Nevada Sunrise Regains 100% Interest in Gemini Lithium Project in Nevada
Nevada Sunrise Regains 100% Interest in
Gemini Lithium Project in Nevada
TSXV: NEV
VANCOUVER
,
Aug. 27, 2019
/CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the
"Company") (TSXV: NEV) is pleased to announce that it has increased its interest in the Gemini
Lithium Project ("Gemini", or the "Project") by acquiring the 50% interest in the Project previously
owned by KORE Mining Ltd. ("KORE") (TSXV: KORE).
Nevada Sunrise acquired Gemini in 2015 by claim staking in the Lida Valley,
Esmeralda County
,
Nevada, and later optioned a 50% interest to KORE's predecessor company Eureka Resources Inc.
("Eureka") in
January 2016
(see Nevada Sunrise news release dated
January 21
, 2016). On
September 21, 2016
, the Company entered into a definitive joint venture agreement with Eureka,
with both parties each holding a 50% participating interest. Eureka later amalgamated with KORE in
a transaction that closed in
October 2018
.
In
August 2019
, Nevada Sunrise and KORE executed a release agreement whereby KORE agreed
to relinquish its 50% interest in Gemini in exchange for cancellation of
US$16,390
owed to the
Company by KORE for property maintenance fees and exploration expenses incurred on Gemini.
About Gemini
Gemini is located in the western Lida Valley,
Esmeralda County
, in south central
Nevada
,
approximately 40 kilometres (26 miles) from the only producing lithium mine in
the United States
at
Silver Peak. The Project consists of 13 claims totaling 260 acres (105 hectares). 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, 2020
.
Gemini is situated in a flat, desert basin hosting two interpreted sub-basins with a similar geological
setting to the Clayton Valley. Geophysical work at Gemini carried out by Nevada Sunrise has
outlined conductive zones interpreted as brine horizons.
For further information on Gemini including a map showing its location, see the Company's website
under "Projects-Nevada Lithium" at:
http://www.nevadasunrise.ca/projects/nevadalithium/
John R. Kerr
, P. Eng., 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 in this news release.
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 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 National Instrument 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 properties, 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 Gemini,
Jackson Wash
, Neptune, Aquarius and Atlantis
lithium projects, all of which are located in
Esmeralda County, Nevada
. The Company also owns
Nevada water right Permit 44411 in the Clayton Valley, which was the subject of an administrative
hearing process and litigation in
Nevada
that was settled in
July 2019
.
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 Gemini property, reliance on technical information provided by third
parties on any of our exploration properties, including access to historical information on the
Gemini property, 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 Six Months Ended
March 31
, 2019, 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 08:30e 27-AUG-19