Nevada Sunrise Announces 2019 Exploration Plans For Coronado VMS Project
Nevada Sunrise Announces 2019 Exploration
Plans For Coronado VMS Project
TSX Venture Exchange: NEV
VANCOUVER
,
April 4, 2019
/CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the
"Company") (TSXV: NEV) is pleased to announce its Phase 2 exploration plans for the Coronado
VMS property ("Coronado", or the "Project"), located near the past-producing Big Mike copper mine
in the Tobin and Sonoma Range of
Pershing County, Nevada
, approximately 48 kilometers (30
miles) southeast of Winnemucca. Nevada Sunrise has an option to earn a 100% interest in
Coronado
(see Nevada Sunrise news release dated
September 28, 2018
).
2019 Coronado Gravity Survey
A ground gravity survey is underway over the shallowest and most conductive part of the Coronado
South target, centered over a strong airborne electromagnetic ("EM") anomaly first detected by the
Company in 2018. Based on the estimated size of the Coronado South target, 84 gravity readings
taken at 100 metre station intervals are planned on four lines extending 1,000 metres on either side
of the interpreted conductor axis to delineate the gravity profile. Additional infill gravity readings at 50
metre intervals are planned if higher definition is desired. Gravity readings are also proposed over
the Coronado North target located approximately 1,750 metres to the north if time and budget allow.
"
Coronado
is an underexplored property located on trend to a historic, high-grade copper mine," said
Warren Stanyer
, President and CEO of Nevada Sunrise. "In the modern era of mineral exploration,
the search for buried deposits demands high-tech solutions. We believe Nevada Sunrise has
received a unique opportunity in
Nevada
, one of the best mining jurisdictions in the world, and our
team looks forward to unlocking the geological secrets of
Coronado
."
A gravity survey can detect the greater density of a hidden volcanogenic massive sulfide ("VMS")
deposit in contrast to the lower density, unmineralized country rocks. Nevada Sunrise intends to
integrate the results of the 2019 ground gravity survey with the strong EM conductors outlined in the
2018 airborne VTEM™ survey in order to provide the best possible target definition for a Phase 2
drilling program.
In
February 2019
, Nevada Sunrise received a key amendment to the current drill permit from the
U.S. Bureau of Land Management for a new access road at Coronado South. The proposed 2019
drilling program, consisting of at least two to three drill holes totaling up to 1,000 metres (3,280
feet), would test the Coronado South target area at its optimum location, which was not accessible
to the Company during its first drilling program in
December 2018
due to winter ground conditions
causing a lack of access in the field (see Nevada Sunrise news release dated
January 10, 2019
).
Maps and photos of the Project can be viewed at:
http://www.nevadasunrise.ca/projects/coronado-vms-project/
. A brief video presentation on
Coronado
and the Coronado North and South VTEM™ targets can be viewed here:
https://player.vimeo.com/video/291807706
About
Coronado
Coronado
currently consists of 133 unpatented claims totaling approximately 2,660 acres (1,104
hectares) located over an interpreted trend adjacent to the historic Big Mike open pit copper mine
("Big Mike") that lies within the Middle Pennsylvanian to Late Permian-age Havallah volcanic-
sedimentary sequence. In 1969, Cerro Corp. published a historical resource estimate for Big Mike of
634,000 tons grading 3.41% copper, which included 74,000 tons of massive sulphide ore grading
11.78% copper, and 380,000 tons of oxide and mixed ore grading 3.16% copper. This historical
estimate, which is dated
February 21, 1969
, uses categories that are not consistent with National
Instrument 43-101 ("NI 43-101") and cannot be readily compared to NI 43-101 categories. A
qualified person has not done sufficient work to classify the estimate as a current resource and
Nevada Sunrise is not treating the estimate as a current resource estimate. A portion of the ground
on which this estimate was based was subsequently mined, and thus this estimate cannot be relied
upon. The estimate is relevant to guiding the Company's exploration plans and provides geological
information regarding the type of mineralization that could be present in the
Coronado
area.
In 1970, Ranchers Exploration and Development Company ("Ranchers") developed the high-grade
portion of the deposit with an open pit mine at Big Mike that produced approximately 25 million
pounds of copper in 100,000 tons of ore grading 10.5% copper, which was shipped directly to
smelters in
West Germany
and
Japan
. Heap leaching of lower-grade disseminated copper ore was
also carried out by Ranchers; approximately 300,000 tons of mineralized rock was treated.
Historical sampling also shows the presence of cobalt at Big Mike, with values in the deposit ranging
up to 2,500 parts per million (0.25%) cobalt (Rye
et al
, Economic Geology, Vol. 79, 1984). Big Mike
was mined out in 1970.
Theodore DeMatties
, CPG, PG, 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. Readers are cautioned that some of the technical information described in this news release
is historical in nature; however, the information is deemed credible and was produced by
professional geologists of the eras discussed. Mineralization located on adjacent properties by
historical exploration may not be present on
Coronado
.
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, cobalt, copper 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 Project ("Kinsley Mountain") near
Wendover
, with the property subject to a
3.0% net smelter returns royalty. For further information on
Kinsley Mountain
, including a technical
report compliant with NI 43-101 Standards of Disclosure for Mineral Projects entitled "Updated
Technical Report and Estimated Minerals Resources for the Kinsley Project" (the "Report"), effective
October 15, 2015
. The Report dated
December 16, 2015
was subsequently filed on SEDAR and
can be accessed at
http://www.sedar.com
Nevada Sunrise has the right to earn a 100% interest in the historic Lovelock Cobalt Mine and
Treasure Box
copper property, 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 Neptune,
Jackson Wash
and Aquarius lithium projects, a
50% interest in the Gemini lithium project (Kore Mining Ltd., (TSXV: KORE), formerly Eureka
Resources Inc., holds a 50% interest), and a 100% interest in the Atlantis lithium project, currently
under option to American Lithium Corp. (TSXV: LI), all of which are located in
Esmeralda County
.
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 and other metals,
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 studies, proposed exploration and development of our exploration properties and the
estimation of historical mineral resources on the Company's mineral properties, including the
Coronado
property. 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 actual results of drilling and other
exploration activities at the
Coronado
property, reliance on technical information provided by third
parties on any of our exploration properties, including access to and interpretation of historical
information on the
Coronado
property as well as specific historical data associated with drill results
and sampling from adjacent areas to the
Coronado
property; information from the public domain,
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 or its contractors 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 Three Months Ended ended
December 31, 2018
, 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
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/April2019/04/c4821.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 08:30e 04-APR-19