Nevada Sunrise Announces Results of Gravity Survey at Coronado Project
Nevada Sunrise Announces Results of
Gravity Survey at Coronado Project
TSX Venture Exchange: NEV
VANCOUVER, May 2, 2019 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is
pleased to announce the results of a ground gravity survey at the
Coronado VMS property ("Coronado", or the "Project"), located near
the past-producing Big Mike open pit 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).
Results of 2019 Coronado Gravity Survey
A ground gravity survey was carried out in April 2019 over the most
conductive part of the Coronado South target, with survey lines
centered over a strong airborne electromagnetic ("EM") anomaly first
detected by the Company in 2018. Eighty-four gravity readings were
taken at 100 metre station intervals on four lines extending 1,000
metres on either side of the interpreted conductor axis to delineate the
gravity profile. An additional 84 gravity readings were also taken over
the Coronado North target located approximately 1,750 metres to the
north.
The 2019 gravity survey outlined zones of low gravity coincident with
the Coronado North and South EM anomalies, which was an
unexpected result for such highly-conductive zones with higher
magnetic susceptibility. Based on specific gravity (i.e., density)
measurements from samples taken within the property area, Nevada
Sunrise believes that the measured gravity lows could represent the
weathered caps (gossans and/or leached cappings) of flat-lying or
gently dipping, VMS-style mineralization.
This interpretation is supported by field observations at the nearby Big
Mike mine ("Big Mike"). Here, deep weathering and oxidation (at least
200+ feet) resulted in severe leaching of a near-surface, moderately
dipping VMS lens and underlying stringer zone. As a consequence, a
well-developed, siliceous and auriferous boxwork gossan zone and
leached capping developed. Continued weathering activity culminated
in supergene-copper-enrichment of a deeper lens.
Nevada Sunrise believes the density contrast between the upper
gossan-leached capping and mafic (basaltic) volcanic host Havallah
sequence could generate a gravity low similar to those detected by the
survey. Further, the deeper copper-enriched massive sulfide lens at
Big Mike, which was eventually mined out, would have produced a
very strong EM anomaly located below the gravity low feature. A
remarkably similar geophysical scenario has been identified at the
Coronado anomalies. Nevertheless, an associated gravity high
anomaly would be expected with the deeper supergene-enriched lens.
However, such an anomaly could be too deep to detect or masked by
the gravity low feature or a combination of both these conditions.
This weathering event may be in part recent, but it is more likely
related to a protracted, late Permian paleoweathering episode that
affected the entire Havallah sequence. Paleoweathering ended upon
deposition of stratigraphically overlying Triassic volcanic formations. It
would be reasonable to expect that any VMS deposit exposed along
the paleoweathering surface which developed over the Havallah
sequence to exhibit such geophysical characteristics.
Nevada Sunrise plans to continue testing of the strong EM conductors
at Coronado North and South in an upcoming drilling program, in
conjunction with downhole EM surveys designed to gather
geophysical information at depth.
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 Big Mike. 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 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) 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/May2019/02/c0028.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 02-MAY-19