TSXV: NEV
VANCOUVER, Jan. 17, 2017 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV)
and its exploration partner, Advantage Lithium Corp. ("Advantage
Lithium") (TSXV: AAL) are pleased to announce that a Phase 2
drilling program has begun at their Clayton NE property, which
borders the lithium brine mine operated by Albemarle Corporation
("Albemarle") (NYSE: ALB) at Silver Peak in Clayton Valley,
Nevada. Drilling will be comprised of a total of
approximately 1,800 metres (5,905 feet) in three reverse
circulation ("RC") holes expected to test depths of a minimum 600
metres each. Using a similar approach to the successful Phase 1
2016 program that hit wide intercepts of lithium brine with strong
brine flow rates, these new holes will focus on high-priority
conductive horizons identified and imaged in the 2016 3-D
resistivity survey and confirmed by drilling to be lithium-bearing
brines. All three holes are adjacent to Albemarle's Silver
Peak lithium brine field operation in close proximity to several of
their production wells.
"Advantage Lithium has made the decision to proceed with
additional drilling at Clayton NE, and we are pleased that this
work is underway," said Warren
Stanyer, President and CEO of Nevada Sunrise. "Good results
from the Phase 2 program will bring us a step closer to evaluating
the potential lithium brine resource on the Property."
2017 Drilling Program Highlights
- Potential extension of 3.43 kilometre-long mineralized brine
trend. The highly-successful Phase 1 program has already
defined a 3.43 kilometre-long mineralized trend. Phase 2 drilling
has the potential to extend this trend strike length to 5.6
kilometres with successful holes.
- Drilling deeper into potentially untapped aquifers. Hole
CNE-16-03, from the Phase 1 program, was one of the deepest
boreholes drilled in the Clayton Valley and, based on results
obtained, may have hit a previously untapped aquifer. As a result,
Phase 2 holes will target this deeper aquifer.
- Permits/waivers obtained for future development of a lithium
brine resource and wells. In November
2016, the Company received waivers from the Nevada Division
of Water Resources for 5 of the 6 permitted holes, which allows for
reaming a borehole to a larger diameter well, pump testing, and
flow rate determination in order to provide the necessary technical
information for development of a lithium brine resource at Clayton
NE.
- Clayton NE exhibits very strong brine flows. Brine flows
of up to 120 gallons per minute were encountered in the 2016
program, and if a larger diameter hole is drilled to further
develop an exploratory borehole, it is anticipated that brine flows
will increase significantly. High brine flows are important for
economic production of lithium from brines.
Clayton Valley Project Overview
- Clayton NE consists of 55 unpatented claims totaling
approximately 1,080 acres (437 hectares) located in the Clayton
Valley sedimentary salar and is contiguous to the eastern boundary
of Albemarle's Silver Peak mine property, North America's only lithium producer;
- O'Keefe Drilling, of
Butte, Montana, has been retained
for the Phase 2 program to drill by RC method;
- Several of Albemarle's lithium brine production wells are
situated within approximately 100 metres and less of the Clayton NE
western claim boundary.
- Clayton NE is subject to an option earn-in agreement where
Advantage Lithium can earn up to a 70% interest in the Project
after fulfilling CDN$3.0 million in
exploration expenditures on a package of five lithium properties
optioned from Nevada Sunrise (for further details, see Nevada
Sunrise news release dated June 20,
2016);
- Nevada Sunrise is the project manager at Clayton NE on behalf
of Advantage Lithium, the operator.
For further information about the Company's exploration
properties, please access the Nevada Sunrise website at:
http://www.nevadasunrise.ca/projects/nevadalithium/
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.
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 nine mineral exploration projects in the State of Nevada, USA. Nevada Sunrise began
acquisitions of Nevada lithium
properties in September 2015, which
include options to earn a 75% interest in the Neptune project
(Resolve Ventures Inc. (TSXV: RSV) owns a 25% interest), a 100%
interest in the Clayton Northeast project, and a 100% interest in
the Aquarius Project, all located in the Clayton Valley area. The
Company also holds options to earn 100% interests in the Jackson
Wash and Atlantis projects, and has a 50% participating interest in
the Gemini project, each located in playas proximal to the Clayton
Valley. The Company has recently optioned five of the Nevada lithium projects to Advantage Lithium
Corp. (TSXV: AAL), and the Atlantis project is currently under
option to American Lithium Corp. (TSXV: LI).
The Company's three key gold assets include a 21% interest in a
joint venture with Pilot Gold Inc. (TSX: PLG) at Kinsley Mountain
near Wendover, a 100% interest in
the Golden Arrow project near Tonopah, and an option to earn a 100% interest
in the Roulette gold property in the southeastern Carlin trend near Ely, 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 the properties transaction with Advantage
Lithium Corp., the successful transfer of Place of Use and Point of
Diversion of water rights, 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 exploration at its
lithium properties, reliance on technical information provided by
third parties on any of our exploration properties, including
access to historical information on its lithium properties, 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; 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, 2016, 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