Nevada Sunrise Announces Advantage Lithium Corp. Discontinues Option On Four Nevada Lithium Projects
Nevada Sunrise Announces Advantage Lithium Corp. Discontinues Option On
Four Nevada Lithium Projects
TSXV: NEV
VANCOUVER, Aug. 23, 2017 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the
"Company") (TSXV: NEV) announced today that it has received notice from its exploration partner
Advantage Lithium Corp. ("Advantage Lithium") that Advantage Lithium wishes to discontinue its option
on the Neptune, Jackson Wash, Aquarius and Gemini lithium projects, all located in Esmeralda County,
Nevada.
Advantage Lithium continues to maintain its option on the Clayton Northeast ("Clayton NE") project in the
Clayton Valley, which consists of the Clayton NE claims and the recently-added Triton claims, all located
adjacent to the Silver Peak lithium brine mine, the only producing lithium mine in North America. A
successful 6-hole drilling program carried out by Nevada Sunrise and Advantage Lithium during late 2016
and early 2017 encountered significant lithium-bearing brines in classic Clayton Valley strata. For
example, borehole CNE-17-04, drilled to a total depth of 609.6 metres (2,000 feet), intersected multiple
aquifer formations, including 426.72 metres of brine-producing strata averaging 243.44 milligrams per litre
lithium between a depth of 140.21 metres to 609.6 metres (see Nevada Sunrise news release dated
March 1, 2017). Advantage Lithium can earn a 70% interest in Clayton NE by funding an additional $
300,000 in exploration expenditures.
Advantage Lithium also retains the right to the Company's Clayton Valley basin water rights, which are
currently the subject of a judicial appeal of the State of Nevada's ruling issued in November
2016 forfeiting the water rights alleging lack of beneficial use for a period of five years. Nevada Sunrise
intends to present evidence of beneficial use of the water right in its appellate briefs and at an upcoming
hearing on the matter.
2017 Regional Drilling Program Update
In April 2017, Nevada Sunrise and Advantage Lithium announced the commencement of a regional
drilling program on the Neptune, Jackson Wash, Aquarius and Gemini lithium projects. At the Neptune
project, one borehole was drilled to a depth of approximately 1,500 feet, about 75% of the interpreted
target depth, but the hole was lost due to unstable ground conditions. As a result, no brines were
encountered in the borehole. At the Jackson Wash project during May and June 2017, a borehole was
drilled to a depth of 826 metres (2,710 feet) through interbedded sequences of sand, gravel, and clay. Hot
fresh water was encountered in the borehole reaching a temperature of approximately 41 degrees C.
(106 degrees F.) but no brines were detected. The regional drilling program was suspended in June
2017, and subsequently, no drilling was carried out at the Aquarius and Gemini projects. Lithium brine
targets remain to be tested on all four of the regional lithium projects, and Bureau of Land Management
and Esmeralda County claim maintenance fees have been paid through to September 1, 2018 on the
claims covering the main target areas. Exploration permits for all four of the returned projects are still
active, with constructed access roads and drill pads.
For further information on the Company's Nevada lithium projects, including location maps, please visit
the Nevada Sunrise website at: "Projects – Nevada Lithium":
http://www.nevadasunrise.ca/projects/nevadalithium/
National Instrument 43-101 ("NI 43-101") compliant technical reports for the Neptune and Jackson Wash
projects can be accessed on the Nevada Sunrise website at "Investors – Downloads":
http://www.nevadasunrise.ca/wp-content/uploads/2015/09/Neptune-NI_43-101.pdf
http://www.nevadasunrise.ca/wp-content/uploads/2017/04/Jackson-Wash-Lithium-Project-Technical-
Report_July-2016.pdf
Groundwater analysis 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 eight gold and lithium mineral exploration projects in the
State of Nevada, USA.
Nevada Sunrise began acquisitions of Nevada lithium properties in September 2015, which includes
options to earn 100% interests in the Neptune project (Resolve Ventures, TSXV: RSV owns a 25%
interest in Neptune), the Clayton Northeast and Triton projects, 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 lithium projects, and holds a 50% interest in the Gemini lithium project,
each located in playas proximal to the Clayton Valley. In 2016, the Company optioned six of its Nevada
lithium projects to Advantage Lithium Corp., who maintains a 51% interest solely in the Clayton Northeast
and Triton projects. The Atlantis project is currently under option to American Lithium Corp. (TSXV: LI).
The Company's two key gold assets include a 100% interest in the Golden Arrow project near Tonopah,
currently the subject of an option earn-in transaction with Emgold Mining Corporation (TSXV: EMR) and a
21% interest in a joint venture with Liberty Gold Inc. (TSX: LGD, formerly Pilot Gold Inc.) at Kinsley
Mountain near Wendover, 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 Clayton NE, Triton, Neptune, Jackson Wash, Aquarius and Gemini properties, reliance
on technical information provided by third parties on any of our exploration properties, including access to
historical information on the Clayton NE, Triton, Neptune, Jackson Wash, Aquarius and Gemini
properties, 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 Six
Months ended March 31, 2017, 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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%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 23-AUG-17