Nevada Sunrise Announces Second Amendment to Option Agreement for Coronado VMS Property in Nevada
Nevada Sunrise Announces Second
Amendment to Option Agreement for
Coronado VMS Property in Nevada
VANCOUVER, BC
,
Jan. 12, 2024
/CNW/ - Nevada Sunrise Metals Corporation ("
Nevada Sunrise
"
or the "Company") (TSXV: NEV) (OTC: NVSGF) announced today that it has negotiated an
amendment to the terms of an option agreement (the "Agreement") whereby the Company has the
right to purchase a 100% interest in the Coronado VMS property ("
Coronado
", or the "
Property
"),
located in the Tobin Sonoma Range of
Pershing County, Nevada
, approximately 30 miles (48
kilometres) southeast of
Winnemucca
. A definitive Agreement was announced on
September 28,
2018
, and a first amendment to the Agreement was announced on
January 31, 2022
.
Details of the Coronado Amended Option Agreement Terms
Nevada Sunrise retains the right to acquire a 100% interest in
Coronado
, subject to a 2.0% net
smelter returns royalty, with certain buydown provisions, in consideration for the amended cash and
share payments to the vendors and minimum exploration expenditures as described below (all dollar
amounts listed are in US dollars):
Coronado VMS Project –Amendments to Schedule of Payments and Expenditures
Payment
Due
Dates
Cash
Payments
(Previous)
Amended
Cash
Payments
(2023)
Share Payments
(Previous)
Amended
Share
Payments (2023)
Minimum
Exploration
Expenditures
(Previous)
Amended
Minimum
Exploration
Expenditures
(2023)
Sept. 25, 2021
$50,000
(paid)
n/a
500,000
(issued)
n/a
$300,000
$300,000
Sept. 25, 2022
$50,000
(paid)
n/a
500,000
(issued)
n/a
$300,000
$300,000
Sept. 25, 2023
$50,000
NIL
500,000
750,000
$300,000
NIL
Sept. 25, 2024
$50,000
$75,000
500,000
750,000
$300,000
$300,000
Sept. 25, 2025
$50,000
$75,000
500,000
500,000
$300,000
$300,000
Sept. 25, 2026
$1,050,000
$1,050,000
600,000
600,000
NIL
$300,000
Nevada Sunrise retains the right to accelerate the timing of cash and share payments to the vendors
at its discretion. If minimum exploration expenditures, which include property maintenance costs, are
exceeded in any year, the excess expenditures will be credited to a succeeding year. An advance
royalty payment of
$500,000
would be payable to the vendors upon completion of a feasibility study.
The second amendment to the Agreement for
Coronado
is subject to acceptance by the TSX
Venture Exchange.
For more information about
Coronado
, including maps and photos,
click here
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, 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
operated by
Albemarle Corp. 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 an 18.74% 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
.
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 exploration at
Coronado
;
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 Nine Months ending
June 30
, 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 19:44e 12-JAN-24