TSX Venture Exchange: NEV
VANCOUVER, BC , Dec. 15, 2020 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) announced today that 2020 exploration programs have concluded at the Kinsley Mountain Gold Project ("Kinsley Mountain") near Wendover, NV , and at the Coronado VMS Project ("Coronado") near Winnemucca, NV.
Kinsley Mountain Gold Project Update
Nevada Sunrise's joint venture partner New Placer Dome Gold Corp. ("New Placer Dome", TSXV: NGLD) has provided the following update to the Company on drilling statistics for the 2020 exploration program, which was completed in the last week of November 2020 . Nevada Sunrise holds a 20.01% interest in Kinsley Mountain, with New Placer Dome, as operator, holding a 79.99% interest.
New Placer Dome has advised the Company that a total of 17,970 metres (58,956.7 feet) was drilled at Kinsley Mountain in the 2020 drilling program, consisting of 39 reverse circulation ("RC") drill holes totaling 13,610 metres (44,652 feet) and 10 diamond drill core holes totaling 4,360 metres (14,304 feet). Samples are being processed at the ALS Geochemistry laboratory in North Vancouver, BC . Analytical results from the program are pending, and will be released when received, compiled and interpreted.
About Kinsley Mountain
Kinsley Mountain is a Carlin-style gold project hosting a National Instrument 43-101 ("N.I. 43-101") compliant gold resource consisting of 418,000 indicated ounces of gold grading 2.63 grams/tonne ("g/t") gold (4.95 million tonnes), and 117,000 inferred ounces of gold averaging 1.51 g/t gold (2.44 million tonnes), at cut-off grades ranging from 0.2 to 2.0 g/t gold 1 .
1 Technical Report and updated estimate of mineral resources on the Kinsley Project, Elko County, Nevada , U.S.A., effective January 15, 2020 and prepared by Michael M. Gustin , Ph.D., CPG, Moira Smith , Ph.D., P.Geo. and Gary L. Simmons , MMSA under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR ( www.sedar.com ).
Coronado VMS Project Update
A drilling program at Coronado began in early November, 2020. Two diamond drill holes were collared at locations identified by the previous airborne Versatile Time Domain Electromagnetic ("VTEM EM ") geophysical survey as optimal for penetration of the interpreted conductor. A total of 250.76 metres (822.7 feet) was drilled in the two diamond core holes. Each of the drill holes encountered difficulty penetrating through the overburden and viscous clay layers, and the bedrock targets were not intersected.
DDH-COR20-01 was drilled to 151.37 metres (496.6 feet), at which depth ground conditions made further advance impossible. The drill hole encountered a fault zone composed of clay gouge and breccia at 136.89 metres (449.1 feet). Drilling continued through this zone for 14.48 metres (47.5 feet) until the hole was abandoned. This fault zone intersection may represent an extension of the thrust fault encountered in the Company's previously drilled hole DDH-COR18-01. Formations identified in the core indicate that surface colluvium and the upper part of the Havallah greenstone sequence are situated above the fault as in DDH-COR18-01.
DDH-COR20-02 was drilled through the surface colluvium to a depth of 99.39 metres (326.1 feet), at which depth further advance was impeded by a viscous clay layer. This viscous clay is either a layer within the surface colluvium or it may be associated with a fault gouge zone at this depth.
Nevada Sunrise intends to test the Coronado South conductor in a future drilling program with a combination of RC drilling and diamond drilling to penetrate the problematic layers of overburden and continue into bedrock to best intersect the strong VTEM EM airborne conductor detected by the Company in 2018.
Coronado currently consists of 133 located unpatented claims totaling approximately 1,113 hectares (2,748 acres) located over an interpreted trend adjacent to the historic Big Mike open pit copper mine that lies within the Middle Pennsylvanian to Late Permian-age Havallah volcanic-sedimentary sequence. The Company's land position controls an important 11.3 kilometres (seven-mile long) regional trend along which several VMS showings, one high-grade copper deposit (the Big Mike mine) and at least two high priority airborne VTEM TM" anomalies have been identified within the Early Pennsylvanian–early Late Permian Pumpernickel Formation of the Havallah sequence.
Robert M. Allender, Jr. , CPG, RG, SME is the Company's designated Qualified Person for this news release within the meaning of N.I. 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 and mining operations 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, copper, cobalt and lithium exploration projects located in the State of Nevada, USA .
The Company's key gold asset is a 20% interest in a joint venture with New Placer Dome Gold Corp. (TSXV: NGLD) at the Kinsley Mountain Gold Project near Wendover where an extensive drilling program concluded in late November 2020 .
Nevada Sunrise has right to earn a 100% interest in the Coronado VMS Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca . The Company owns a 15% interest in the historic Lovelock Cobalt Mine and the Treasure Box copper property, each located approximately 150 kilometers (100 miles) east of Reno , 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 . The Company owns Nevada water right Permit 44411, located within the Clayton Valley basin near Silver Peak, Nevada .
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.
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.
SOURCE Nevada Sunrise Gold Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2020/15/c6546.html