/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES/
VANCOUVER, BC, Sept. 29,
2023 /CNW/ - Nevada Sunrise Metals Corporation
("Nevada Sunrise" or the "Company") (TSXV: NEV) (OTC:
NVSGF) wishes to announce a 30-day extension to its
previously-announced non-brokered private placement (the
"Offering") consisting of 20,000,000 units (the "Units") at a price
of $0.08 per Unit for gross proceeds
of up to $1,600,000. The Company
closed a first tranche of the Offering on September 15, 2023 consisting of
3,562,500 Units for gross proceeds of $285,000.
Each Unit consists of one common share of the Company and one
common share purchase warrant (a "Warrant"). Each Warrant
will entitle the holder to purchase one common share at a price of
$0.12 for a period expiring 2 years
from the closing date of the Offering.
Proceeds of the Offering will be used for:
- Completion of a National Instrument 43-101-compliant mineral
resource estimate for the Gemini Lithium Project located in
Esmeralda County, Nevada
("Gemini");
- Completion of a preliminary economic assessment (or "PEA")
following the release of a maiden mineral resource estimate for
Gemini;
- Exploration work on the Company's mineral properties;
- Other lithium property investigations, and general working
capital.
Finder's fees may be payable to parties at arm's length to
Nevada Sunrise that have introduced the Company to certain
subscribers participating in the Offering. All securities issued in
the Offering are subject to a four–month hold period, during which
time the securities may not be traded. Closing of the Offering is
subject to the final acceptance of the TSX Venture Exchange.
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 lithium, gold, and copper exploration projects located
in the State of Nevada, USA.
Nevada Sunrise owns 100% interests in the Gemini, Jackson Wash and Badlands lithium projects, with
no applicable royalties, all of which are located in the Lida
Valley basin in Esmeralda County,
NV, located just east of the Clayton Valley basin, which
hosts the only producing lithium mine in the United States at Silver Peak, 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. The Company has elected not to
contribute to the 2023 exploration program at Kinsley Mountain and
expects to incur dilution of its participating interest in the
joint venture to an approximate 19.0% interest.
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.
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 future
plans for the calculation of a mineral resource estimate and a PEA
at the Gemini Lithium Project; reliance on technical information
provided by third parties on any of our exploration properties;
changes in mineral project parameters as plans continue to be
refined; current economic conditions; future prices of commodities;
possible variations in grade or metallurgical 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 Nine Months ending June
30, 2023, 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 Metals Corporation