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73d036b1-d8b8-4fa8-b12f-2800dfd3fcfd.pdf
May 19, 2016 For Immediate Release
News Release TSXV: NEV
NEVADA SUNRISE PROVIDES UPDATE ON NEVADA LITHIUM PROJECTS
Aquarius Project ("Aquarius")
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83 unpatented placer claims totaling 1,660 acres (672 hectares);
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Located in the Clayton Valley, approximately 3 miles (5 kilometres) southwest of the Silver Peak Mine operated by Albemarle Corporation (NYSE: ALB), the only producing lithium mine in North America;
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Nevada Sunrise owns a 100% interest in Aquarius with no applicable royalties;
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Aquarius was staked in January 2016 following a review of the results of proprietary gravity surveys carried out by a geological team led by Dr. John Oldow of the University of Texas, Dallas, which outlined a strong gravity low indicative of a deep, faulted sub-basin;
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A follow-up time domain electromagnetic ("TDEM") survey carried out by Nevada Sunrise in March 2016 detected conductive horizons at depths ranging between 250 and 450 metres;
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Nevada Sunrise plans to submit a permit application to the U.S. Bureau of Land Management (the "BLM") for a drill program to test for lithium brines at Aquarius.
Clayton Northeast Project ("Clayton NE")
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50 unpatented placer claims totaling 1,000 acres (405 hectares);
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Located in the Clayton Valley contiguous to the eastern boundary of the Silver Peak Mine;
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Several lithium brine production wells are situated within 100 metres west of the Clayton NE claim boundary;
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Nevada Sunrise has an option to earn 100% interest subject to a 3% gross overriding royalty ("GOR");
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A historical USGS drill hole (CV-5) located on Clayton NE was drilled to a depth of 479 feet (146 metres) and encountered lithium values in ground water ranging from 24 parts per million ("ppm") to 110 ppm lithium, averaging 69.3 ppm lithium for a group of 11 samples, and averaging 65.75 ppm lithium for another group of 12 samples, analyzed both in the laboratory and in the field;
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Nevada Sunrise plans to submit a drill permit application to the BLM to test for lithium brines with deeper holes than those drilled by the USGS in the 1970s.
Neptune Project ("Neptune")
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316 unpatented placer claims totaling approximately 6,320 acres (2,557 hectares);
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Located in the Clayton Valley approximately 10 miles (15 km) south of the Silver Peak Mine;
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Nevada Sunrise has an option to earn a 100% interest, subject to a 3.0% GOR;
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Resolve Ventures Inc. (TSXV: RSV) has earned an initial 25% working interest in Neptune from Nevada Sunrise and can earn up to a 50% working interest after completing certain cash and share payments to Nevada Sunrise, and by incurring up to CDN$1.0 million in exploration expenditures over a 3-year period;
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Nevada Sunrise has completed two exploration holes at Neptune: Hole N-2016-1 was drilled to a total depth of 1,500 feet (457 metres) targeting a conductive horizon detected by a 2011 controlled source audio magneto telluric ("CSAMT") survey carried out by a previous operator. A second hole, N-2016-6R, was drilled to a total depth of 1,760 feet (537 metres). In each of the completed holes, permeable sedimentary, lacustrine strata interbedded with volcanic ash and ejecta was logged at various levels throughout the holes. A total of 45 water samples and 256 sediment cuttings samples were collected and sent for multi-element analysis. Analytical results will be released after their receipt, compilation and interpretation;
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Nevada Sunrise has completed the construction of two additional drill pads and plans to resume drilling on additional targets at Neptune developed from gravity surveys and TDEM data.
