VANCOUVER, BC, Jan. 23,
2024 /CNW/ - Nevada Sunrise Metals Corporation
(TSXV: NEV) (OTCBB: NVSGF) ("Nevada Sunrise" or the
"Company") is pleased to announce that ABH Engineering Inc.
("ABH") of Surrey, BC,
Canada has completed a maiden
resource estimate on the Gemini Lithium Project ("Gemini", or the
"Project") in Nevada, USA within
the regulations of National Instrument 43-101 (the "Technical
Report"). Nevada Sunrise plans to file the Technical Report
within the next 45 days. It comprises a
detailed review of the completed exploration
programs, an Inferred resource
estimate, interpretations and conclusions and
recommendations for the next phase(s) of work.
The Gemini resource estimate was based on geochemical analyses
for lithium from composite samples of material collected from the
rotary splitter in the reverse circulation ("RC") drilling rigs
contracted by the Company, which produced a continuous,
representative 3 to 5 kilogram sample for each sample
interval (see Nevada Sunrise news releases dated
April 21, 2022,
April 28, 2022,
May 18, 2022, and
May 24, 2023). Results of the
drilling proved the existence of clays mineralized with lithium,
exhibiting very good geological continuity; the Inferred resource
was calculated for lithium carbonate hosted in the clays.
Highlights of the 2024 Gemini Inferred Resource
Estimate
- 2022-2033 drilling at Gemini was based on targets selected from
geological mapping and geophysical surveys that included a detailed
gravity survey and two time-domain electromagnetic ("TDEM")
surveys.
- Two phases of drilling were completed in five (5) RC holes
totaling 7,330 feet (2,234.18 metres):
- Phase 1 drill holes GEM22-01 and GEM22-02 totaled 2,020 feet
(615.85 metres);
- Phase 2 drill holes GEM22-03, GEM23-04 and GEM23-05 – 5,310 ft
(1,618.49 metres)
- Drilling to date has tested only a small portion of the Project
area within 844 acres, (342 hectares), which represents
approximately 15%, of the area covered by the 5,600 acres (2,266
hectares) of Bureau of Land Management unpatented lode claims.
The deposit remains open in all directions and at depth. The
Inferred resource estimate comprises, in an open pit-constrained
resource:
- Approximately 1.3 million tonnes Lithium, or 7.1
million tonnes lithium carbonate equivalent
("LCE") contained within 1,200 million tonnes of
lithium-mineralized clay at an average grade of approximately 1,130
parts per million ("ppm") Lithium;
- Lithium cut-off values of 400 ppm Lithium and density of
1.7 grams per cubic centimetre ("gm/cm3") were used.
- Model constraints: Faults 3 and 4 (see Figure 1); a
conceptualized 24 degree pit-slope, modelled from property
boundaries, using a benchmark 24 degree pit-slope from several
other Nevada lithium clay
deposits.
Additional information from the metallurgical work performed by
Nevada Sunrise, especially the lithium recovery rate and the fact
that LCE was produced in a bench-test study, is described in the
Company's news releases dated June 5,
2023 and July 31,
2023.
"We are very pleased that the maiden resource estimate has
exceeded expectations," said Warren
Stanyer, President and CEO of Nevada Sunrise. "With only
five holes drilled to date in just 15% of the project area, Gemini
has emerged as one of the world's largest lithium resources, and
the fourth largest in the United
States. We look forward to additional exploration at the
Project to effectively expand the size of the resource, leading to
the production of a preliminary economic assessment."
The technical information contained in this news release has
been reviewed and approved by Damir
Cukor, P. Geo., who is a Qualified Person with respect to
Nevada Sunrise's Gemini Lithium Project, as defined under National
Instrument 43-101.
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, 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 at the Kinsley Mountain
Gold Project near Wendover,
NV, in a joint venture with CopAur Minerals Inc. Due to its
focus on lithium exploration and development in Nevada, the Company elected not to contribute
to the 2023 exploration program at Kinsley Mountain and has
diluted its participating interest in the joint venture from 20.01%
to an 18.74% interest.
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.
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
activities and future plans at the Gemini Lithium Project; the
calculation of a National Instrument 43-101 compliant resource
estimate for 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 Nine Months ending June 30,
2023, 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