Nevada Sunrise Begins Geochemical Survey at Coronado VMS Project in Nevada
Nevada Sunrise Begins Geochemical Survey
at Coronado VMS Project in Nevada
TSX Venture Exchange: NEV
VANCOUVER, BC
,
Aug. 6, 2020
/CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or
the "Company") (TSXV: NEV) is pleased to announce that a geochemical sampling program is
underway at the Coronado VMS property ("Coronado", or the "Project"), located in the Tobin and
Sonoma Range of
Pershing County, Nevada
, approximately 48 kilometers (30 miles) southeast of
Winnemucca
. Coronado is located on a geological trend that includes the past-producing Big Mike
open pit mine, where high-grade copper was discovered in the 1960s resulting in copper production
into the 1970s.
Nevada Sunrise plans to collect approximately 160 soil samples from a grid established across the
surface trace of the Coronado South conductor, a strong airborne electromagnetic ("EM") anomaly
detected by the Company's helicopter-borne geophysical survey commissioned in 2018 (see Nevada
Sunrise news release dated
September 26, 2018
). Samples will be submitted to Activation
Laboratories Ltd. in
Ancaster, Ontario
for Spatiotemporal Geochemical Hydrocarbons ("SGH")
analysis. This initial soil survey program represents the Company's first test of the SGH process,
which has been reported to detect buried sulphide mineralization at depths up to 500 metres.
Results from the survey will be integrated into the
Coronado
target matrix for a future drilling
program.
A map of the 2020 geochemical sampling program, and additional maps and photos of the
Company's previous work at
Coronado
can be viewed at:
http://www.nevadasunrise.ca/projects/coronado-vms-project/
About
Coronado
Coronado
currently consists of 133 located unpatented claims totaling approximately 2,748 acres
(1,113 hectares) located over an interpreted trend adjacent to the historic Big Mike open pit copper
mine that lies within the Middle Pennsylvanian to Late Permian-age Havallah volcanic-sedimentary
sequence. The Company's land position controls an important seven mile-long (11.3 kilometres)
regional trend along which several volcanogenic massive sulphide ("VMS") showings, one high-grade
copper deposit (Big Mike mine) and at least two high priority airborne Versatile Time Domain
Electromagnetic ("VTEM
TM"
) anomalies have been identified within the Early Pennsylvanian – early
Late Permian Pumpernickel Formation of the Havallah sequence.
The Havallah sequence in general and the Pumpernickel Formation in particular have received little
attention for base metals exploration since the 1970s and have been virtually ignored by resource
companies operating in
Nevada
who are focussed only on gold exploration. The lack of an
exploration model and failure to utilize modern ground/borehole/ airborne electromagnetic surveying
systems may be key reasons why no new VMS discoveries have been made to date in
Nevada
. The
probability that additional high-grade, commercially viable deposits are present within this sequence
to the northwest of Big Mike is relatively high when compared to other VMS districts in the world.
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
1
.
1
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. However, the historical
resource 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 Big Mike 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).
Robert M. Allender, Jr.
, CPG, RG, SME is the Company's designated Qualified Person for this news
release within the meaning of National Instrument 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, copper, cobalt and lithium exploration projects
located in the
State of Nevada, USA
.
The Company's key gold asset is a 20% interest in a joint venture with New Placer Dome Gold
Corp. (TSXV: NGLD) at the Kinsley Mountain Gold Project near
Wendover
, with the property subject
to a 3.0% net smelter returns royalty.
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 Jackson Wash and Gemini lithium projects, both of
which are located in
Esmeralda County
. The Company owns Nevada water right Permit 44411,
located within the Clayton Valley basin near Silver Peak,
Nevada
.
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 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 Six Months ended
March 31, 2020
, 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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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 08:00e 06-AUG-20