximately
1000 grams of coarse reject material are pulverized and screened.
Two splits of the fine fraction are assayed, as well as all
material that does not pass through the screen (the coarse
fraction). The final gold assay reported is a weighted average of
the coarse and fine fractions. QA/QC for all drill samples
consists of the insertion and continual monitoring of numerous
standards and blanks into the sample stream, and the collection of
duplicate samples at random intervals within each batch.
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.
Further information on Kinsley Mountain is available in the
technical report entitled "Updated Technical Report and Estimated
Mineral Resources for the Kinsley Project, Elko and White
Pine Counties, Nevada,
U.S.A.", effective October 15,
2015, dated December 16, 2015
and prepared by Michael M. Gustin,
CPG, Moira Smith, Ph.D., P.Geo. and
Gary Simmons, B.Sc. MMSA, available
on the Company's website
at www.nevadasunrise.ca or under the
Company's SEDAR profile
at www.sedar.com.
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 gold and lithium mineral exploration projects in
the State of Nevada, USA.
The Company's two key gold assets include a 100% interest in the
Golden Arrow project near Tonopah,
and a 21% interest in a joint venture with Liberty Gold (formerly Pilot Gold Inc.) at
Kinsley Mountain, with each of the properties subject to certain
production royalties.
Nevada Sunrise began acquisitions of Nevada lithium properties in September 2015, which include options to earn
100% interests in the Neptune (Resolve Ventures, TSXV: RSV owns a
25% interest in Neptune), Clayton
Northeast and Triton projects, 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 lithium projects, and holds a 3% gross overriding
royalty interest in in the Gemini lithium project, each located in
playas proximal to the Clayton Valley. The Company has optioned six
of its Nevada lithium projects to
Advantage Lithium Corp., (TSXV: AAL), who has earned a 51% interest
in Clayton Northeast, Triton,
Aquarius, and Jackson Wash projects, and a 50% interest in the
Gemini project. The Atlantis project is currently under option to
American Lithium Corp. (TSXV: LI).
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 current or future mineral 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 work at the Kinsley
Mountain property, reliance on technical information provided by
third parties on any of our exploration properties, including
access to historical information on the Kinsley Mountain 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; failure of Nevada Sunrise to complete anticipated work
programs; 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