Gemini Project ("Gemini")
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247 placer claims totaling 4,940 acres (2,000 hectares)
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Located in the Lida Valley, a desert basin with a similar geological setting to the established Clayton Valley basin, approximately 6 miles (10 kilometres) east of the town of Lida, Nevada;
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Nevada Sunrise acquired a 100% interest in Gemini by staking, with no applicable royalties;
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Eureka Resources Inc. ("Eureka") (TSXV: EUK) can acquire a 50% working interest in a joint venture at Gemini by reimbursing Nevada Sunrise approximately $96,800 for Gemini's acquisition and exploration costs (paid) and by issuing to the Company 300,000 shares of Eureka, such issuance subject to acceptance by the TSX Venture Exchange;
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Dr. John Oldow's geological research team collected approximately 500 gravity measurements along 7 transects crossing the Lida Valley, which indicated strong gravity lows within two, faulted sub- basins approximately 7 kilometres (4.5 miles) apart, each interpreted to be hundreds of metres deep;
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Two separate TDEM surveys over Gemini West and Gemini East carried out in 2016 have each detected conductive zones within the sub-basins interpreted to represent conductive brines at depth located well below the non-conductive sediments at and near surface.
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Nevada Sunrise plans to submit a permit application to the BLM for a drill program to test for lithium brines at Gemini.
Jackson Wash Project ("Jackson Wash")
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130 unpatented placer claims totaling approximately 2,600 acres (1,052 hectares)
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Located in the Lida Valley on the east side of the Montezuma Range;
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Nevada Sunrise has an option to earn a 100% interest, subject to a 3.0% GOR;
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A previous operator sampled deposits of obsidian fragments on the valley floor, which returned lithium values ranging from 97.3 ppm lithium to 117.0 ppm lithium (R. M. Allender, Jr., 2011);
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Results of a detailed gravity survey and two CSAMT lines surveyed in 2011 by a previous operator were interpreted as a layered sequence of unconsolidated, saturated alluvial sediments filling a deep basin beneath the valley floor;
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Nevada Sunrise is planning the first test of the Jackson Wash basin with a 3 to 4-hole drill program of holes up to 400 metres deep to test specific structural and stratigraphic targets believed prospective for lithium brine deposits;
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A drill permit good for 10 holes over a 2-year period was granted by the BLM in February 2016.
Atlantis Project ("Atlantis")
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69 placer claims and 19 association placer claims, comprising a total of 2,882 acres;
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Located in the Fish Lake Valley basin, which exhibits similar geological and geophysical characteristics to the Clayton Valley basin southeast of Atlantis;
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Nevada Sunrise has an option to earn a 100% interest, subject to a 3.0% GOR;
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American Lithium Corp. (TSXV: LI) has recently acquired an option from a private BC company to earn up to an 80% interest in Atlantis from Nevada Sunrise after completing certain cash and share payments to the Company, and by incurring up to US$1.0 million in exploration expenditures over a 3-year period;
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Dr. John Oldow's detailed gravity survey work at Atlantis has defined a deep, sub-basin;
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USGS historical drill hole FL-11a, located outside the eastern boundary of Atlantis and approximately 3 miles (4.5 kilometres) east of the centre of the interpreted sub-basin, was drilled to a depth of 450 feet (147 metres) and encountered lithium values in sediments ranging from 10 ppm to 115 ppm and averaging 61.7 ppm for 67 samples analyzed.
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Geophysical exploration at Atlantis in the form of additional gravity and electromagnetic surveys would assist in determining if conductive brines might be present at depth, followed by drilling of interpreted geophysical targets.
Robert M. Allender, Jr., CPG, RG, SME 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.
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 nine exploration projects in the State of Nevada, USA. Nevada Sunrise began acquisitions of Nevada lithium properties in September 2015. Our three key gold assets include a 21% interest in a joint venture with Pilot Gold Inc. (TSX: PLG) at Kinsley Mountain near Wendover, a 100% interest in the Golden Arrow project near Tonopah, and a 100% interest in the Roulette gold property in the southeastern Carlin trend near Ely, with each of the properties subject to certain production royalties.
For Further Information Contact:
Warren Stanyer, President and Chief Executive Officer Telephone: (604) 428-8028
Facsimile: (604) 484-7143
Email: [email protected]
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 lithium, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, or other study, proposed exploration and development of our exploration properties and the estimation of mineral resources. 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 interpretation and actual results of historical exploration at its lithium properties, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on its lithium properties, 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; 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 Year Ended December 31, 2015, 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.
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