Nevada Sunrise Releases Maiden Resource Estimate of 7.1 Million Tonnes LCE on its Gemini Lithium Project, Nevada
Nevada Sunrise Releases Maiden Resource
Estimate of 7.1 Million Tonnes LCE on its
Gemini Lithium Project, Nevada
VANCOUVER, BC
,
Jan. 23, 2024
/CNW/ -
Nevada Sunrise Metals Corporation
(TSXV: NEV)
(OTCBB: NVSGF)
("Nevada Sunrise" or the "Company")
is pleased to announce that ABH
Engineering Inc. ("ABH") of
Surrey, BC
,
Canada
has completed a maiden resource estimate on the
Gemini Lithium Project ("Gemini", or the "Project") in
Nevada, USA
within the regulations of National
Instrument 43-101 (the "Technical Report"). Nevada Sunrise plans to file the Technical Report within
the next 45 days. It comprises a detailed review of the completed exploration programs,
an Inferred resource estimate, interpretations and conclusions and recommendations for the next
phase(s) of work.
The Gemini resource estimate was based on geochemical analyses for lithium from composite
samples of material collected from the rotary splitter in the reverse circulation ("RC") 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.
Highlights of the 2024 Gemini Inferred Resource Estimate
2022-2033 drilling at Gemini was based on targets selected from geological mapping and
geophysical surveys that included a detailed gravity survey and two time-domain
electromagnetic ("TDEM") surveys.
Two phases of drilling were completed in five (5) RC holes totaling 7,330 feet (2,234.18
metres):
Phase 1 drill holes GEM22-01 and GEM22-02 totaled 2,020 feet (615.85 metres);
Phase 2 drill holes GEM22-03, GEM23-04 and GEM23-05 – 5,310 ft (1,618.49 metres)
Drilling to date has tested only a small portion of the Project area within 844 acres, (342
hectares), which represents approximately 15%, of the area covered by the 5,600 acres (2,266
hectares) of Bureau of Land Management unpatented lode claims.
The deposit 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.
Additional information from the metallurgical work performed by Nevada Sunrise, especially the
lithium recovery rate and the fact that LCE was produced in a bench-test study, is described in the
Company's news releases dated
June 5, 2023
and
July 31, 2023
.
Figure 1.
Gemini Lithium Project – Block Model Cross Sections with Conceptualized Open Pit
(Source: ABH Engineering Inc.) (CNW Group/Nevada Sunrise Metals Corporation)
"We are very pleased that the maiden resource estimate has exceeded expectations," said
Warren
Stanyer
, President and CEO of Nevada Sunrise. "With only five holes drilled to date in just 15% of
the project area, Gemini has emerged as one of the world's largest lithium resources, and the fourth
largest in
the United States
. We look forward to additional exploration at the Project to effectively
expand the size of the resource, leading to the production of a preliminary economic assessment."
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 National Instrument 43-101.
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 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 07:30e 23-JAN-24