TSXV: NEV
VANCOUVER, Aug. 27, 2019 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is
pleased to announce that it has increased its interest in the
Gemini Lithium Project ("Gemini", or the "Project") by acquiring
the 50% interest in the Project previously owned by KORE Mining
Ltd. ("KORE") (TSXV: KORE).
Nevada Sunrise acquired Gemini in 2015 by claim staking in the
Lida Valley, Esmeralda County,
Nevada, and later optioned a 50% interest to KORE's
predecessor company Eureka Resources Inc. ("Eureka") in
January 2016 (see Nevada Sunrise news
release dated January 21,
2016). On September 21, 2016,
the Company entered into a definitive joint venture agreement with
Eureka, with both parties each holding a 50% participating
interest. Eureka later amalgamated with KORE in a transaction that
closed in October 2018.
In August 2019, Nevada Sunrise and
KORE executed a release agreement whereby KORE agreed to relinquish
its 50% interest in Gemini in exchange for cancellation of
US$16,390 owed to the Company by KORE
for property maintenance fees and exploration expenses incurred on
Gemini.
About Gemini
Gemini is located in the western Lida Valley, Esmeralda County, in south central
Nevada, approximately 40
kilometres (26 miles) from the only producing lithium mine in
the United States at Silver Peak.
The Project consists of 13 claims totaling 260 acres (105
hectares). 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, 2020.
Gemini is situated in a flat, desert basin hosting two
interpreted sub-basins with a similar geological setting to the
Clayton Valley. Geophysical work at Gemini carried out by Nevada
Sunrise has outlined conductive zones interpreted as brine
horizons.
For further information on Gemini including a map showing its
location, see the Company's website under "Projects-Nevada Lithium"
at: http://www.nevadasunrise.ca/projects/nevadalithium/
John R. Kerr, P. Eng., 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 in this news release.
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 21% interest in a joint
venture with Liberty Gold Inc. (TSX: LGD) at the Kinsley Mountain
Project ("Kinsley Mountain") near Wendover, with the property subject to a 3.0%
net smelter returns royalty. For further information on
Kinsley Mountain, including a
technical report compliant with National Instrument 43-101
Standards of Disclosure for Mineral Projects entitled "Updated
Technical Report and Estimated Minerals Resources for the Kinsley
Project" (the "Report"), effective October
15, 2015. The Report dated December
16, 2015 was subsequently filed on SEDAR and can be accessed
at http://www.sedar.com
Nevada Sunrise has the right to earn a 100% interest in the
historic Lovelock Cobalt Mine and Treasure
Box copper properties, each located approximately 150
kilometers (100 miles) east of Reno, both of which are currently under option
to Global Energy Metals Corp. (TSXV: GEMC), who can earn up to an
85% participating interest from the Company. In September 2018, Nevada Sunrise acquired the right
to earn a 100% interest in the Coronado VMS Project, located in
Pershing County, approximately 48
kilometers (30 miles) southeast of Winnemucca.
Nevada Sunrise owns 100% interests in the Gemini, Jackson Wash, Neptune, Aquarius and Atlantis
lithium projects, all of which are located in Esmeralda County, Nevada. The Company also
owns Nevada water right Permit 44411 in the Clayton Valley, which
was the subject of an administrative hearing process and litigation
in Nevada that was settled in
July 2019.
FORWARD LOOKING STATEMENTS
This news 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. 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. 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 the
Gemini property, reliance on technical information provided by
third parties on any of our exploration properties, including
access to historical information on the Gemini 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; 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 Six Months Ended March 31, 2019, which is available under
Company's SEDAR profile at www.sedar.com.
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