Nevada Sunrise Announces Commencement of Airborne Survey on Coronado VMS Property in Nevada
TSX VENTURE: NEV
July 19, 2018, VANCOUVER /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce that an airborne electromagnetic survey has commenced on the Coronado VMS property ("Coronado", or the "Property"), located in the Tobin and Sonoma Range of Pershing County, Nevada, approximately 30 miles (48 kilometers) southeast of Winnemucca.
"Nevada Sunrise continues to search for undiscovered value in mineral-rich Nevada, considered to be one of the best exploration districts in the world," said Warren Stanyer, President and CEO of the Company. "We look forward to seeing the results of the VTEM™ survey, which is well-suited to detect VMS-style mineralization."
The VTEM™ (Versatile Time Domain Electromagnetic) survey totalling 648 line kilometres is contracted to Geotech Ltd. of Aurora, Ontario, Canada, and is designed to cover areas of the Tobin and Sonoma Range that are interpreted to be prospective for volcanogenic massive sulphide ("VMS") mineralization. Geotech's VTEM™ airborne survey method is renowned for its depth penetration, its detection of discrete conductive electromagnetic anomalies and for mapping geologic structure and lithology. The presence of the past-producing Big Mike copper mine within the boundaries of the Property and numerous other mineral showings in the area indicates that the potential exists for other VMS deposits within Coronado. The Big Mike deposit and other VMS showings lie within the Late Devonian to Late Permian-age Havallah volcanic-sedimentary sequence. To the best of the Company's knowledge, this overlooked Paleozoic greenstone belt has never been surveyed by modern airborne electromagnetic methods. If the results of the VTEM™ survey warrant, Nevada Sunrise will exercise its right to proceed to a definitive agreement for Coronado (for further details regarding the acquisition of Coronado, see Nevada Sunrise news release dated June 7, 2018).
Coronado currently consists of approximately 236 located unpatented claims totaling approximately 4,720 acres (1,910 hectares) located over an interpreted trend adjacent to the historic Big Mike copper mine ("Big Mike"). Big Mike was discovered in the 1930s when a shallow, oxidized portion (gold-bearing gossan) of the deposit was located by prospectors. The area was explored further in the late 1960s by Cerro Corp. and a deeper (greater than 300 feet, or 91 meters) high-grade (supergene-enriched) massive sulphide lens was discovered by diamond core drilling. In 1970, Ranchers Exploration and Development Company ("Ranchers") developed the high-grade portion of the deposit with a small open pit mine that produced approximately 25 million pounds of copper in 100,000 tons of ore grading 10.5% copper, which was shipped directly to a smelter in West Germany. Heap leaching of lower-grade disseminated copper ore was also carried out by Ranchers; approximately 300,000 tons of mineralized rock was treated. Historical sampling also shows the presence of cobalt at Big Mike, with values in the deposit ranging up to 2,500 parts per million cobalt, or 0.25% (Rye et al, Economic Geology, Vol. 79, 1984).
Theodore DeMatties, CPG, PG, 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 herein. Readers are cautioned that some of the technical information described in this news release is historical in nature; however, the information is deemed credible and was produced by professional geologists of the eras discussed. Mineralization located on adjacent properties by historical exploration may not be present on Coronado.
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, cobalt, copper and lithium exploration projects in the State of Nevada, USA.
The Company's two key gold assets include a 100% interest in the Golden Arrow project near Tonopah, currently the subject of a transaction with Emgold Mining Corporation (TSXV: EMR), and a 21% interest in a joint venture at Kinsley Mountain with Liberty Gold Inc. (TSX: LGD) near Wendover, with each of the properties subject to certain production royalties.
In November 2017, Nevada Sunrise announced an option to earn a 100% interest in the historic Lovelock Cobalt Mine property, located approximately 100 miles (150 kilometers) east of Reno. In March 2018, the Company announced options to earn 100% interests in the Treasure Box and Boyer Mine copper properties, located approximately 3.6 miles (5.8 kilometers) southwest of the Lovelock Cobalt Mine.
Nevada Sunrise began acquisitions of Nevada lithium properties in 2015, which includes 100% interests in the Neptune, Jackson Wash and Aquarius projects, a 50% interest in the Gemini project (Eureka Resources Inc. (TSXV: EUK) holds a 50% interest), and a 100% interest in the Atlantis project, currently under option to American Lithium Corp. (TSXV: LI).
Forward Looking Statements
All statements in this release, other than statements of historical fact, are "forward-looking information" with respect to Nevada Sunrise Gold Corporation ("Nevada Sunrise") within the meaning of applicable Canadian securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future price of gold and other metals, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of current or future mineral resource estimates or other studies, proposed exploration and development of our exploration properties and the estimation of mineral resources on the Company's mineral properties, including the Coronado property. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. 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 actual results of proposed exploration at the Coronado property, reliance on technical information provided by third parties on any of our exploration properties, including access to and interpretation of historical information on the Coronado property as well as specific historical data associated with drill results and sampling from the adjacent areas to the Coronado property, information from the public domain, 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 Nevada Sunrise or its contractors 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, 2018, 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.
Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Nevada Sunrise, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Nevada Sunrise does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.
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.