Vancouver, British Columbia, April 28, 2022: Nevada Sunrise Gold Corp. (“Nevada Sunrise”, or the “Company”) (TSXV: NEV) is pleased to announce that a wider and higher-grade intersection of lithium mineralization has been determined in the inaugural drilling program at its 100%-owned Gemini Lithium Project (“Gemini”), located in the Lida Valley basin in Esmeralda County, Nevada. Additional analyses from borehole GEM22-01 received this week have extended the length of the previously-reported mineralized intersection and improved the lithium grade to 1,203.41 parts per million (“ppm”) lithium over 580 feet (176.83 metres), including 1,578.19 ppm lithium over 300 feet (91.46 metres).
2022 Drilling Program
Nevada Sunrise drilled two reverse circulation (“RC”) boreholes for a total of 2,020 feet (615.85 metres) in its maiden drilling program at Gemini in March and April 2022. The drill sites were located within a defined gravity low that hosts conductive layers detected by historical ground electromagnetic (“EM”) surveys. The initial results represent a new discovery of lithium-bearing sediments in the western Lida Valley, which has not been historically drill tested for lithium mineralization.
Borehole GEM22-01 intersected a lithium-bearing clay layer at 320 feet (97.56 metres) and in early April 2022, the Company rushed samples collected from 320 to 520 feet to determine its fertility (see Nevada Sunrise news release dated April 21, 2022: “Nevada Sunrise Intersects 950 ppm Lithium over 200 Feet in Maiden Drilling Program at the Gemini Lithium Project, Nevada”). Additional samples collected over 20-foot intervals1 below the 520-foot level to the end of hole at 900 feet were processed within a larger batch of 210 composite sediment samples submitted to ALS Group USA (“ALS”), in Reno, Nevada, and produced the results shown in Table 1 below:
Table 1. Final analytical results from borehole GEM22-01
|GEM22-01 Lithium Mineralization|
1 Samples are a composite of material collected from the rotary splitter in the RC drilling rig, which produces a continuous, representative 3 to 5 kilogram sample for each 20-foot interval.
Borehole GEM22-02 was drilled to a depth of 1,120 feet (341.5 metres) at a location approximately 0.69 miles (1.1 kilometre) south of GEM22-01 and also encountered the fertile clay layer. Representative samples were submitted in a second suite of rush samples and returned weighted-average values of 775.9 ppm lithium over 130 feet (39.63 metres) from 390 to 520 feet (118.90 to 158.54 metres), including 1,133.1 ppm lithium over 40 feet (12.20 metres) from 480 to 520 feet (146.34 to 158.54 metres). The analytical results for an additional 131 samples from GEM22-02 are still pending.
Electromagnetic Survey Results Showing Conductive Zones and 2022 Drill Holes at Gemini
Additional drilling is planned following receipt of an amendment to the current Bureau of Land Management drilling permit, which will be required to cover the Company’s newly-expanded land position. In April 2022, Nevada Sunrise staked 268 lode claims totaling 5,420 acres (2,193.4 hectares) over the outline of the gravity low to effectively cover the possible extent of the lithium-bearing clay layers. Follow-up geophysical EM surveys are planned in the spring of 2022 within the gravity low to further map the conductive layers first detected by Nevada Sunrise in 2016.
For further information on Gemini, including location maps and photos click here
Gemini consists of 387 unpatented placer and lode claims located in the western Lida Valley, Esmeralda County, approximately 6 miles (10 kilometres) east of the town of Lida, Nevada. Nevada Sunrise expanded the size of the Project by staking 80 new unpatented claims in March 2022, and 268 additional unpatented claims in April 2022. 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 remain in place at Gemini with an active drilling permit.
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 the laws of Nevada, water cannot be pumped from a subterranean source without a valid water permit.
Sampling and Analytical QA/QC and Statement of Qualified Person
Sediment samples were shipped to American Assay and to ALS. The rush samples reported in this document were analyzed at American Assay utilizing a multi-element ICP-MS method. The additional samples reported in this document were processed by ALS on a standard turn-around and analyzed with similar multi-element ICP-MS methods. Specifically, the analytical method involves aqua regia digestion of the sample followed by the inductively coupled plasma (ICP) technique to ionize the sample, and spectrometry to determine elemental concentrations. Duplicates, field blanks, and certified reference standards were inserted at regular intervals in the sample stream to ensure accuracy of the analytical method.
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.
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 Gemini and Jackson Wash 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.
For Further Information Contact:
President and Chief Executive Officer
Telephone: (604) 428-8028
Facsimile: (604) 684-9365
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 Company’s 2022 exploration plans at the Gemini Lithium Project; reliance on technical information provided by third parties on any of our exploration properties; 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 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 Three Months Ended December 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.