Nevada Sunrise Signs Definitive Agreement for Gemini Lithium Project with Eureka Resources
VANCOUVER, Sept. 22, 2016 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce the signing of a definitive joint venture agreement dated September 21, 2016 on the Gemini Lithium Project ("Gemini", or the "Project"), a 50-50 joint venture with Eureka Resources Inc. ("Eureka"") (TSXV: EUK). Nevada Sunrise acquired Gemini in the Lida Valley, Esmeralda County, Nevada, by claim staking in November and December 2015 and later optioned a 50% interest to Eureka in January 2016 (see Nevada Sunrise news release dated January 21, 2016).
In August 2016, Nevada Sunrise granted Advantage Lithium Corp. (TSXV: AAL) (formerly North South Petroleum Corp., now "Advantage") an option for Advantage to earn a 50% interest in Gemini as part of a transaction involving five Nevada lithium exploration properties. Upon exercise of the option earn-in by Advantage, Nevada Sunrise would relinquish its 50% interest in Gemini, and retain a 2% gross overriding royalty (for further information on the Advantage transaction, see Nevada Sunrise news release dated June 20, 2016).
Nevada Sunrise owns a 50% participating interest in Gemini, located in the western Lida Valley, Esmeralda County, in south central Nevada, approximately 40 kilometres (26 miles) from North America's only producing lithium mine at Silver Peak. Gemini currently consists of 247 placer claims totaling 4,940 acres (2,000 hectares). Gemini is situated in a flat, desert basin hosting two interpreted sub-basins and with a similar geological setting to the Clayton Valley. Recent geophysical work at Gemini has outlined conductive zones interpreted as brine horizons, which the Company plans to test by drilling.
The exploration program for Gemini is estimated to cost approximately US$400,000. Nevada Sunrise is pleased that all of the pre-requisites to commence a drilling program at Gemini have been completed, including receipt of the drilling permit from the Bureau of Land Management, the placement of a reclamation bond, and surficial cultural studies.
For further information on Gemini including a map showing its location, see the Company's website under "Projects-Nevada Lithium" at: http://www.nevadasunrise.ca/projects/nevadalithium/
John R. Kerr, P. Eng., 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 in this news release.
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 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 100% interests in the Neptune and Clayton Northeast 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 projects, and has a 50% participating interest in the Gemini project, each located in playas proximal to the Clayton Valley. The Company has optioned five of Nevada lithium projects to Advantage Lithium Corp., and a sixth, 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 Pilot Gold Inc. (TSX: PLG) at Kinsley Mountain near Wendover, a 100% interest in the Golden Arrow project near Tonopah, and the right to earn a 100% interest in the Roulette gold property at the southeastern extremity of the Carlin trend near Ely, 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 its 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 Gemini property, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Gemini 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; 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 Nine Months Ended June 30, 2016, 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 as required by 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
Image with caption: "Nevada Sunrise Gold Corporation (CNW Group/Nevada Sunrise Gold Corporation)". Image available at: http://photos.newswire.ca/images/download/20160922_C8423_PHOTO_EN_779345.jpg
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