Nevada Sunrise and Liberty Gold Commence Drilling Program at Kinsley Mountain Gold Project in Nevada
Nevada Sunrise and Liberty Gold Commence
Drilling Program at Kinsley Mountain Gold
Project in Nevada
TSX Venture Exchange: NEV
VANCOUVER
,
Nov. 4, 2019
/CNW/ -
Nevada Sunrise Gold Corporation
("Nevada Sunrise" or the
"Company") (TSXV: NEV) is pleased to announce that drilling has commenced at the Kinsley
Mountain Gold Project ("Kinsley Mountain" or the "Project"), located near
Wendover
in eastern
Nevada
, USA. Kinsley Mountain is a joint venture between Liberty Gold Inc. ("Liberty Gold",
formerly Pilot Gold Inc.) (TSX: LGD) and the Company, with
Liberty Gold
holding a 79.1 percent
interest, and Nevada Sunrise, through a wholly-owned U.S. subsidiary, holding a 20.9 percent
interest.
2019 Drilling at Kinsley Mountain
Nevada Sunrise and
Liberty Gold
have approved the 2019 budget for Kinsley Mountain at
US$590,000
, which includes administrative and holding costs. The 2019 drilling program is planned
to consist of approximately 1,600 metres (5,250 feet) of reverse circulation drilling in five to six
holes. Drill holes will target the eastward extension of the Western Flank high-grade sulphide
resource that includes 284,000 Indicated ounces at an average grade of 6.04 grams/tonne gold (see
gold resource estimate described below). Two other targets in the Central Kinsley Trend and
Racetrack area are also scheduled to be tested.
For maps showing the 2019 target areas, please access Nevada Sunrise's website at:
http://www.nevadasunrise.ca/projects/kinsley-mountain/
About Kinsley Mountain
Kinsley Mountain is located approximately 80 kilometres (50 miles) south of
Wendover, Nevada
,
and consists of 513 unpatented lode claims on U.S. Bureau of Land Management land plus 5 leased
patents totaling 4,189 hectares (10,451 acres). Kinsley Mountain hosts near-surface mineralization
similar to other Carlin-style, sediment-hosted gold systems, and hosts a past-producing mine with an
extensive exploration database and numerous untested gold targets.
Liberty Gold
, as operator, discovered the Western Flank deposit in 2013 hosted by the Secret
Canyon Shale and outlined a sulphide resource estimate, using multiple cut-offs
1
, of 284,000
Indicated ounces of gold grading 6.04 grams per tonne ("g/t") and 39,000 Inferred ounces grading
2.41 g/t gold.
1
Cut-off grades assume an open-pit mining scenario, using a pit floor elevation generated using Whittle software, reasonable assumptions for mining and milling costs, and a
US$1,300/ounce gold price.
Further information on Kinsley Mountain is available in the National Instrument 43-101 compliant
technical report entitled "Updated Technical Report and Estimated Mineral Resources for the
Kinsley Project,
Elko
and
White Pine
Counties,
Nevada, U.S.A.
", effective
October 15, 2015
, dated
December 16, 2015
and prepared by
Michael M. Gustin
, CPG,
Moira Smith
, Ph.D., P.Geo., and
Gary Simmons
, B.Sc. MMSA (the "Kinsley Technical Report"), available at
www.nevadasunrise.ca/investors
or under the Company's SEDAR profile at
www.sedar.com
.
John R. Kerr
, P. Eng., is the Company's designated Qualified Person 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 Gold Project near
Wendover
, with the property subject to a 3.0% net
smelter returns royalty.
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 Jackson Wash and Gemini lithium projects, both of
which are located in
Esmeralda County
. The Company owns Nevada water right Permit 44411,
located within the Clayton Valley basin near Silver Peak,
Nevada
.
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 gold, potential quantity and/or
grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the
timing and results of current or future mineral 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 production at Kinsley Mountain, reliance on technical information provided by third
parties on any of our exploration properties, including access to historical information on the
Kinsley Mountain property as well as specific historical data associated with drill results from the
Kinsley Mountain property, information from Liberty Gold Inc., 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; failure of Nevada Sunrise and/or Liberty Gold Inc. to complete anticipated work
programs; 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, 2019
, 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
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http://www.newswire.ca/en/releases/archive/November2019/04/c5813.html
%SEDAR: 00026824E
For further information:
Warren Stanyer, President and Chief Executive Officer, Telephone: (604)
428-8028, Facsimile: (604) 684-9365, email: [email protected]
CO: Nevada Sunrise Gold Corporation
CNW 12:50e 04-NOV-19