TSXV: NEV
VANCOUVER, Aug. 23, 2017 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV)
announced today that it has received notice from its exploration
partner Advantage Lithium Corp. ("Advantage Lithium") that
Advantage Lithium wishes to discontinue its option on the Neptune,
Jackson Wash, Aquarius and Gemini lithium projects, all located in
Esmeralda County, Nevada.
Advantage Lithium continues to maintain its option on the
Clayton Northeast ("Clayton NE") project in the Clayton Valley,
which consists of the Clayton NE claims and the recently-added
Triton claims, all located adjacent to the Silver Peak lithium
brine mine, the only producing lithium mine in North America. A successful 6-hole drilling
program carried out by Nevada Sunrise and Advantage Lithium during
late 2016 and early 2017 encountered significant lithium-bearing
brines in classic Clayton Valley strata. For example, borehole
CNE-17-04, drilled to a total depth of 609.6 metres (2,000 feet),
intersected multiple aquifer formations, including 426.72 metres of
brine-producing strata averaging 243.44 milligrams per litre
lithium between a depth of 140.21 metres to 609.6 metres (see
Nevada Sunrise news release dated March 1,
2017). Advantage Lithium can earn a 70% interest in Clayton
NE by funding an additional $ 300,000
in exploration expenditures.
Advantage Lithium also retains the right to the Company's
Clayton Valley basin water rights, which are currently the subject
of a judicial appeal of the State of Nevada's ruling issued in November
2016 forfeiting the water rights alleging lack of
beneficial use for a period of five years. Nevada Sunrise intends
to present evidence of beneficial use of the water right in
its appellate briefs and at an upcoming hearing on the
matter.
2017 Regional Drilling Program Update
In April 2017, Nevada Sunrise and
Advantage Lithium announced the commencement of a regional drilling
program on the Neptune, Jackson Wash, Aquarius and Gemini lithium
projects. At the Neptune project, one borehole was drilled to a
depth of approximately 1,500 feet, about 75% of the interpreted
target depth, but the hole was lost due to unstable ground
conditions. As a result, no brines were encountered in the
borehole. At the Jackson Wash project during May and
June 2017, a borehole was drilled to
a depth of 826 metres (2,710 feet) through interbedded sequences of
sand, gravel, and clay. Hot fresh water was encountered in the
borehole reaching a temperature of approximately 41 degrees C. (106
degrees F.) but no brines were detected. The regional drilling
program was suspended in June 2017,
and subsequently, no drilling was carried out at the Aquarius and
Gemini projects. Lithium brine targets remain to be tested on all
four of the regional lithium projects, and Bureau of Land
Management and Esmeralda County
claim maintenance fees have been paid through to September 1, 2018 on the claims covering the main
target areas. Exploration permits for all four of the returned
projects are still active, with constructed access roads and drill
pads.
For further information on the Company's Nevada lithium projects, including location
maps, please visit the Nevada Sunrise website at: "Projects –
Nevada Lithium":
http://www.nevadasunrise.ca/projects/nevadalithium/
National Instrument 43-101 ("NI 43-101") compliant technical
reports for the Neptune and Jackson Wash projects can be accessed
on the Nevada Sunrise website at "Investors – Downloads":
http://www.nevadasunrise.ca/wp-content/uploads/2015/09/Neptune-NI_43-101.pdf
http://www.nevadasunrise.ca/wp-content/uploads/2017/04/Jackson-Wash-Lithium-Project-Technical-Report_July-2016.pdf
Groundwater analysis 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 eight gold and lithium mineral exploration
projects in the State of Nevada,
USA.
Nevada Sunrise began acquisitions of Nevada lithium properties in September 2015, which includes options to earn
100% interests in the Neptune project (Resolve Ventures, TSXV: RSV
owns a 25% interest in Neptune), the 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 50% interest in the Gemini lithium project, each
located in playas proximal to the Clayton Valley. In 2016, the
Company optioned six of its Nevada
lithium projects to Advantage Lithium Corp., who maintains a 51%
interest solely in the Clayton Northeast and Triton projects. The
Atlantis project is currently under option to American Lithium
Corp. (TSXV: LI).
The Company's two key gold assets include a 100% interest in the
Golden Arrow project near Tonopah,
currently the subject of an option earn-in transaction with Emgold
Mining Corporation (TSXV: EMR) and a 21% interest in a joint
venture with Liberty Gold Inc. (TSX: LGD, formerly Pilot Gold Inc.)
at Kinsley Mountain near Wendover,
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
Clayton NE, Triton, Neptune, Jackson Wash, Aquarius and Gemini
properties, reliance on technical information provided by third
parties on any of our exploration properties, including access to
historical information on the Clayton NE, Triton, Neptune, Jackson
Wash, Aquarius and Gemini 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