TSX Venture Exchange: NEV
VANCOUVER, Dec. 14, 2017 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is
pleased to announce it has completed an initial geological sampling
program and a reconnaissance geophysical survey at the historic
Lovelock Cobalt Mine (the "Lovelock Mine", or the "Property"),
located in Churchill County,
approximately 100 miles (150 kilometres) east of Reno, Nevada. The Property is subject to the
terms of a letter agreement with an underlying vendor signed in
November 2017 (for further details
see Nevada Sunrise news release dated November 21, 2017).
Two site visits by consulting geologists to Nevada Sunrise were
completed in November and December
2017, and a total of 28 rock samples have been collected and
submitted for analysis. Rocks sampled include historical mine
waste, and bedrock occurrences within and around the various adits
and shafts that are accessible at the Lovelock Mine site. A
53-element analytical package, including platinum group metals, has
been ordered by the Company and geochemical results are expected in
early January 2018.
In addition, an initial 4.2 kilometre DC induced
polarization/resistivity ("DC-IP") survey consisting of stations
spaced 25 to 50 metres apart on five lines has been completed by SJ
Geophysics of Delta, B.C., using
their proprietary Volterra acquisition system. The Volterra system
allows crews to navigate around challenging terrain features such
as lakes, swamps and cliffs or to adjust station locations to
optimize ground contact. This DC-IP survey, projected to have a
depth of investigation of approximately 250 metres (820 feet), is
very likely the first ground geophysical program ever completed at
the Property. In-depth processing and modelling of the data is
underway and the Company plans to integrate the results with mapped
geology to develop targets for a first-pass drilling program in the
spring of 2018. There are no known historical drill holes at the
Lovelock Mine.
"The Lovelock Mine is literally a time capsule never tested by
modern exploration methods," said Warren
Stanyer, President and CEO of Nevada Sunrise. "Our
preliminary geophysical survey results show chargeability responses
that could represent deeper zones of mineralization than the miners
of the 1880s ever reached. The exploration goal at the Lovelock
Mine is to find a deep-seated source for the historical cobalt
mineralization."
About the Lovelock Mine
The Lovelock Mine property area consists of 37 unpatented claims
in the Cottonwood Canyon area of Stillwater range totaling approximately 740
acres (300 hectares). It was reportedly discovered by George Lovelock and Charles Bell about 1880. According to U.S.
Government annual reports, the Lovelock Mine saw limited production
of nickel, copper and cobalt beginning in 1883. The primary cobalt
mineral was identified as "cobaltite", a compound of cobalt,
sulphur and arsenic with some nickel replacement of cobalt normal.
Records of a geochemical analysis from that era indicate that the
average composition of the cobaltite contained 17.30% cobalt
and 13.62% nickel. The mine operated from 1883 to 1890 to
the 100-foot level, reporting 500 tons of concentrated cobalt and
nickel mineralized material shipped to England for processing. After intermittent
production, a British company attempted smelting on site in 1898
but the smelter suffered equipment failures and production ceased.
(Source: "Mineral Resources of the United
States for 1885", 1886). No further production from the
Lovelock Mine is known for well over a century.
For further information about the Lovelock Mine, including
scanned copies of certain historical reports produced by the Nevada
Bureau of Mines and precursors of the United States Geological
Survey, please visit the Company's website at:
http://www.nevadasunrise.ca/projects/lovelock-cobalt-mine/
Geology and Mineralization of the Lovelock Mine
The rocks of the Lovelock Mine area include highly-altered
sedimentary and volcanic rocks cut by a larger mass of diorite and
by aplitic dikes, all of which are highly altered. The altered
volcanic rocks lie in a syncline bordered on the west, north and
east by the altered sedimentary rocks. Probable faults, inferred
from the nature of the contacts, form the boundaries between the
sedimentary and volcanic rocks northwest of the Lovelock Mine.
The cobalt and nickel minerals of the Lovelock Mine and the
nearby Nickel Mine occur in stringers that cut the rock immediately
surrounding the diorite. In the case of the Lovelock Mine, the
stringers cut a highly-altered greenstone. The minerals recognized
are tetrahedrite, erythrite (cobalt bloom), azurite, and green
crusts that contain copper and nickel arsenates and sulphates.
