Oct. 21, 2022
Hybrid prospect generator Nevada Sunrise Metals Corp. (TSX-V: NEV) (OTC: NVSGF) — currently trading around C$0.25 per share — has commenced a Phase-2 drill program at its flagship, 100%-owned Gemini Lithium Project located in the Lida Valley, Esmeralda County, Nevada.
The ongoing Phase-2 program, which is slated for 2,500 meters across 6 boreholes, has two primary objectives:
- To test lithium-bearing brine and sediments at greater depths than previous drilling from Phase-1.
- To determine the lateral extent of lithium-mineralized brine and sediments identified in Phase-1.
The aforementioned Phase-1 program, which was completed earlier this year, intersected significant lithium grades at relatively shallow depths:
- Hole GEM22-01 returned 327.7 milligrams per liter ("mg/L") lithium over 67 meters (from 180 to 250 meters) with a peak value of 519 mg/L lithium.
- Hole GEM22-02 returned an average of 116.28 mg/L lithium over 140 meters (from 180 to 340 meters) with a peak value of 286.0 mg/L lithium.
As a follow-up to Phase-1, the first drill hole scheduled for Phase-2 — GEM22-03 — will go significantly deeper, targeting a minimum depth of 457 meters.
In terms of mining address, it’s important to note that the Gemini project is situated just 35 km southeast of North America’s only operating lithium mine — Albemarle’s (NYSE: ALB) Silver Peak Mine in Clayton Valley, Nevada, which has been in continuous operation since 1966.
The sheer size and grade of Silver Peak alone demonstrates the robust potential for unlocking other large lithium deposits in the surrounding geology.
The newly-commenced Phase-2 program could be a real game changer for Nevada Sunrise if the deeper drilling — and subsequent assay results — are able to prove the existence of a lithium-bearing brine beneath the clay layers similar to what Albemarle is mining at Silver Peak.
Additionally, Nevada Sunrise owns 100% of the neighboring Jackson Wash Lithium Project. While still very early-stage, the Jackson Wash project consists of 49 unpatented placer claims totaling approximately 397 hectares in the Lida Valley approximately 30 km southeast of Silver Peak (Clayton Valley).
On the prospect generator front, Nevada Sunrise is advancing the Kinsley Mountain Gold Project, Nevada, via a joint venture with CopAur Minerals (TSX-V: CPAU)(OTC: COPAF). NEV currently holds a 20% interest with CPAU maintaining the other 80%.
The project boasts current Indicated resources of 418,000 ounces at a grade of 2.63 grams per tonne (g/t) gold and Inferred resources of 117,000 ounces averaging 1.51 g/t gold.
2020 drilling produced highlight intercepts of:
- 15.1 grams per tonne (g/t) gold over 7.6 meters at the Western Flank Zone (WFZ)
- 9.83 g/t gold over 7.6 meters at Main Pit North
- 1.77 g/t gold over 25.3 meters at Secret Spot
The CopAur team recently completed a geophysical survey at Kinsley, which generated 8 new high-quality drill targets in the underexplored Kinsley North area. CopAur intends to have the drills turning at Kinsley in the near-term as it seeks to build on the strong gold values outlined above.
So plenty of opportunities for needle-moving news flow over the coming quarters as Nevada Sunrise Metals advances its diverse set of early-stage metals projects through self-funded and partner-funded programs.
We’ll continue to keep you posted as developments arise… and be sure to check out more on Nevada Sunrise, including exclusive interviews with upper management here.
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Editor, Resource Stock Digest