Nevada Sunrise Amends Option to Purchase Coronado Copper Project, Nevada
Nevada Sunrise Amends Option to Purchase
Coronado Copper Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - January 24, 2025) -
Nevada Sunrise Metals
Corporation (TSXV: NEV) (OTC Pink: NVSGF)
(
"Nevada Sunrise" or the "Company"
) is pleased
to announce that it has negotiated an amendment to the terms of an option agreement whereby the
Company has the right to purchase a 100% interest in the Coronado Copper property, formerly known
as the Coronado VMS Property ("
Coronado
", or the "
Property
"), located in the Tobin Sonoma Range
of Pershing County, Nevada, approximately 30 miles (48 kilometres) southeast of Winnemucca. A
definitive agreement for Coronado was announced on September 28, 2018, and was subsequently
amended in January 2022 and December 2023.
Details of the Coronado Amended Option Agreement Terms
Nevada Sunrise retains the right to acquire a 100% interest in Coronado, subject to a 2.0% net smelter
returns royalty ("NSR"), with certain buydown provisions, in consideration for the amended cash and
share payments to the vendors and minimum exploration expenditures as described in the table below
(all dollar amounts listed are in US dollars):
Schedule of Payments and Expenditures
Coronado Copper Project - Amendments to Schedule of Payments and Expenditures (USD)
Payment
Due Dates
Cash
Payments
Amended
Cash
Payments
Share
Payments
Amended
Share
Payments
Minimum
Exploration
Expenditures
Amended
Minimum
Exploration
Expenditures
Sept. 25,
2021
$50,000
(paid)
No amendment
500,000
(issued)
n/a
$300,000
No amendment
Sept. 25,
2022
$50,000
(paid)
No amendment
500,000
(issued)
n/a
$300,000
No amendment
Sept. 25,
2023
NIL
No amendment
750,000
(issued)
n/a
NIL
No amendment
Sept. 25,
2024
$75,000
$10,000 (paid)
750,000
3,000,000
(issuance pending)
$300,000
$30,000 (incurred)
Sept. 25,
2025
$75,000
No amendment
500,000
n/a
$300,000
No amendment
Sept. 25,
2026
$1,050,000
$75,000
600,000
500,000
$300,000
No amendment
Sept. 25,
2027
None
$1,050,000
(1)
None
500,000
None
$300,000
(1)
The Sept. 25, 2027, payment is subject to the production of a positive Pre-Feasibility Study by Nevada Sunrise.
Should a positive Pre-
Feasibility Study not be produced during this period, then an alternate payment of $75,000 along with the annual 500,000 Shares and the $300,000
in Minimum Property Work Commitment shall be due in its place, which shall extend the Property Purchase Payment (balloon payment) for an
additional year.
Nevada Sunrise retains the right to accelerate the timing of cash and share payments to the vendors at
its discretion. If minimum exploration expenditures, which include property maintenance costs, are
exceeded in any year, the excess expenditures will be credited to a succeeding year.
The amending agreement for Coronado is subject to acceptance by the TSX Venture Exchange. For
more information about Coronado, including maps and photos,
click here
.
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 lithium and copper exploration projects located in the
State of Nevada, USA.
Nevada Sunrise owns 100% interests in the
Gemini, Jackson Wash
and
Badlands
lithium projects, all
of which are located in the Lida Valley in Esmeralda County, NV. The Company owns
Nevada Water
Right Permit 86863,
also located in the Lida Valley basin, near Lida, NV.
Nevada Sunrise holds the right to earn a 100% interest in the
Coronado Copper Project
, located
approximately 48 kilometers (30 miles) southeast of Winnemucca, NV.
For Further Information Contact:
Warren Stanyer, President and Chief Executive Officer
email:
Telephone: (604) 428-8028
Website:
www.nevadasunrise.ca
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: receiving acceptance from the TSX Venture
Exchange for the shares issuance as referenced in the amended Coronado option agreement terms;
the ability of the Company to raise funds for exploration activities at the Coronado 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 Nine Months Ending June 30, 2024,
which is available under Company's SEDAR profile at:
www.sedarplus.ca
.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/238295