Nevada Sunrise Reports Geophysical Surveys Continue to Identify New Drill Targets at Kinsley Mountain Gold Project, Nevada
Nevada Sunrise Reports Geophysical Surveys
Continue to Identify New Drill Targets at
Kinsley Mountain Gold Project, Nevada
TSXV: NEV
VANCOUVER, BC
,
Nov. 23, 2021
/CNW/ -
Nevada Sunrise Gold Corp. ("Nevada Sunrise",
or the
"
Company
") (TSXV: NEV) is pleased to announce that its joint venture partner, New Placer Dome
Gold Corp. ("New Placer Dome") (TSXV: NGLD) has completed the first half of the 2021 induced
polarization (IP)/resistivity geophysical surveys currently underway at the Kinsley Mountain Gold
Project ("Kinsley Mountain") in
Nevada
.
Nevada Sunrise
holds a 20.01% interest in the Kinsley
Mountain joint venture
, with
New Placer Dome, as operator, holding a 79.99% interest.
The first phase of the 2021 IP/resistivity geophysical surveys infilled the area between the Western
Flank Zone ("WFZ") and Shale Saddle 2020 survey grids. There is a correlation between enhanced
chargeability and drill-confirmed high-grade gold sulphide mineralization at the WFZ. At Shale
Saddle, anomalous gold values were discovered on the periphery of a 500 by 250 metre untested
chargeability anomaly.
Figure 1. Northeast-facing isometric view of the Kinsley Mountain Gold Project showing the 2020
and 2021 IP/resistivity survey chargeability inversions. (CNW Group/Nevada Sunrise Gold
Corporation)
Seven lines, totaling 30 line-kilometres, were completed during the first phase of surveying,
extending the existing 2020 Shale Saddle grid north to connect and overlap with the south end of the
WFZ grid (see Figure 1). Chargeability anomalies were detected on all lines, coincident with
modelled Secret Canyon shale rocks, the main host of high-grade sulphide gold mineralization at the
WFZ and Secret Spot. Drilling in 2020 by the Kinsley Mountain joint venture yielded high-grade gold
sulphide intercepts from the Secret Canyon shale including:
10.2 g/t gold (Au) over 6.1 metres
within a broader zone averaging
2.63 g/t Au over 38.1 metres
in KMR20-017 at the WFZ; and
11.3
g/t Au over 2.9 metres
within a broader zone grading
3.81 g/t Au over 11.6 metres
in KMD20-006
at Secret Spot (see Nevada Sunrise news releases dated
January 1, 2021
and
April 28, 2021
).
Significantly, the two holes are separated by a 1.5 kilometer expanse of largely untested Secret
Canyon stratigraphy.
The new chargeability anomalies occur within areas untested by previous drilling, with each line
producing one or more potential drill targets. Several anomalies are spatially associated with major
fault structures including the Kinsley NW Fault and the Transverse Fault, which correlate to WFZ and
Secret Spot gold mineralization, respectively. Together with anomalies identified by the 2020 Shale
Saddle survey, a broad north-south trending zone of elevated chargeability has been delineated over
a strike length of 1.5 kilometres.
New Placer Dome reports that the next phase of surveying currently underway extends the 2020
WFZ grid to the east, covering the Upper Kinsley Ridge pits and Notch Peak breccias. Two lines,
totaling 5 line-kilometres, are planned for the WFZ grid extension. An additional 45 line-kilometres
are planned for the underexplored
Kinsley North Range
, covering a total area of 25 square
kilometres of undrilled target host rocks.
Methodology and QA/QC
Seven IP/resistivity lines have been completed to date during 2021 infilling the area between the
WFZ and Shale Saddle target. The lines are spaced 150 metres apart, with line lengths ranging from
3.6 to 4.0 kilometres. Data were collected using the Direct Current Resistivity, Induced Polarization
("DCIP") method, on a 16-channel pole-dipole array with a dipole size (a-spacing) of 100 metres. A
GDD GRx16 receiver and GDD 5000W-2400V-20A IP Tx model Tx4 transmitter was used. Raw
data were loaded into GDD IP Post-Process software and Geosoft Oasis Montaj software for
quality control and review. The reviewed data were used to produce pseudo section plots of
apparent resistivity and apparent chargeability and were the input for the inversion. Inversions were
completed using the UBC-GIF DCIP2D inversion codes. Each line of data was inverted
independently. The resistivity and IP inversion is a two-step process. The resistivity inversion is run
first, and this model is used in the chargeability inversion. Multiple inversions were completed for
quality control.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and
approved by
Robert M. Allender, Jr.
, CPG, RG, SME
and a Qualified Person for Nevada Sunrise as
defined in National Instrument 43-101 –
Standards of Disclosure
for Mineral Projects
. Mr. Allender
has examined the information provided by New Placer Dome, which includes the data disclosed
underlying the information and opinions 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 20.01% interest in a joint venture with New Placer Dome Gold
Corp. (TSXV: NGLD) at the Kinsley Mountain Gold Project near
Wendover, NV.
Kinsley Mountain is
a Carlin-style gold project hosting a National Instrument 43-101 compliant gold resource consisting
of
418,000 indicated ounces of gold grading 2.63
g/t Au
(4.95 million tonnes), and 117,000
inferred ounces of gold averaging 1.51
g/t Au
(2.44 million tonnes), at cut-off grades ranging
from 0.2 to 2.0
g/t Au
1
.
1
Technical Report on the Kinsley Project,
Elko County, Nevada
, U.S.A., dated
June 21, 2021
with
an effective date of
May 5, 2021
and prepared by
Michael M. Gustin
, Ph.D., and
Gary L.
Simmons
, MMSA and filed under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR (
www.sedar.com
).
Nevada Sunrise has right to earn a 100% interest in the Coronado VMS Project, located
approximately 48 kilometers (30 miles) southeast of
Winnemucca, NV.
The Company owns a 15%
interest in the historic Lovelock Cobalt Mine and the Treasure Box copper properties, each located
approximately 150 kilometers (100 miles) east of
Reno, NV
, 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, NV.
The Company owns Nevada water right Permit 44411,
located within the Clayton Valley basin near Silver Peak, NV, which is currently subject to a purchase
and sale agreement with Cypress Development Corp., and water permit 86863, located in the Lida
Valley basin, near Lida, 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 interpretation and actual results of
historical production at Kinsley Mountain, reliance on technical information provided by third
parties on any of our exploration properties, including access to historical information on the
Kinsley Mountain property as well as specific historical data associated with drill results from the
property, technical information received from New Placer Dome Gold Corp., 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 New Placer Dome Gold Corp. to complete anticipated work programs; 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 ended
June 30
, 2021, 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. 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 23-NOV-21