VANCOUVER, BC, July 17,
2023 /CNW/ - Nevada Sunrise Metals Corp. ("Nevada
Sunrise", or the "Company") (TSXV: NEV) (OTC: NVSGF) is
pleased to announce that its joint venture partner, CopAur Minerals
Inc. ("CopAur", TSXV: CPAU) has reported to the Company that the
first two core holes of the 2023 drilling program at the Kinsley
Mountain Gold Project ("Kinsley Mountain") totaling 607 metres
(1,991 feet) have been completed in the Western Flank Zone ("WFZ").
Kinsley Mountain is located near Wendover, in Elko
County, Nevada.
CopAur also reports that drilling is now underway on the third
planned core hole KMR23-03 at the Kinsley Ridge IP geophysical
target discovered in 2021 (Figure 1). The Kinsley Ridge IP target
is designed to test an undrilled area between the WFZ mineral
resource and the past-producing Ridge Pit.
Core cutting and sampling of the first WFZ core hole is now
complete, and samples will be analyzed at ALS Global in
North Vancouver, BC, Canada for gold fire assays and multi-element
analysis.
A second drill rig is now turning with the commencement of
reverse circulation ("RC") drilling, as part of the 3,500 metres
(11,480 feet) combined RC and diamond core drilling program at
Kinsley Mountain (see Figure 1, and Nevada Sunrise news release
dated May 16, 2023).
Near-surface oxide gold resource expansion RC drilling has now
commenced at the Main Pit North target (8 holes for a total of
1,200 metres (3,936 feet) planned) designed to further delineate a
2020 shallow oxide gold intercept of 9.83 grams/tonne ("g/t") gold
over 7.6 metres (24.93 feet) in hole KMR20-030. High-grade oxide
gold mineralization at Main Pit North occurs within 120 metres
(393.6 feet) depth from surface and 75 metres (246 feet) outside
the current resource pit shell representing a unique resource
expansion opportunity given the high-grade and shallow depth of the
mineralization being targeted.
Following completion of RC drilling at the Main Pit North, the
drill will move to the Secret Spot target where drilling is planned
to further explore at depth a new 2020 surface oxide gold discovery
that yielded 1.77 g/t gold over 25.3 metres (82.98 feet) in hole
KMD20-007B in the centre of a
northwest trending gold-in-soil anomaly.
Kinsley Mountain hosts mineral resources comprising the
high-grade sulphide WFZ and near-surface oxide resources of 418,000
indicated ounces of gold at 2.63 g/t gold, and 117,000 inferred
ounces of gold at 1.51 g/t gold1. Indicated resources
are inclusive of 302,000 ounces averaging 6.11 g/t gold hosted
within the Secret Canyon Shale at the WFZ. Kinsley Mountain
was an historical past producer that yielded 138,000 ounces of
near-surface open pit oxide gold between 1995-1999.
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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 and Gary L. Simmons, and filed under New
Placer Dome Gold Corp.'s issuer profile on SEDAR
(www.sedar.com).
|
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 regarding
the 2023 exploration program provided by CopAur, which includes his
review of the historical sampling, analytical and test data and
procedures underlying the information and opinions contained
herein. True widths of the mineralized intervals contained in
this news release are interpreted to be between 60-90% of the
reported lengths.
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 a 20.01% interest in a joint
venture at the Kinsley Mountain Gold Project near Wendover, NV with CopAur Minerals Inc.
The Company has elected not to contribute to the 2023
exploration program at Kinsley Mountain and expects to incur
dilution of its participating interest in the joint venture to an
approximate 19.0% 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
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, information received from CopAur Minerals Inc.,
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 CopAur Minerals Inc. to complete anticipated
work programs; 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 Six Months ended
March 31, 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