VANCOUVER, BC, Feb. 28,
2023 /CNW/ - Nevada Sunrise Metals Corp.
("Nevada Sunrise", or the "Company") (TSXV: NEV) (OTC:
NVSGF) is pleased to announce that the Company has received
initial geochemical analyses for lithium mineralization in sediment
and groundwater samples collected from the first 1,500 feet (457.32
metres) of borehole GEM23-04, drilled at its 100%-owned Gemini
Lithium Project ("Gemini") located in the Lida Valley basin in
Esmeralda County, Nevada. Drilling
of borehole GEM23-04 began on January 10,
2023 and was completed to a depth of 1,950 feet (594.51
metres) on February 22, 2023, which
represents the deepest hole drilled to date at Gemini. The
remaining samples collected in the final 450 feet (137.20 metres)
of hole GEM23-04 are still in analytical process.
Highlights of GEM23-04
- Borehole GEM23-04 intersected 1,321.76 parts per
million ("ppm") lithium-in-sediment over 990 feet (301.83
metres) from 510 feet (155.49 metres) to 1,500 feet (457.32
metres), including 3,556.82 ppm lithium over 110 feet (33.54
metres) and 4,329.60 ppm lithium over 30 feet (9.15 metres)
(see Table 1 below);
- Water sample analyses showed anomalous concentrations of
lithium in groundwater flows, notably an average of 116.43
milligrams/litre ("mg/L") lithium over 140 feet (42.69 metres),
including intervals of 180 mg/L lithium from 1,200 to
1,220 feet (365.85 to 371.95 metres), 230 mg/L lithium from
1,260 to 1,280 feet (384.15 to 390.24 metres), and 200 mg/L
lithium from 1,320 to 1,340 feet (402.44 to 408.54 metres). A
second discrete interval higher up in the borehole returned 200
mg/L lithium over 20 feet (6.1 metres) from 1,100 to 1,120 feet
(335.37 to 341.46 metres) (see Table 2 below);
- GEM23-04 was completed at a location approximately 0.70
miles (1.13 kilometres) southwest of GEM22-01 and 0.65 miles (1.04
kilometres) northwest of GEM22-02, thereby successfully extending
the lithium mineralized zone at Gemini to the west.
Table 1. Initial Results of Lithium-in-Sediment Samples
for Borehole GEM23-04
Gemini Lithium
Project - Borehole GEM23-04
|
Depth
Interval
|
Thickness
|
Lithium
(Weighted
average:
ppm)
|
From
(feet)
|
To
(feet)
|
From
(metres)
|
To
(metres)
|
Feet
|
Metres
|
510
|
1,500
|
155.49
|
457.32
|
990
|
301.83
|
1,321.76
|
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
|
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.
Table 2: Initial Results of Lithium-in-Water Samples
for Borehole GEM23-04
Borehole GEM23-04
Water Sample Results
|
Interval
|
Thickness
|
Lithium
(mg/L)
|
From
(ft.)
|
To
(ft.)
|
From
(m)
|
To
(m)
|
Feet
|
Metres
|
1,100
|
1,120
|
335.37
|
341.46
|
20
|
6.1
|
200
|
1,200
|
1,340
|
365.85
|
408.54
|
140
|
408.54
|
116.43
(avg.)
|
including
|
1,200
|
1,220
|
365.85
|
371.95
|
20
|
6.1
|
180
|
and
|
1,260
|
1,280
|
384.15
|
390.24
|
20
|
6.1
|
230
|
and
|
1,320
|
1,340
|
402.44
|
408.54
|
20
|
6.1
|
200
|
The Phase 2 drilling program at Gemini continues with borehole
GEM23-05, currently underway, collared approximately 1.02 miles
(1.64 kilometres) southeast of borehole GEM23-04, and 0.54 miles
(0.87 kilometres) south of borehole GEM22-02.
To date, the Company has intersected significant intervals of
lithium mineralization both in sediments and groundwater in all
four holes completed since the inception of drilling. Nevada
Sunrise believes that the southern and western parts of the Gemini
basin could host higher concentrations of lithium and further
drilling could eventually define a large lithium resource. The
Company is enacting its exploration plan to drill deeper holes at
Gemini with the goal of: (1) intersecting wide intervals of
lithium-bearing sediments and (2) locating higher concentrations of
lithium-in-water coincident with significant groundwater flow
rates.
About the 2022-2023 Gemini Drilling Program
Nevada Sunrise drilled two reverse circulation ("RC") boreholes
for a total of 2,020 feet (615.85 metres) in its maiden drilling
program at Gemini in March and April
2022. 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-bearing sediments and
lithium-in-water in the western Lida Valley, which was not
historically drill tested for lithium mineralization (see Nevada
Sunrise news releases dated May 18,
2022 and June 6,
2022). Borehole GEM22-03, drilled to 1,620 feet
(493.9 metres) intersected the same sequence of volcanic ash
sediments as was found in GEM22-01 and GEM22-02, and similar
geologic formations are observed in borehole GEM23-04, and
GEM23-05, still in progress.
In July 2022, Nevada Sunrise
received a permit for an expanded drilling area from the Bureau of
Land Management (the "BLM") and began Phase 2 drilling at Gemini in
October 2022. Up to six boreholes are planned in Phase 2 for
an estimated total of 8,000 feet (2,439 metres) of drilling.
For further information on Gemini, including drill hole location
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.
Water Sample Collection and Analysis
Water parameters including TDS, conductivity, temperature, and
pH values were obtained in the field by direct
measurement with a handheld YSI556 Multi-parameter water
meter, which meets Good Laboratory Practice (as proscribed by the
Organization for Economic Cooperation and Development) for
calibration and measurement.
Groundwater samples were collected at 20-foot (6.1-metre)
intervals and sent to Western Environmental Testing Laboratory in
Reno, Nevada under project
chain-of-custody protocols for analysis. Industry standard
methods for examination of water were employed by the laboratory.
General chemistry testing included analysis for specific gravity,
total hardness, total alkalinity, bicarbonate, carbonate,
hydroxide, total dissolved solids (TDS) and electrical
conductivity. Anions (chloride, sulfate) were analyzed by ion
chromatography. Trace metals (lithium, magnesium, boron, calcium,
potassium, strontium, and sodium) were analyzed by inductively
coupled plasma-optical emission spectroscopy (ICP-OES) methods.
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 gold, copper, cobalt and lithium exploration projects
located in the State of Nevada,
USA.
Nevada Sunrise owns 100% interests in the Gemini and
Jackson Wash lithium projects, both
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.
holding an 85% participating 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 Gold Corporation