Categories: Precious Metals
Topics: General Precious Metals

Drilling for Lithium & Gold

Hybrid prospect generator Nevada Sunrise Metals (TSX-V: NEV)(OTC: NVSGF) — currently trading around C$0.12 per share — has received final assays for lithium mineralization in sediments from hole GEM23-05 at the flagship, 100%-owned Gemini Lithium Project located in Nevada’s Lida Valley.

This is the final hole of the Phase-2 program at Gemini; the company is awaiting assays for the water samples, which are in progress. 

Hole GEM23-05 was completed to a depth of 530 meters and produced the following highlights:

• Intersected 635 ppm lithium-in-sediment over 346 meters; 
  • including 1,096 ppm lithium over 109 meters; 
  • and 1,308 ppm lithium over 54 meters

A total of 5 holes were completed in the first two phases of drilling at Gemini with all holes intersecting lithium mineralization. 

Keep in mind also that the first two holes at Gemini (from Phase-1) represented a new discovery of lithium mineralization in Nevada’s western Lida Valley — an area that had not been historically drill tested for lithium. 

The NEV team 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.

Next steps at Gemini include tightening up the drill spacing in the current focus area, which should open things up for additional drilling outside of the known zones of mineralization in later drill rounds.

Also in the works are a maiden resource estimate and PEA (Preliminary Economic Assessment) of the lithium bearing zones at Gemini. 

Gemini represents NEV’s flagship, 100%-owned project. The company also had recent news from the prospect generator side of its business with JV partner Copaur Minerals (TSX-V: CPAU)(OTC: COPAF) announcing drill plans for the Kinsley Mountain high-grade gold project in northeastern Nevada. 

NEV currently has a 20% interest in the Kinsley project with Copaur holding 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 g/t gold over 7.6 meters and 10.2 g/t gold over 6.1 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 upcoming 2023 program is slated for ~3,000 meters of RC and diamond drilling at the past-producing resource stage project with a focus on:

• Resource infill drilling at the high-grade WFZ
• Resource expansion drilling at the Main Pit North and Secret Spot targets
• Testing of a new IP anomaly in between WFZ and the Upper Ridge Pit area

Copaur Minerals CEO Jeremy Yaseniuk commented via press release: 

“The last drill program completed in 2020 yielded new surface oxide gold discoveries at Secret Spot and some of the highest-grade near-surface oxide gold ever intersected on the project at Main Pit North, located only 75 meters outside our current resource pit shell. These have never been followed up on until now. Through execution of our planned 2023 drilling, we see a path forward to the expansion of near surface oxide gold resources, the potential for new near-mine discoveries through the testing of IP geophysical anomalies, and continued demonstration of the quality of our high-grade gold Western Flank Zone gold resource via targeted infill drilling.”

Copaur, as operator, is funding the exploration and drilling, which is a hallmark of the prospect generator model. 

For speculators, NEV boasts multiple shots-on-goal for discovery and resource expansion by way of the drill across multiple commodities in the mineral-rich state of Nevada. As always, we’ll keep you posted as further drilling updates and assays are released.

Interested speculators seeking additional information may also contact Nevada Sunrise Metals’ IR department directly at 604-428-8028 or via email at info@nevadasunrise.ca.

Mike Fagan
Editor, Resource Stock Digest

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