Nevada Sunrise Files NI 43-101 Technical Report on Maiden Resource Estimate of 7.1 Million Tonnes LCE for its Gemini Lithium Project, Nevada
Nevada Sunrise Files NI 43-101 Technical
Report on Maiden Resource Estimate of 7.1
Million Tonnes LCE for its Gemini Lithium
Project, Nevada
VANCOUVER, BC
,
March 12, 2024
/CNW/ -
Nevada Sunrise Metals Corporation
(TSXV: NEV)
(OTCBB: NVSGF)
("Nevada Sunrise" or the "Company")
is pleased to announce that the
Company has filed a National Instrument 43-101 ("NI 43-101") compliant technical report entitled "NI
43-101 Technical Report, Resource Estimate for Gemini Lithium Project,
Esmeralda County,
Nevada
" (the "Technical Report"), effective
January 15, 2024
, and dated
March 8, 2024
, on SEDAR
and on the Company's website.
The Technical Report relates to an independent maiden resource estimate at the Gemini Lithium
Project ("Gemini") completed by ABH Engineering Inc. ("ABH") of
Surrey, BC
,
Canada
. There are
no material differences in the Inferred mineral resource reported in the Company's news release of
January 23, 2024
and that as described in the Technical Report.
The resource estimate addresses the work performed by the Company at Gemini since ground
exploration by Nevada Sunrise began in 2016, and particularly describes the results of the first five
(5) drill holes completed in 2022-2023. The majority of the Gemini property remains untested by
drilling and remains open in all directions and at depth. The Inferred resource estimate comprises, in
an open pit-constrained resource:
Approximately 1.3 million tonnes Lithium, or
7
.1 million tonnes lithium carbonate equivalent
("LCE")
contained within 1,200 million tonnes of lithium-mineralized clay at an average grade of
approximately 1,130 parts per million ("ppm") Lithium;
Lithium cut-off values of 400 ppm Lithium and density of 1.7 grams per cubic centimetre
("gm/cm
3
") were used;
Model constraints: Faults 3 and 4 (see Figure 1); a conceptualized 24 degree pit-slope,
modelled from property boundaries, using a benchmark 24 degree pit-slope from several other
Nevada
lithium clay deposits.
I n
January 2024
, Nevada Sunrise staked an additional 73 unpatented lode claims at Gemini,
increasing the area of the Project to approximately 2,951 hectares (7,293 acres) contained within
353 lode claims. The Company is currently reviewing the Technical Report in order to effectively plan
a 2024 program and budget for Gemini.
About the Technical Report
The Gemini Inferred resource estimate was based on geochemical analyses for lithium from
samples of material collected from the rotary splitter in the reverse circulation drilling rigs contracted
by the Company, which produced a continuous, representative 3 to 5 kilogram sample for each
sample interval (see Nevada Sunrise news releases dated
April 21, 2022
,
April 28, 2022
,
May 18, 2022
, and
May 24, 2023
). Results of the drilling proved the existence of clays mineralized
with lithium, exhibiting very good geological continuity; the Inferred resource was calculated for
lithium carbonate hosted in the clays.
Drilling to date has tested only a small portion of the Project area within 844 acres, (342 hectares),
which represents approximately 12% of the area covered by Gemini's current area of 7,293 acres
(2,951 hectares) of Bureau of Land Management unpatented lode claims.
Figure 1. Gemini Lithium Project – Block Model Cross Sections with Conceptualized Open Pit
(Source: ABH Engineering Inc., 2024) (CNW Group/Nevada Sunrise Metals Corporation)
The technical information contained in this news release has been reviewed and approved by
Damir
Cukor
, P. Geo., who is a Qualified Person with respect to Nevada Sunrise's Gemini Lithium Project,
as defined under NI 43-101.
For further information on Gemini, 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 in
Esmeralda County, 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 at the
Kinsley Mountain Gold Project
near
Wendover, NV
, in a
joint venture with CopAur Minerals Inc. Due to its focus on lithium exploration and development in
Nevada
, the Company elected not to contribute to the 2023 exploration program at Kinsley Mountain
and has diluted its participating interest in the joint venture from 20.01% to an 18.74% interest.
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: the results and outcomes of the Company's
2022-2023 exploration activities and future plans at the Gemini Lithium Project; the calculation of a
National Instrument 43-101 compliant resource estimate for the Gemini Lithium Project; reliance
on technical information provided by third parties on any of our exploration properties; 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 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 Three
Months Ending
December 31
, 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
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/March2024/12/c3712.html
%SEDAR: 00026824E
For further information:
Warren Stanyer, President and Chief Executive Officer, email:
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 09:03e 12-MAR-24