Nevada Sunrise Receives US$300,000 for the Sale of Non-Core Claims at the Gemini Lithium Project, Nevada
Nevada Sunrise Receives US$300,000 for the
Sale of Non-Core Claims at the Gemini Lithium
Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2025) -
Nevada Sunrise Metals
Corporation (TSXV: NEV) (OTC Pink: NVSGF)
(
"Nevada Sunrise" or the "Company"
) is pleased
to announce that the Company has completed a purchase and sale agreement (the
"Transaction"
) with
Dome Rock Resources, LLC ("
Dome Rock
"), a private South Dakota company, whereby Dome Rock
has purchased fifty-seven (57) non-core claims (the "
Claims
") from the Company. The Claims are
located along the eastern boundary of the Gemini Lithium Project ("
Gemini
", or the "
Project
") in the Lida
Valley near the town of Gold Point in Esmeralda County, Nevada. Following the closing the Transaction,
Nevada Sunrise staked an additional thirty-three (33) claims in the Lida Valley to the north of the Gemini
claims.
The western boundary of the Claims sold in the Transaction is approximately 2 kilometres (1.33 miles) to
the east of the Company's National Instrument 43-101-compliant lithium resource area calculated in
2024, representing approximately 20% of the total Project area (see Figure 1 below).
The purchase
price for the acquisition of the Claims by Dome Rock was US$300,000 in cash, which has been
received in full by Nevada Sunrise.
Figure 1. Gemini Lithium Project Area Showing Dome Rock Claims Acquisition
To view an enhanced version of this graphic, please visit:
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In late November 2024, Dome Rock paid a non-refundable cash deposit of US$25,000 and entered into
a 30-day period in which it carried out customary due diligence for a transaction of this nature. Following
completion of due diligence by Dome Rock, the Transaction closed in late December 2024. A finder's
fee of 5.0% cash totaling US$15,000 was paid to an arm's-length party for making the introduction to
Dome Rock that led to a successful closing of the Transaction.
About Gemini
Gemini consists of 291 unpatented mineral claims located in the western Lida Valley, Esmeralda
County, approximately 6 miles (10 kilometres) east of the town of Lida, and 3 miles (4.5 kilometres) north
of Gold Point, Nevada. The Lida Valley is a flat, arid basin with a similar geological setting to the better-
known Clayton Valley basin where Albemarle Corporation operates the Silver Peak lithium brine mine,
which has operated continuously since 1966.
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. 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 mineral projects in Nevada.
Development of the Gemini Lithium Resource Estimate
In March and April 2022, Nevada Sunrise drilled two reverse circulation boreholes for a total of 2,018
feet (615.85 metres) in its maiden drilling program at Gemini. The drill sites were located within a
defined gravity low that hosts conductive layers detected by historical ground electromagnetic surveys.
The results from the first two holes at Gemini represented a new discovery of lithium mineralization in the
western Lida Valley, which was not historically drill tested for lithium (see Nevada Sunrise news release
dated
May 18, 2022
)
.
In March 2024, Nevada Sunrise filed a National Instrument 43-101 ("NI 43-101") compliant technical
report entitled "NI 43-101 Technical Report, Resource Estimate for Gemini Lithium Project, Esmeralda
County, Nevada" (the "Technical Report"), effective January 15, 2024, and dated March 8, 2024, on
SEDAR and on the Company's website.
The Technical Report relates to an independent maiden
resource estimate at Gemini completed by ABH Engineering Inc. of Surrey, BC, Canada.
The resource estimate addresses the work performed by the Company at Gemini since ground
exploration by Nevada Sunrise began in 2016, and particularly describes the results of the first five (5)
drill holes completed in 2022-2023 (see Figure 1). The majority of the Gemini property remains untested
by drilling and remains open in all directions and at depth. The Inferred resource estimate comprises, in
an open pit-constrained resource:
Approximately 1.3 million tonnes Lithium, or
7.1 million tonnes lithium carbonate equivalent
("
LCE
") contained within 1,200 million tonnes of lithium-mineralized clay at an average grade of
approximately 1,130 parts per million ("ppm") Lithium;
Lithium cut-off values of 400 ppm Lithium and density of 1.7 grams per cubic centimetre
("gm/cm
3
") were used;
Model constraints: Faults 3 and 4 (see Figure 2); a conceptualized 24 degree pit-slope, modelled
from property boundaries, using a benchmark 24 degree pit-slope from several other Nevada
lithium clay deposits.
About the Gemini Resource Estimate Technical Report
The Gemini Inferred resource estimate was based on geochemical analyses for lithium from samples of
material collected from the rotary splitter in the reverse circulation drilling rigs contracted by the
Company, which produced a continuous, representative 3 to 5 kilogram sample for each sample interval
(see Nevada Sunrise news releases dated
April 21, 2022
,
April 28, 2022
,
May 18, 2022
, and
May 24,
2023
). Results of the drilling proved the existence of clays mineralized with lithium, exhibiting very good
geological continuity; the Inferred resource was calculated for lithium carbonate hosted in the clays.
Drilling to date has tested only a small portion of the Project area within 844 acres (342 hectares), which
represents approximately 15% of the area covered by Gemini's current size of approximately 5,765
acres (2,330 hectares) of unpatented Bureau of Land Management mineral claims.
Figure 2. Gemini Lithium Project - Block Model Cross Sections with Conceptualized Open Pit
(
Source: ABH Engineering Inc., 2024
)
To view an enhanced version of this graphic, please visit:
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The technical information contained in this news release has been reviewed and approved by Damir
Cukor, P. Geo., who is a Qualified Person with respect to Nevada Sunrise's Gemini Lithium Project, as
defined under NI 43-101.
For further information on Gemini, 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: the closing of the purchase and sale transaction
with Dome Rock; results and outcomes of the Company's 2022-2023 exploration activities and future
plans at the Gemini Lithium Project; reliance upon the results of the calculation of a NI 43-101
compliant resource estimate for 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 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/237370