Nevada Sunrise and Advantage Lithium begin regional drilling program at Neptune Lithium Project, Clayton Valley, Nevada
Nevada Sunrise and Advantage Lithium begin regional drilling program at
Neptune Lithium Project, Clayton Valley, Nevada
TSXV: NEV
VANCOUVER, April 6, 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 regional drilling program has commenced at the Neptune
Lithium Project ("Neptune") located in the southern Clayton Valley of Nevada, USA. One borehole to a
depth of approximately 610 metres (2,000 feet) is planned to follow up on encouraging results from a
2016 lithium brine drilling program carried out by Nevada Sunrise. Other boreholes are planned at the
Jackson Wash, Aquarius and Gemini projects in the coming months.
Neptune is the subject of an earn-in agreement between Nevada Sunrise and Advantage Lithium where
Advantage Lithium can earn a 50% interest in Neptune from the Company by spending CDN$700,000
over a three-year period (see Nevada Sunrise news release dated June 20, 2016). At present, Neptune
ownership is 75% Nevada Sunrise and 25% Resolve Ventures Inc. (TSXV: RSV), subject to a 3% gross
overriding royalty according to the terms of an underlying option agreement with a Nevada vendor.
Nevada Sunrise completed two exploration holes at Neptune in late March 2016. Borehole N-2016-1,
drilled to 457.2 metres (1,500 feet) showed anomalous lithium in a grab sample of groundwater of 6.8
mg/l lithium at a depth of 438.9 metres (1,440 feet). A third hole is underway approximately 1.6 kilometres
(1 mile) to the east of hole N-2016-1 in an area interpreted from a 2016 geophysical survey to be a
potential trap where denser, lithium-bearing brines could accumulate. If results from the third Neptune
borehole warrant further work, a drill pad and access road have been prepared for a fourth hole location.
About Neptune
Neptune consists of 316 unpatented 20-acre placer claims totaling approximately 6,320 acres (2,557
hectares) and is located in an active area of lithium exploration and mining. The Silver Peak lithium mine
operation, acquired by Albemarle Corporation (NYSE: ALB) in 2015, has extracted lithium minerals from
brines continuously since 1966 and is located approximately 10 miles (15 kilometres) to the north of
Neptune. Nevada Sunrise has an option to earn a 100% interest in Neptune, subject to a 3.0% gross
overriding royalty (see Nevada Sunrise news release dated September 21, 2015 for further details of the
Neptune underlying option agreement).
About Lithium Exploration at Neptune
Drill targets at Neptune have been generated from the integration of the results of: (1) a detailed gravity
survey by a previous operator that outlined a deep, fault-bounded sub-basin, (2) a controlled source audio
magnetotellurics follow-up survey that detected conductive horizons within the sub-basin, and (3) a 2016
time-domain electromagnetic survey that provided additional detail about the conductive horizons. In
each of the two holes completed in 2016, permeable sedimentary, lacustrine strata interbedded with
volcanic ash and other ejecta was logged at various levels throughout the holes. This type of sedimentary
strata is interpreted as a requisite host horizon for lithium-bearing brines as seen in the northern Clayton
Valley.
For further information on Neptune including maps showing its location and exploration plans please visit
the Nevada Sunrise website at: "Projects – Nevada Lithium":
http://www.nevadasunrise.ca/projects/nevadalithium/
A National Instrument 43-101 ("NI 43-101") compliant technical report on Neptune dated February 29,
2016 can be accessed on the Nevada Sunrise website at "Investors – Downloads":
http://www.nevadasunrise.ca/investors/
Initial water and sediment samples collected in 2016 were submitted to ALS Minerals in Reno, NV, and
analyzed at ALS Minerals in Vancouver, BC. Water samples were analyzed by ICP-AES and ICP-OES,
and composite sediment samples were analyzed by 48-element, four-acid ICP-MS. Re-analysis of
groundwater was carried out by Western Environmental Testing Laboratory in Reno, Nevada, where
testing included analysis for specific gravity, total hardness and alkalinity, bicarbonate, carbonate,
hydroxide, TDS and electrical conductivity. Anions (chloride, sulfate) were analyzed by ion
chromatography. Trace metals (lithium, magnesium, boron, calcium, potassium and sodium) were
analyzed by ICP-OES. All depth measurements reported, including sample and interval widths are down-
hole. As holes are oriented vertical and geologic stratigraphy is primarily horizontal to sub-horizontal,
downhole measurements are assumed to be close to true thickness.
Robert M. Allender, Jr., CPG, RG, SME is the Company's designated Qualified Person for this news
release within the meaning of NI 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 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 Salt Wells Lithium project, in the Carson Basin near Reno, is
currently the subject of due diligence by the Company.
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 future mineral production, reserve potential,
exploration drilling, the future price of lithium, potential quantity and/or grade of minerals, potential size of
a mineralized zone, potential expansion of mineralization, the timing and results of future 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
exploration at the Neptune property, reliance on technical information provided by third parties on any of
our exploration properties, including access to historical information on the Neptune 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 Three Months ended
December 31, 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
To view the original version on PR Newswire, visit:
http://www.newswire.ca/en/releases/archive/April2017/06/c2206.html
%SEDAR: 00026824E
For further information: Warren Stanyer, President and Chief Executive Officer, Telephone: (604)
428-8028, Facsimile: (604) 484-7143, Email: [email protected]
CO: Nevada Sunrise Gold Corporation
CNW 08:30e 06-APR-17