VANCOUVER,
BC, April 19, 2023 /CNW/ - Nevada Sunrise
Metals Corp. ("Nevada Sunrise", or the "Company") (TSXV: NEV)
(OTC: NVSGF) is pleased to announce that the Company has
completed its Phase 2 drilling program at its 100%-owned Gemini
Lithium Project ("Gemini") located in the Lida Valley basin in
Esmeralda County, Nevada. Three
holes were completed in Phase 2 for a total of 5,310 feet (1,618.9
metres), bringing the total number of holes drilled by the Company
at Gemini to five, totaling 7,330 feet (2,234.76 metres). The
Gemini drilling program began in March
2022 and was successful in intersecting lithium
mineralization in every hole, both in sediments and in groundwater
(see Nevada Sunrise news releases dated May 18, 2022, June
6, 2022, February
7, 2023 and March
28, 2023).
Summary of Borehole GEM23-05
GEM23-05, the final Phase 2
borehole, was completed to depth of 1,740 feet (530.49
metres) at a location approximately 0.52 miles (0.83 kilometres)
south of borehole GEM22-02 and 1.04 miles (1.67 kilometres)
southeast of borehole GEM23-04. After passing through Quaternary
alluvium, the borehole intersected green clay from 440 to 540
feet (134.15 metres to 164.63 metres) followed by varying
stratigraphies of green, brown and sandy clays and white ash tuffs
until a rhyolite flow sequence was encountered at 1,575 feet
(480.18 metres). The rhyolite sequence, predominantly dark gray to
black volcanic glass (obsidian) flows with minor tuff and
lithic tuff, may represent a basement layer unconformably overlying
the much older Emigrant Formation basement unit that was
intersected in hole GEM23-03, drilled to 1,620 feet (493.9 metres),
thus providing further definition of the depth of the Gemini
basin.
Nevada Sunrise believes that the southern and
western parts of the Gemini basin are highly prospective for
additional lithium mineralization and that further drilling could
eventually define a large lithium resource. The Company is planning
to carry out a Phase 3 drilling program at Gemini later in 2023 to
infill the current pattern of boreholes with the goal of producing
a National Instrument 43-101-compliant resource estimate and a
Preliminary Economic Assessment of the lithium-bearing zones. In
addition to the lithium-fertile western area of Gemini, the 2016
and 2022 geophysical results indicate continuity of the conductive
zones (shown in red, Figure 1) in the eastern part of the Project,
where these untested zones appear to be mapping the lithium-bearing
stratigraphies intersected in the Phase 1 and Phase 2 drilling
(Figure 2).
A total of 49 groundwater water samples and
172 sediment samples were collected from GEM23-05.
Groundwater samples were collected intermittently at
20-foot intervals from a depth of 640 feet to a depth of 1,080 feet
(195.12 to 329.27 metres), and then continuously from 1,120 feet to
the bottom of the hole at 1,740 feet (341.46 to 530.49 metres).
Sediment samples were collected at 20-foot (6.1 metre) intervals
from the surface to a depth of 460 feet (140.24 metres) and
then at 10-foot (3.05 metre) intervals from 460 feet (140.24
metres) to the bottom of the hole at 1,740 feet (530.49
metres).
Geochemical analyses for sediment and groundwater
samples from GEM23-05 are pending, and will be released following
their receipt, compilation and interpretation.
About the 2022-2023 Gemini
Drilling Program
In March and April
2022, Nevada Sunrise drilled two RC boreholes for a total of
2,020 feet (615.85 metres) in its maiden drilling program at
Gemini. The drill sites were located within a defined gravity low
that hosts conductive layers detected by historical ground
electromagnetic surveys. The results from the first two holes at
Gemini represented a new discovery of lithium-bearing sediments and
lithium-in-water in the western Lida Valley, which was not
historically drill tested for lithium mineralization. Borehole
GEM22-03, drilled to 1,620 feet (493.9 metres) intersected the same
sequence of volcanic ash sediments as was found in GEM22-01 and
GEM22-02, and similar geologic formations are observed in borehole
GEM23-04 and GEM23-05.
In July 2022,
Nevada Sunrise received a permit for an expanded drilling area from
the Bureau of Land Management (the "BLM") good until July 2024.
About Gemini
Gemini consists of 582 unpatented placer and lode
claims located in the western Lida Valley, Esmeralda County, approximately 6 miles (10
kilometres) east of the town of Lida, Nevada. The Lida Valley is a flat, arid basin
with a similar geological setting to the better-known Clayton Valley basin where Albemarle Corporation
operates the Silver Peak lithium brine mine, which has operated
continuously since 1966.
