Canada NewsWire
TSXV: NEV
VANCOUVER, BC , Feb. 22, 2022 /CNW/ - Nevada Sunrise Gold Corp. ("Nevada Sunrise", or the " Company ") (TSXV: NEV) is pleased to provide an update on 2022 activities for two of its Nevada mineral exploration projects: the Gemini Lithium Project and the Kinsley Mountain Gold Project.
Gemini Lithium Project ("Gemini")
Nevada Sunrise owns a 100% interest in Gemini, which is located in the Lida Valley basin in Esmeralda County , Nevada. The Company, through its Nevada subsidiary, has executed a drilling contract with O'Keefe Drilling Company of Butte, Montana , for up to 3,500 feet (1,067 metres) of reverse circulation ("RC") drilling on untested geophysical anomalies identified by ground gravity and electromagnetic surveys. The exploration objectives for the Gemini West target are twofold: testing the conductive zone for lithium brines at depth and analyzing for lithium-in-sediment, which has never been tested in the western Lida Valley. Drilling is planned to begin in the second week of March 2022 .
About Gemini
Gemini consists of 13 unpatented placer claims totaling 260 acres (105 hectares) located in the western Lida Valley, Esmeralda County , approximately 6 miles (10 kilometres) east of the town of Lida, Nevada . Gemini is situated adjacent to the Gold Point Solar Energy Zone, a Bureau of Land Management land reserve set aside for solar and wind power generation projects until 2033. Drill pads and access roads are in place at Gemini with an active drilling permit, and the claims are in good standing until September 1, 2022 .
The Lida Valley is a flat, arid basin with a similar geological setting to the better-known Clayton Valley basin where Albermarle Corporation operates the Silver Peak lithium brine mine, which has operated continuously since 1966. Exploration at Gemini is complemented by the Company's 80.09 acre/feet/year water right, a pre-requisite for the exploration and development of lithium brine projects in Nevada . Under State of Nevada law, water cannot be pumped from a subterranean source without a valid water permit.
For further information on Gemini, including location maps and photos click here
Kinsley Mountain Gold Project ("Kinsley Mountain")
Nevada Sunrise also announces that its joint venture partner, New Placer Dome Gold Corp. ("New Placer Dome") (TSXV: NGLD) reports that IP/resistivity surveying is ongoing at Kinsley Mountain, currently targeting the under-explored Kinsley North Range . Five survey lines totaling 15.9 line kilometres have been completed at Kinsley North with an additional nine lines totaling 29.7 line kilometres planned.
Highlights of New Kinsley North Range IP/Resistivity Targets
- 2021-2022 IP/resistivity surveys expanded 6.5 kilometres north of the high-grade gold Western Flank Zone to test underexplored Kinsley North Range targets (see Figure 1).
- Chargeability breaks indicative of significant displacement and arsenic ± antimony in soil anomalies associated with property-scale northwest-trending fault structures analogous to those host significant gold resources along the Kinsley NW fault.
- Chargeability/resistivity breaks and broad arsenic ± antimony in soil anomalies associated with northeast to northwest-trending block faulting exposing prospective lower Pogonip Group carbonate rocks.
- Chargeability highs are associated with mapped jasperoid and arsenic-antimony in soil anomaly along north-trending fault structure in the centre of the range.
- Nine Kinsley North IP/resistivity lines are planned to cover a significant strike length of block faulted Pogonip Group and upper Notch Peak Formation rocks on the east side of the Kinsley Range.
For further information about Kinsley Mountain, including maps and photos click here
Methodology and QA/QC
A total of 14 lines totalling approximately 50.9 line kilometres were completed to mid-February during the 2021-2022 Kinsley Mountain geophysical program. The lines are spaced 150 to 1,000 metres apart, with line lengths ranging from approximately 2.5 to 4.0 kilometres. Data were collected using the Direct Current Resistivity, Induced Polarization ("DCIP") method, on a 16-channel pole-dipole array with a dipole size (a-spacing) of 100 metres. A GDD GRx16 receiver and GDD 5000W-2400V-20A IP Tx model Tx4 transmitter was used. Raw data were loaded into GDD IP Post-Process software and Geosoft Oasis Montaj software for quality control and review. The reviewed data were used to produce pseudo section plots of apparent resistivity and apparent chargeability and were the input for the inversion. Inversions were completed using the UBC-GIF DCIP2D inversion codes. Each line of data was inverted independently. The resistivity and IP inversion is a two-step process. The resistivity inversion is run first, and this model is used in the chargeability inversion. Multiple inversions were completed for quality control.
Qualified Person
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, NV. 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 ).
Nevada Sunrise has right to earn a 100% interest in the Coronado VMS Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV. 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, NV , 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, NV. The Company owns Nevada water right Permit 86863, located in the Lida Valley basin, near Lida, NV.
FORWARD LOOKING STATEMENTS
This release may contain forward
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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
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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
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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
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looking statements whether as a result of new information, future events or otherwise.
Such factors include, among others, risks related to the Gemini Lithium Project 2022 exploration plans and the interpretation of exploration results from 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 Kinsley Mountain 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 Year Ended September 30 , 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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