Nevada Sunrise announces drilling program at the Coronado VMS property
Nevada Sunrise announces drilling program at
the Coronado VMS property
TSX Venture Exchange: NEV
VANCOUVER
,
Nov. 8, 2018
/CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the
"Company") (TSXV: NEV) is pleased to announce that a drilling permit has been received from the
U.S. Bureau of Land Management (the "BLM") for the Coronado VMS property ("Coronado", or the
"Project"), located in the Tobin and Sonoma Range of
Pershing County, Nevada
, approximately 30
miles (48 kilometers) southeast of
Winnemucca
.
In
July 2018
, Nevada Sunrise pioneered the use of a Versatile Time Domain Electromagnetic
(VTEM™) helicopter-borne survey at
Coronado
, which is a leading-edge airborne survey method
developed by Geotech Ltd. of
Aurora, Ontario, Canada
. Interpretation of the survey results has
outlined the presence of several strong electromagnetic ("EM") anomalies that display the
geophysical hallmarks of volcanogenic massive sulphide ("VMS") deposits located along trend to the
historic, past-producing Big Mike copper mine ("Big Mike"). Primary drill targets at the Coronado
North and South anomalies were developed from the integration of the VTEM™ results with
geological observations and geochemical data obtained from a site visit carried out in
September
2018
.
2018 Diamond Drilling Program
The BLM has approved nine drill hole locations at
Coronado
, where each location can host multiple
holes. The drilling plan for the Coronado South anomaly calls for up to six holes totaling 5,225 feet
(1,608 metres), and at the Coronado North anomaly an additional six holes are planned, totaling
4,750 feet (1,462 metres). Nevada Sunrise has engaged Idea Drilling of
Virginia, MN
for a
preliminary test consisting of three diamond drill holes totaling approximately 2,500 feet, and the
program is expected to commence in the first week of
December 2018
. A map of the proposed drill
holes can be viewed at:
http://www.nevadasunrise.ca/projects/coronado-vms-project/
"Our drilling program at
Coronado
is imminent, and a successful test would provide a considerable
benefit to our Company and its shareholders," said
Warren Stanyer
, President and CEO of the
Company. "Nevada Sunrise has received a rare opportunity because of the lack of modern mineral
exploration in the area."
About the Coronado North and South targets
Ground geological investigations carried out by Nevada Sunrise at
Coronado
in
September 2018
within the areas of the best VTEM™ conductive anomalies confirmed the presence of sulphides on
surface and other geological features consistent with the surface expression of a buried VMS
deposit. Most of the surface area of the Project is covered with locally-derived overburden. At the
Coronado South anomaly, rare outcrops exposing a section of thin bedded to laminated chert
exhalite and cherty tuffaceous sediments containing fine-grained oxidized (Fe-stained) sulfide casts
and locally relict anhedral pyrite grains (up to 1%) were mapped and sampled. In addition, samples
of highly altered, gossanous (oxidized disseminated sulfide casts) chert and chert breccia were
collected from nearby exploration trenches. These samples occur within a structural zone that
appears to intersect the northwest end of the Coronado South anomaly. Analytical results show
anomalous values of arsenic, sulphur, silver, and most importantly, mercury. The presence of
sulphides in the chert exhalite beds and anomalous mercury values within the structural zone located
immediately adjacent to the Coronado South anomaly suggest a spatial relation to the EM
conductor. Of particular importance is that this exhalite section is comparable to those found within
the Big Mike mine sequence and the historic open pit located approximately 2.9 miles (4.5
kilometres) to the southeast, where peripheral mercury anomalies were also noted during
geochemical exploration in the late 1960s. The presence of a number of EM anomalies along trend
with Big Mike suggests district-scale potential and a typical clustering of VMS deposits.
To view a brief video presentation on the Coronado VMS project and the Coronado North and South
VTEM™ target, please click here:
https://player.vimeo.com/video/291807706
.
About
Coronado
Coronado
currently consists of 225 located unpatented claims totaling approximately 4,500 acres
(1,821 hectares) located over an interpreted trend adjacent to Big Mike that lies within the
Middle Pennsylvanian to Late Permian-age Havallah volcanic-sedimentary sequence. Big Mike was
discovered in the 1930s when a shallow, oxidized portion (gold-bearing gossan) of the deposit was
located by prospectors. The area was explored further in the late 1960s by Cerro Corp. and a
deeper (greater than 300 feet, or 91 meters) high-grade, massive sulphide lens was discovered by
diamond drilling. The deposit was considered a supergene-enriched,
Cyprus
-type VMS occurrence.
In 1969, Cerro Corp. published a historical resource estimate 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 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 two key gold assets include a 100% interest in the Golden Arrow project near
Tonopah
, currently the subject of an imminent transaction with Emgold Mining Corporation (TSXV:
EMR), and a 21% interest in a joint venture at Kinsley Mountain with Liberty Gold Inc. (TSX: LGD)
near
Wendover
, with each of the properties subject to certain production royalties.
Nevada Sunrise has an option to earn a 100% interest in the historic Lovelock Cobalt Mine and
Treasure Box copper properties, located approximately 100 miles (150 kilometers) east of
Reno
,
which are currently the subject of a proposed transaction with Global Energy Metals Corp. (TSXV:
GEMC). In
March 2018
, the Company announced an option to earn a 100% interest in historic
Boyer Mine copper property, located adjacent to the Treasure Box claims. In
September 2018
, the
Company acquired the right to earn a 100% interest in the Coronado VMS Project, located in
Pershing County
, approximately 30 miles (48 kilometers) 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 (Eureka Resources Inc. (TSXV: EUK) 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 proposed exploration 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 Nine Months ended
June 30, 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/November2018/08/c6073.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 08-NOV-18