Other sources reported the principal mineral present is cobaltite.
It was postulated by historical observers that there has been
post-mineral faulting with downthrow on the west, and that the
extension of the productive zone is west of the Lovelock Mine shaft
and at greater depth than the historical workings could reach
(Source: "Nickel Deposits in Cottonwood Canyon, Churchill County, Nevada", H.G. Ferguson,
1939).
Robert M. Allender, Jr., CPG, RG,
SME is the Company's designated Qualified Person for this news
release within the meaning of National Instrument 43-101 and has
reviewed and approved the technical information contained herein.
Readers are cautioned that the technical information described in
this news release is historical in nature; however, the information
is deemed credible and was produced by professional geologists of
the eras discussed.
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, lithium and cobalt mineral exploration projects
in the State of Nevada, USA.
Nevada Sunrise began acquisitions of Nevada lithium properties in September 2015, and currently owns a 100%
interest in the Aquarius project, and a 75% interest in the Neptune
project (Resolve Ventures, TSXV: RSV, owns a 25% interest in
Neptune), each located in the Clayton Valley area. The Company also
holds options to earn 100% interests in the Jackson Wash and
Atlantis lithium projects, and holds a 50% interest in the Gemini
lithium project, all located in playas proximal to the Clayton
Valley. The Company's Atlantis project is currently under option to
American Lithium Corp. (TSXV: LI).
For further information on other Nevada lithium projects operated by the
Company (Aquarius, Neptune, Jackson Wash and Gemini), including
location maps, please visit the Nevada Sunrise website at:
"Projects – Nevada Lithium":
http://www.nevadasunrise.ca/projects/nevadalithium/
In November 2017, Nevada Sunrise
announced an option to earn a 100% interest in the historic
Lovelock Cobalt Mine property, located approximately 100 miles (150
kilometres) east of Reno.
The Company's two key gold assets include a 100% interest in the
Golden Arrow project near Tonopah,
currently the subject of an option earn-in transaction with Emgold
Mining Corporation (TSXV: EMR) and a 21% interest in a joint
venture with Liberty Gold Inc. (TSX: LGD, formerly Pilot Gold Inc.)
at Kinsley Mountain near Wendover,
with each of the properties subject to certain production
royalties.
Forward Looking Statements
All statements in this release, other than statements of
historical fact, are "forward-looking information" with respect to
Nevada Sunrise Gold Corporation ("Nevada Sunrise") within the
meaning of applicable Canadian securities laws, including
statements that address future mineral production, reserve
potential, exploration drilling, the future price of gold and other
metals and minerals, potential quantity and/or grade of minerals,
potential size of a mineralized zone, potential expansion of
mineralization, the timing and results of current or future mineral
resource estimates, or other study, proposed exploration and
development of our exploration properties and the estimation of
mineral resources. Forward-looking information is often, but not
always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "project",
"predict", "potential", "targeting", "intends", "believe",
"potential", and similar expressions, or describes a "goal", or
variation of such words and phrases or state that certain actions,
events or results "may", "should", "could", "would", "might" or
"will" be taken, occur or be achieved. These statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievement of Nevada
Sunrise to differ materially from those anticipated in such
forward-looking information.
Such factors include, among others, risks related to the
interpretation and actual results of historical work at the
Lovelock Mine property, reliance on technical information provided
by third parties on any of our exploration properties, including
access to historical information on the Lovelock Mine property,
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 Nevada Sunrise to complete anticipated work
programs; labor disputes and other risks of the mining industry;
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 Nine Months ended June 30, 2017, 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.
Forward-looking statements are made as of the date hereof and
accordingly are subject to change after such date. Except as
otherwise indicated by Nevada Sunrise, these statements do not
reflect the potential impact of any non-recurring or other special
items or of any dispositions, monetizations, mergers, acquisitions,
other business combinations or other transactions that may be
announced or that may occur after the date hereof. Forward-looking
statements are provided for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to get a better understanding of our operating
environment. Nevada Sunrise does not undertake to update any
forward-looking statements that are included in this document,
except in accordance with applicable securities laws.
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 of 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
