Nevada Sunrise Begins Strategic Review of Its Lithium Brine Projects in Nevada
Nevada Sunrise Begins Strategic Review of Its
Lithium Brine Projects in Nevada
TSXV: NEV
VANCOUVER
,
Jan. 27, 2021
/CNW/ -
Nevada Sunrise Gold Corporation
("Nevada Sunrise" or the
"Company") (TSXV: NEV) is pleased to announce that it has commenced a strategic review of its
two lithium brine projects in
Nevada
. The Company owns 100% interests in the Gemini Lithium
Project ("Gemini") and the Jackson Wash Lithium Project ("Jackson Wash"), both located in the Lida
Valley basin in
Esmeralda County, Nevada
. Future exploration at the two projects is complemented
by the Company's 80.09 acre/feet/year water right, a pre-requisite for the exploration and
development of lithium brine projects in
Nevada
.
"Our Lida Valley projects are located in a highly-prospective basin that is underexplored for lithium
brines," said
Warren Stanyer
, President and CEO of Nevada Sunrise. "The Company's ownership of
a water right is a distinct advantage for Nevada Sunrise in a discovery scenario – without a
permitted source of water, no mineral project can reach feasibility in the desert environment of
Nevada
."
The Lida Valley is a flat, arid basin with a similar geological setting to the better-known Clayton
Valley basin where Albermarle Corporation operates the Silver Peak lithium mine, which has
operated continuously since 1966. Nevada Sunrise acquired Gemini and Jackson Wash in 2015 by
claim staking and purchase by option, respectively. After consideration of the most recent market
interest in lithium and other battery metals, the Company plans to review the geophysical and
geological data collected at Gemini and Jackson Wash to better define lithium brine targets on the
two properties.
A single drill hole was completed at Jackson Wash in 2017 by an exploration partner to a depth of
826 metres (2,710 feet). The hole intersected aquifers and a sequence of volcanic sediments but did
not encounter lithium brine. Nevada Sunrise believes that other prospective targets indicated by
geophysics should be followed up at the Jackson Wash property. Gemini has yet to be drill tested.
For further information on Gemini and Jackson Wash including location maps, see the Company's
website under "Projects-Nevada Lithium" at:
http://www.nevadasunrise.ca/projects/nevadalithium/
About Gemini
Gemini consists of 13 unpatented placer claims totaling 260 acres (105 hectares) located in the
western Lida Valley,
Esmeralda County
, approximately 6 miles (10 kilometres) east of the town of
Lida,
Nevada
. Gemini is situated adjacent to the Gold Point Solar Energy Zone, a Bureau of Land
Management land reserve set aside for solar and wind power generation projects until 2033. Drill
pads and access roads are in place at Gemini with an active drilling permit, and the claims are in
good standing until
September 1, 2021
.
Gemini lies within a flat, desert basin that hosts two interpreted sub-basins with a similar geological
setting to the Clayton Valley. Previous ground gravity surveys in the Lida Valley area were widely-
spaced and limited in scope, however in 2012 and 2013 a geological research team led by Dr.
John
Oldow
of the
University of Texas, Dallas
collected approximately 500 gravity measurements along 7
transects crossing the Lida Valley. The detailed gravity survey results indicate strong gravity lows at
Gemini within two, faulted sub-basins, each interpreted to be hundreds of metres deep. Subsequent
ground geophysical surveying at Gemini carried out by Nevada Sunrise in 2016 has outlined
conductive zones interpreted as brine horizons but remain to be tested by drilling.
About Jackson Wash
Jackson Wash consists of 14 unpatented placer claims totaling approximately 280 acres (113
hectares) and is located in the Lida Valley on the east side of the Montezuma Range approximately
13 miles (21 kilometers) southwest of Goldfield. The Jackson Wash claims are in good standing
until
September 1, 2021
.
Prospecting at Jackson Wash in 2011 discovered widespread deposits of obsidian fragments on the
valley floor, possibly derived from Tertiary felsic rhyolite and tuff volcanic rock units present in the
Montezuma Range to the north and west of Jackson Wash. Fragments at six locations were
sampled and returned lithium values ranging from 97.3 parts per million ("ppm") lithium to 117.0 ppm
lithium (R. M. Allender, Jr., 2016). Weathering of the felsic volcanic rocks containing lithium is
believed to be a source of lithium contained in subterranean brines, as has been reported in the
adjacent Clayton Valley (Price, et al, 2000).
The results of a detailed gravity survey and two electromagnetic lines surveyed in 2011 by a
previous operator were interpreted as a layered sequence of unconsolidated, saturated alluvial
sediments filling a deep basin beneath the valley floor. Nevada Sunrise has developed a drilling plan
for the Jackson Wash basin to test specific structural and stratigraphic targets believed prospective
for lithium brine deposits.
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.
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
where an extensive
drilling program concluded in late
November 2020
.
Nevada Sunrise has right to earn a 100% interest in the Coronado VMS Project, located
approximately 48 kilometers (30 miles) southeast of
Winnemucca
. The Company owns a 15%
interest in the historic Lovelock Cobalt Mine and the Treasure Box copper property, each located
approximately 150 kilometers (100 miles) east of
Reno
, with Global Energy Metals Corp. (TSXV:
GEMC) holding an 85% participating interest.
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
, and water right Permit 86863 in
the Lida Valley basin.
FORWARD LOOKING STATEMENTS
This news 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. 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.
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 Jackson Wash and Gemini properties, reliance on technical
information provided by third parties on any of our exploration properties, including access to
historical information on the Jackson Wash 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 Year
Ended
September 30
, 2020 which is available under Company's SEDAR profile at
www.sedar.com
.
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 07:30e 27-JAN-21