Gemini is situated adjacent to the Gold Point
Solar Energy Zone, a BLM land reserve set aside for solar and wind
power generation projects until 2033. Exploration at Gemini is
complemented by the Company's 80.09 acre/feet/year water right, a
pre-requisite for the exploration and development of lithium brine
projects in Nevada.
For further information on Gemini, including
drill hole location maps and photos click here
Sampling and Analytical QA/QC and
Statement of Qualified Person
Sediment Sample Collection and
Analysis
Sediment samples described in this new release
are a composite of material collected from the rotary splitter in
the RC drilling rig, which produces a continuous, representative 3
to 5 kilogram sample for each sample interval. Samples were
submitted to American Assay and ALS Global USA in Reno,
NV and were analyzed utilizing a multi-element ICP-AES
method. Specifically, the analytical method involves aqua regia
digestion of the sample followed by the inductively coupled plasma
(ICP) technique to ionize the sample, and atomic emission
spectrometry (AES) to determine elemental concentrations.
Duplicates, field blanks, and certified reference standards were
inserted at regular intervals in the sample stream to ensure
accuracy of the analytical method.
Water Sample Collection and
Analysis
Water parameters including TDS, conductivity,
temperature, and pH values were obtained in the field by direct
measurement with a handheld YSI556 Multi-parameter water meter,
which meets Good Laboratory Practice (as proscribed by the
Organization for Economic Cooperation and Development) for
calibration and measurement.
Groundwater samples were collected at 20-foot
(6.1-metre) intervals and sent to Western Environmental Testing
Laboratory in Reno, Nevada under
project chain-of-custody protocols for analysis. Industry standard
methods for examination of water are employed by the laboratory.
General chemistry testing may include analysis for specific
gravity, total hardness, total alkalinity, bicarbonate, carbonate,
hydroxide, total dissolved solids (TDS) and electrical
conductivity. Lithium is analyzed by inductively coupled
plasma-optical emission spectroscopy (ICP-OES) methods.
The scientific and technical information
contained in this news release has been reviewed and approved by
Robert M. Allender, Jr., CPG, RG,
SME and a Qualified Person for Nevada Sunrise as defined in
National Instrument 43-101 – Standards of Disclosure for
Mineral Projects.
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 gold, copper,
cobalt and lithium exploration projects located in the State of Nevada, USA.
Nevada Sunrise owns 100% interests in the Gemini,
Jackson Wash and Badlands lithium
projects, all of which are located in the Lida Valley in
Esmeralda County, NV. The Company
owns Nevada water right Permit 86863, also located in the Lida
Valley basin, near Lida, NV.
The Company's key gold asset is a 20.01% interest
in a joint venture at the Kinsley Mountain Gold Project near
Wendover, NV with Copaur Minerals
Inc. Kinsley Mountain is a
Carlin-style gold project hosting a National Instrument 43-101
compliant gold resource consisting of 418,000 indicated ounces
of gold grading 2.63 g/t Au (4.95 million tonnes), and 117,000
inferred ounces of gold averaging 1.51 g/t Au (2.44 million
tonnes), at cut-off grades ranging from 0.2 to 2.0 g/t Au
1.
1 Technical Report on the Kinsley
Project, Elko County, Nevada, U.S.A., dated June 21, 2021 with an
effective date of May 5, 2021 and prepared by Michael M. Gustin,
Ph.D., and Gary L. Simmons, MMSA and filed under New Placer Dome
Gold Corp.'s Issuer Profile on SEDAR
(www.sedar.com).
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Nevada Sunrise has the right to earn a 100%
interest in the Coronado VMS Project, located approximately 48
kilometers (30 miles) southeast of Winnemucca, NV. The Company owns a 15%
interest in the historic Lovelock Cobalt Mine and the Treasure Box
copper properties, each located approximately 150 kilometers (100
miles) east of Reno, NV, with
Global Energy Metals Corp. holding an 85% participating
interest.
FORWARD LOOKING
STATEMENTS
This release may contain
forward–looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur and
include disclosure of anticipated exploration activities. Although
the Company believes the expectations expressed in such
forward–looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in
forward looking statements. Forward–looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date such statements were made. The
Company expressly disclaims any intention or obligation to update
or revise any forward–looking statements whether as a
result of new information, future events or otherwise.
Such factors include, among others, risks
related to the results and outcomes of the Company's 2022-2023
exploration and future exploration plans at the Gemini Lithium
Project; reliance on technical information provided by third
parties on any of our exploration properties; 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 due to pandemic; 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
ending December 31, 2022, 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.
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 or accuracy of this release.
SOURCE Nevada Sunrise Gold Corporation