Nevada Sunrise Sells Remaining Interest IN Lovelock Cobalt MINE and Treasure Box Properties to Global Energy Metals Corp.
NEVADA SUNRISE SELLS REMAINING
INTEREST IN LOVELOCK COBALT MINE AND
TREASURE BOX PROPERTIES TO GLOBAL
ENERGY METALS CORP.
VANCOUVER, BC
,
May 2, 2023
/CNW/ -
Nevada Sunrise Metals Corporation
("Nevada Sunrise"
or the "Company") (TSXV: NEV) (OTC: NVSGF) announced today that it has signed a binding
purchase and sale agreement with Global Energy Metals Corp. ("GEMC", TSXV: GEMC) for GEMC
to acquire the Company's remaining 15% interest in the Lovelock Cobalt Mine and the Treasure Box
mineral properties (the "Properties") in Nevada (the "Transaction").
Upon closing of the Transaction (the "Closing"), consideration for the purchase of the Properties will
be paid to Nevada Sunrise in the form of 2,500,000 common shares of GEMC (the "Consideration
Shares"). Closing is planned to occur on or before
June 30, 2023
, subject to TSX Venture Exchange
approval and the satisfaction of certain other conditions. In addition to a regulatory 4-month hold
period, Nevada Sunrise has agreed to additional voluntary hold periods with respect to the
Consideration Shares, which will vest in four tranches over a 12-month period from their date of
issuance.
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 and lithium 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 a 20.01% interest in a joint venture at the Kinsley Mountain Gold
Project near
Wendover, NV
with Copaur Minerals Inc. 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 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
exploration activities and future exploration plans at its projects; 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
, 2022, 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
CO: Nevada Sunrise Metals Corporation
CNW 07:30e 02-MAY-23