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.
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.
1Technical
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
