VANCOUVER, BC , July 20, 2021 /CNW/ - Nevada Sunrise Gold Corp. ("Nevada Sunrise", or the " Company ") (TSXV: NEV) is pleased to announce that its joint venture partner, New Placer Dome Gold Corp. ("New Placer Dome") (TSXV: NGLD) has presented plans for the 2021 resource expansion and exploration program at the Kinsley Mountain Gold Project (" Kinsley Mountain ") in Nevada. Nevada Sunrise holds a 20.01% interest in the Kinsley Mountain joint venture, with New Placer Dome, as operator, holding a 79.99% interest.
Kinsley Mountain is located 90 kilometres (56 miles) south of the Long Canyon Mine 1 , operated by Nevada Gold Mines. Kinsley Mountain hosts Carlin-style gold mineralization under and adjacent to a historical open-pit, run-of-mine heap leach operation, and hosts an Indicated Resource at the Western Flank Zone ("WFZ") of 302,000 ounces of gold grading 6.11 grams/tonne gold (1.54 million tonnes) 1 .
Building on a successful 2020 campaign, the 2021 Kinsley Mountain exploration program will, subject to financing, comprise resource expansion and drilling on three new discovery areas, and a significantly expanded program of induced polarization ("IP")/resistivity geophysical surveys.
The 2020 Kinsley Mountain reverse circulation ("RC") and diamond drill campaign comprised 49 drill holes totaling 17,970 metres and tested five targets within the greater resource area (Figure 1). Exploration drilling during 2021 is anticipated to build on new mineralized intercepts and expand the current indicated and inferred resources at the WFZ, Main Pit North Oxide and Secret Spot targets (Figure 2).
Highlights of the 2020 Kinsley Drilling include 2 :
Western Flank - West side resource expansion drilling yields
10.22 grams/tonne gold ("g/t Au") gold over 6.1 metres within a broader zone grading
2.63 g/t Au (sulphide) over 38.10 metres in KMR20-017
Western Flank – Central yields second highest-grade Dunderberg shale intercept
- 1 g/t Au (sulphide) over 7.6 metres, including 24.1 g/t Au (sulphide) over 4.6 metres lower zone,
- 9.08 g/t Au (sulphide) over 6.1 metres upper zone in KMR20-026
Main Pit North Oxide Target yields high-grade intercepts 75 m outside current pit shell
- 9.83 g/t Au over 7.6 metres high grade shallow oxide
Secret Spot Target surface oxide New Discovery multiple intercepts including
- 1.77 g/t Au over 25.3 metres in new surface oxide discovery in KMD20- 007B
- 3.81 g/t Au over 11.6 metres; including 11.3 g/t Au over 2.9 metres in KMD20-006
IP/resistivity geophysical surveys competed during 2020 at the WFZ and Shale Saddle target areas show a correlation between chargeability and drill confirmed high grade gold sulphide mineralization. Expanded infill IP/resistivity geophysical surveys for 2021 are planned to extend south to the Secret Spot target and north to frontier areas of the under-explored Kinsley North. At Kinsley North, detailed soil geochemical surveys reveal broad arsenic in soil anomalies coincident with north-trending normal and low angle detachment faults coincident with the prospective Pogonip-Notch Peak contact (the same host horizon as Long Canyon 1 ) and Dunderberg shale rocks at depth cut by late northwest trending structures that are important gold mineralization hosts within the Kinsley resource area.
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 ). Long Canyon Mine is not necessarily indicative of mineralization within Kinsley Mountain Project area.
True widths of the mineralized intervals are interpreted to be between 60-90% of the reported lengths.
Key Points for 2021 Kinsley Mountain Exploration Program:
- Continued resource definition and exploration drilling on 3 priority targets;
- Western Flank Zone - Resource expansion drilling that is open to the west and east, and testing new near-resource targets generated by recent IP/resistivity survey results;
- Secret Spot - Mapping and drilling to define the new surface oxide gold discovery;
- Secret Spot - Deep drilling targeting Transverse fault / Secret Canyon shale intersection following up on highest assay results to date at Secret Spot >10 g/t Au returned during 2020 campaign;
- Main Pit North high-grade oxide discovery continued shallow RC drilling to further delineate near pit mineralization at <150 metres vertical depths; and
- Expanded IP/resistivity geophysical surveys to cover the Secret Spot target and under-explored Kinsley North targets, in addition to drill testing of Shale Saddle IP anomaly.
Methodology and QA/QC
Assaying was performed by ALS Global ("ALS"), of Vancouver Canada . ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited analytical laboratory that is independent of New Placer Dome, Nevada Sunrise, and their respective Qualified Persons. RC drill samples were subject to crushing to a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. Gold determination was via standard 30-gram fire-assay analysis with atomic absorption spectroscopy ("AAS") finish, in addition to 51 element ICP-MS. Samples returning greater than 10 g/t Au are subject to gravimetric finish. Gold values returning greater than 0.1 g/t Au are also subject to leach analysis 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.
As operator at Kinsley Mountain, New Placer Dome follows industry standard procedures for the work carried out the Project, with a quality assurance/quality control ("QA/QC") program. Blank, duplicate and standard samples were inserted into the sample sequence sent to the laboratory for analysis. New Placer Dome detected no significant QA/QC issues during review of the data. Nevada Sunrise is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.
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 . Mr. Allender has examined the information provided by New Placer Dome, which includes the data disclosed underlying the information and opinions 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 gold, copper, cobalt and lithium exploration projects located in the State of Nevada, USA .
The Company's key gold asset is a 20.01% interest in a joint venture with New Placer Dome Gold Corp. (TSXV: NGLD) at the Kinsley Mountain Gold Project near Wendover . 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 ). Long Canyon Mine is not necessarily indicative of mineralization within Kinsley Mountain Project area.
Nevada Sunrise has right to earn a 100% interest in the Coronado VMS Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca . 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 , with Global Energy Metals Corp. (TSXV: GEMC) holding an 85% participating interest.
Nevada Sunrise owns 100% interests in the Jackson Wash and Gemini lithium projects, both of which are located in Esmeralda County . The Company owns Nevada water right Permit 44411, located within the Clayton Valley basin near Silver Peak, Nevada , and water permit 86863, located in the Lida Valley basin, near Lida, Nevada .
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 interpretation and actual results of historical production at Kinsley Mountain, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Kinsley Mountain property as well as specific historical data associated with drill results from the property, technical information received from New Placer Dome Gold Corp., 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 New Placer Dome Gold Corp. to complete anticipated work programs; 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 Six Months ended March 31 , 2021, 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. 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
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