Nevada Sunrise Updates Status of Drilling at the Kinsley Mountain Gold Project
Nevada Sunrise Updates Status of Drilling at
the Kinsley Mountain Gold Project
VANCOUVER, BC
,
July 17, 2023
/CNW/ -
Nevada Sunrise Metals Corp. ("Nevada Sunrise",
or
the "
Company
") (TSXV: NEV) (OTC: NVSGF) is pleased to announce that its joint venture partner,
CopAur Minerals Inc. ("CopAur", TSXV: CPAU) has reported to the Company that the first two core
holes of the 2023 drilling program at the Kinsley Mountain Gold Project ("Kinsley Mountain") totaling
607 metres (1,991 feet) have been completed in the Western Flank Zone ("WFZ"). Kinsley Mountain
is located near
Wendover
, in
Elko County, Nevada
.
CopAur also reports that drilling is now underway on the third planned core hole KMR23-03 at the
Kinsley Ridge IP geophysical target discovered in 2021 (Figure 1). The Kinsley Ridge IP target is
designed to test an undrilled area between the WFZ mineral resource and the past-producing Ridge
Pit.
Core cutting and sampling of the first WFZ core hole is now complete, and samples will be analyzed
at ALS Global in
North Vancouver, BC
,
Canada
for gold fire assays and multi-element analysis.
A second drill rig is now turning with the commencement of reverse circulation ("RC") drilling, as part
of the 3,500 metres (11,480 feet) combined RC and diamond core drilling program at Kinsley
Mountain (see Figure 1, and Nevada Sunrise news release dated
May 16, 2023
).
Near-surface oxide gold resource expansion RC drilling has now commenced at the Main Pit North
target (8 holes for a total of 1,200 metres (3,936 feet) planned) designed to further delineate a 2020
shallow oxide gold intercept of 9.83 grams/tonne ("g/t") gold over 7.6 metres (24.93 feet) in hole
KMR20-030. High-grade oxide gold mineralization at Main Pit North occurs within 120 metres (393.6
feet) depth from surface and 75 metres (246 feet) outside the current resource pit shell representing
a unique resource expansion opportunity given the high-grade and shallow depth of the mineralization
being targeted.
Following completion of RC drilling at the Main Pit North, the drill will move to the Secret Spot target
where drilling is planned to further explore at depth a new 2020 surface oxide gold discovery that
yielded 1.77 g/t gold over 25.3 metres (82.98 feet) in hole KMD20-
007B
in the centre of a northwest
trending gold-in-soil anomaly.
Kinsley Mountain hosts mineral resources comprising the high-grade sulphide WFZ and near-surface
oxide resources of 418,000 indicated ounces of gold at 2.63 g/t gold, and 117,000 inferred ounces
of gold at 1.51 g/t gold
1
. Indicated resources are inclusive of 302,000 ounces averaging 6.11 g/t
gold hosted within the Secret Canyon Shale at the WFZ. Kinsley Mountain was an historical past
producer that yielded 138,000 ounces of near-surface open pit oxide gold between 1995-1999.
_______________________________
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 and Gary L.
Simmons, and filed under New Placer Dome Gold Corp.'s issuer profile on SEDAR (www.sedar.com).
Figure 1. 2023 Planned RC & Diamond Drilling and Kinsley Ridge IP Target (CNW Group/Nevada
Sunrise Metals Corporation)
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 regarding the 2023 exploration program provided by CopAur, which
includes his review of the historical sampling, analytical and test data and procedures underlying the
information and opinions contained herein. True widths of the mineralized intervals contained in this
news release are interpreted to be between 60-90% of the reported lengths.
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 a 20.01% interest in a joint venture at the Kinsley Mountain Gold
Project near
Wendover, NV
with CopAur Minerals Inc. The Company has elected not to contribute
to the 2023 exploration program at Kinsley Mountain and expects to incur dilution of its participating
interest in the joint venture to an approximate 19.0% 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 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, information received from CopAur Minerals Inc., 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 CopAur Minerals Inc. to complete anticipated work programs; 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
,
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
CO: Nevada Sunrise Metals Corporation
CNW 07:30e 17-JUL-23