Nevada Sunrise Announces $1,600,000 Private Placement
NEVADA SUNRISE ANNOUNCES $1,600,000
PRIVATE PLACEMENT
/NOT FOR DISSEMINATION IN
THE UNITED STATES
OR TO
UNITED STATES
NEWSWIRE
SERVICES/
VANCOUVER, BC
,
Aug. 16, 2023
/CNW/ -
Nevada Sunrise Metals Corporation
("
Nevada
Sunrise
" or the "
Company
") (TSXV: NEV) (OTC: NVSGF) is pleased to announce a non-brokered
private placement (the "Offering") for gross proceeds of up to
$1,600,000
consisting of 20,000,000
units (the "Units") at a price of
$0.08
per Unit, each Unit consisting of one common share of the
Company and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the
holder to purchase one common share at a price of
$0.12
for a period expiring 2 years from the
closing date of the Offering.
Proceeds of the Offering will be used for:
Completion of a National Instrument 43-101-compliant mineral resource estimate for the Gemini
Lithium Project located in
Esmeralda County, Nevada
("Gemini");
Completion of a preliminary economic assessment (or "PEA") in conjunction with the release of
a maiden mineral resource estimate for Gemini;
Exploration work on the Company's mineral properties;
Other lithium property investigations, and general working capital.
Finder's fees may be payable to parties at arm's length to Nevada Sunrise that have introduced the
Company to certain subscribers participating in the Offering. The Offering is subject to acceptance
of the TSX Venture Exchange.
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, gold, 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,
with no applicable royalties, all of which are located in the Lida Valley basin in
Esmeralda County,
NV
, located just east of the Clayton Valley basin, which hosts the only producing lithium mine in
the
United States
at Silver Peak, NV.
The Company owns Nevada water right Permit 86863, also
located in the Lida Valley basin, near Lida, NV.
The Company's key gold asset is a 20.01% interest in a joint venture at the Kinsley Mountain Gold
Project near
Wendover, NV
with CopAur Minerals Inc. Kinsley Mountain is a Carlin-style gold project
hosting a National Instrument 43-101 compliant gold resource consisting of
418,000 indicated
ounces of gold grading 2.63 g/t Au (4.95 million tonnes), and 117,000 inferred ounces of gold
averaging 1.51 g/t Au (2.44 million tonnes), at cut-off grades ranging from 0.2 to 2.0 g/t
Au
1
.
The Company has elected not to contribute to the 2023 exploration program at Kinsley
Mountain and expects to incur dilution of its participating interest in the joint venture to an
approximate 19.0% interest.
1
Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A., dated June 21, 2021 with an effective date of May 5, 2021 and prepared by Michael M. Gustin, Ph.D., and
Gary L. Simmons, MMSA and filed under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR (
www.sedar.com
).
Nevada Sunrise has the right to earn a 100% interest in the Coronado VMS Project, located
approximately 48 kilometers (30 miles) southeast of
Winnemucca, NV.
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 future plans for the calculation of a mineral
resource estimate and a PEA at the Gemini Lithium Project; reliance on technical information
provided by third parties on any of our exploration properties; changes in mineral project
parameters as plans continue to be refined; current economic conditions; future prices of
commodities; possible variations in grade or metallurgical 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 Six
Months ending
March 31, 2023
, 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.
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.
SOURCE
Nevada Sunrise Metals Corporation
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For further information:
Warren Stanyer, President and Chief Executive Officer, email:
[email protected], Telephone: (604) 428-8028 or Jason Powell, Corporate
Communications, email: [email protected], Telephone: (604) 779-6497, Website:
www.nevadasunrise.ca
CO: Nevada Sunrise Metals Corporation
CNW 07:30e 16-AUG-23