VANCOUVER, BC, May 24, 2023
/CNW/ - Nevada Sunrise Metals Corp. ("Nevada Sunrise", or
the "Company") (TSXV: NEV) (OTC: NVSGF) is pleased to announce
that the Company has received final geochemical analyses for
lithium mineralization in sediment samples collected from borehole
GEM23-05, drilled at its 100%-owned Gemini Lithium Project
("Gemini") located in the Lida Valley basin in Esmeralda County, Nevada. Borehole GEM23-05,
the third hole of the Phase 2 program, was completed to depth
of 1,740 feet (530.49 metres) for a cumulative total footage
drilled at Gemini beginning in March
2022 of 7,330 feet (2,234.76 metres) in five reverse
circulation ("RC") boreholes.
Highlights of GEM23-05
- Borehole GEM23-05 intersected 635.21 parts per
million ("ppm") lithium-in-sediment over 1,135 feet (346.04
metres) from 440 feet (134.15 metres) to 1,575 feet (480.18
metres), including 1,096.16 ppm lithium over 360 feet
(109.76 metres) and 1,308.42 ppm lithium over 180 feet
(54.88 metres) (see Table 1 below).
- Interpreted basement contact was made at 1,575 feet (480.18
metres) in a rhyolite flow sequence, which provides further
definition of the depth of the southern edge of the Gemini
sedimentary basin (see Figure 1 and Figure 2).
Table 1. Gemini
Lithium Project, Phase 1 & Phase 2 Drilling Results:
Lithium-in-Sediments
|
Depth
Interval
|
Thickness
|
Lithium
Weighted
Average
(ppm)
|
Hole
Number
|
From
(feet)
|
To
(feet)
|
From
(metres)
|
To
(metres)
|
Feet
|
Metres
|
GEM22-01
|
320
|
900
|
97.56
|
274.39
|
580
|
176.83
|
1,203.41
|
including:
|
480
|
780
|
146.34
|
237.80
|
300
|
91.46
|
1,578.19
|
|
|
|
|
|
|
|
|
GEM22-02
|
390
|
1,120
|
118.90
|
341.46
|
730
|
222.56
|
1,101.73
|
including:
|
990
|
1,120
|
301.83
|
341.46
|
130
|
39.63
|
2,217.69
|
and:
|
1,070
|
1,120
|
326.22
|
341.46
|
50
|
15.24
|
3,304.34
|
|
|
|
|
|
|
|
|
GEM22-03
|
280
|
1,410
|
85.37
|
429.88
|
1,130
|
344.51
|
929.80
|
including:
|
280
|
630
|
85.37
|
192.07
|
350
|
106.71
|
1,342.20
|
and:
|
470
|
500
|
143.29
|
152.44
|
30
|
9.15
|
1,955.73
|
|
|
|
|
|
|
|
|
GEM23-04
|
510
|
1,950
|
155.49
|
594.51
|
1,440
|
439.02
|
1,412.38
|
including:
|
1,270
|
1,380
|
387.20
|
420.73
|
110
|
33.54
|
3,556.82
|
and:
|
1,350
|
1,380
|
411.59
|
420.73
|
30
|
9.15
|
4,329.60
|
|
|
|
|
|
|
|
|
GEM23-05
|
440
|
1,575
|
134.15
|
480.18
|
1,135
|
346.04
|
635.21
|
including:
|
850
|
1,210
|
259.15
|
368.90
|
360
|
109.76
|
1,096.16
|
and:
|
950
|
1,130
|
289.63
|
344.51
|
180
|
54.88
|
1,308.42
|
Note: Sediment samples are a composite
of material collected from the rotary splitter in the
RC drilling rig, which produces a continuous,
representative 3 to 5 kilogram sample for each sample
interval. All depth measurements reported, including
sample and interval widths are down-hole. As holes at
Gemini are oriented vertical and geologic stratigraphy is
primarily horizontal to sub-horizontal, downhole measurements are
assumed to be close to true thickness.
|
Nevada Sunrise believes that the southern and western parts of
the Gemini basin are highly prospective for additional lithium
mineralization and that further drilling could eventually define a
large lithium resource. The Company is in discussions with a
Vancouver, BC-based engineering
firm to commission a National Instrument 43-101-compliant resource
estimate and a Preliminary Economic Assessment of the
lithium-bearing zones at Gemini (Figure 1).
Groundwater analyses for the remaining Phase 2 drilling program
water samples are still in progress and will be released when
received, compiled and interpreted.
About the 2022-2023 Gemini
Drilling Program
In March and April 2022, Nevada
Sunrise drilled two RC boreholes for a total of 2,020 feet (615.85
metres) in its maiden drilling program at Gemini. The drill sites
were located within a defined gravity low that hosts conductive
layers detected by historical ground electromagnetic surveys. The
results from the first two holes at Gemini represented a new
discovery of lithium mineralization in the western Lida Valley,
which was not historically drill tested for lithium (see Nevada
Sunrise news release dated May 18,
2022). Three additional boreholes were completed from
October 2022 to April 2023, with each intersecting lithium
mineralization.
In July 2022, Nevada Sunrise
received a permit for an expanded drilling area from the Bureau of
Land Management (the "BLM") good until July
2024 and began Phase 2 drilling at Gemini in October
2022.
For further information on Gemini, including maps and photos
click here
About Gemini
Gemini consists of 582 unpatented placer and lode claims located
in the western Lida Valley, Esmeralda
County, approximately 6 miles (10 kilometres) east of the
town of Lida, Nevada. The Lida
Valley is a flat, arid basin with a similar geological setting to
the better-known Clayton Valley
basin where Albemarle Corporation operates the Silver Peak lithium
brine mine, which has operated continuously since 1966.
Gemini is situated adjacent to the Gold Point Solar Energy Zone,
a BLM land reserve set aside for solar and wind power generation
projects until 2033. Exploration at Gemini is complemented by the
Company's 80.09 acre/feet/year water right, a pre-requisite for the
exploration and development of lithium brine projects in
Nevada.
Sampling and Analytical QA/QC and
Statement of Qualified Person
Sediment Sample Collection and Analysis
Sediment samples described in this new release are a composite
of material collected from the rotary splitter in the RC drilling
rig, which produces a continuous, representative 3 to 5 kilogram
sample for each sample interval. Samples were submitted to
American Assay and ALS Global USA
in Reno, NV and were analyzed
utilizing a multi-element ICP-AES method. Specifically, the
analytical method involves aqua regia digestion of the sample
followed by the inductively coupled plasma (ICP) technique to
ionize the sample, and atomic emission spectrometry (AES) to
determine elemental concentrations. Duplicates, field blanks, and
certified reference standards were inserted at regular intervals in
the sample stream to ensure accuracy of the analytical method. All
depth measurements reported, including sample and interval widths
are downhole. As holes at Gemini are oriented vertical and geologic
stratigraphy is primarily horizontal to sub-horizontal, downhole
measurements are assumed to be close to true thickness.
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.
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, with
no applicable royalties, 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. 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.
("GEMC") holding an 85% participating interest and a transaction
pending for GEMC to own a 100% interest.
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 plans
at 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 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