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Nevada Sunrise - Lithium and Gold in North America’s Premier Mining Jurisdiction

Nevada Sunrise – Lithium and Gold in North America’s Premier Mining Jurisdiction

Overview

Nevada Sunrise (TSXV:NEVis a junior mineral exploration company focused on lithium and gold in the mining-friendly state of Nevada. The company has developed a diverse portfolio of properties in the region’s best mining camps, including the most prospective area of Nevada for lithium brines exploration. Nevada Sunrise holds interests in a total of seven lithium properties covering a combined 14,780 acres within and adjacent to the prolific Clayton Valley, which hosts North America’s only producing lithium mine operated by Albemarle Corporation (NYSE: ALB). The company’s portfolio also includes two gold properties with calculated resources.

Nevada Sunrise’s lithium properties include the Neptune, Clayton NE, Triton and Aquarius projects, and the Aquarius Projects, all located in the Clayton Valley. The company also holds interests in the Jackson Wash and Atlantis projects, and has a 3% gross overriding royalty in the Gemini project, each located in playas proximal to the Clayton Valley. In August 2016, Nevada Sunrise announced the completion of a transaction granting option rights to North South Petroleum Corp., now Advantage Lithium Corp. (TSXV:AAL), to earn working interests in five of its lithium exploration projects. Atlantis is under option to American Lithium Corp. (TSXV: LI).

Nevada Sunrise closed three financings in 2016 for a total of CDN$1,207,400, to fund exploration costs and as general working capital.

Investment Highlights

  • Lithium projects located in the superior jurisdiction of Nevada and nearby North America’s only producing lithium mine.
  • Drill permits received for 2017, for Neptune, Clayton Northeast, Jackson Wash and, Aquarius, Atlantis and Gemini.
  • Definitive purchase agreement for water rights fundamental to exploration and development in Clayton Valley, currently under forfeiture for alleged non-use, but in appeal
  • Experienced technical team with expertise in lithium and gold exploration and development.
  • Quality gold properties in prolific gold mining jurisdiction of Nevada where mining infrastructure and services are well developed.
  • Kinsley Mountain gold project includes a past-producing mine; recent discovery of high-grade gold mineralization; operated by Liberty Gold Corp. (TSX: LGD, formerly Pilot Gold Inc.); -5-hole drill program completed in spring of 2017 and property-wide VTEM airborne survey completed in December 2016.

Lithium Properties

Clayton Valley Lithium Projects

Albemarle Corporation’s Silver Peak lithium brine operation is located approximately nine miles to the north of the Neptune Lithium Project. Pure Energy Minerals Ltd. is the leading lithium exploration company in this area, having just acquired Lithium-X Energy’s Clayton Valley holdings located near or adjacent to Nevada Sunrise’s Clayton Valley properties.

Nevada Sunrise - Lithium and Gold in North America’s Premier Mining Jurisdiction

Neptune Lithium Project

Neptune is located in an active area of lithium exploration and mining in the southwest corner of Nevada’s Clayton Valley. Nevada Sunrise has an option to earn a 100-percent interest in the 1,860-acre property.

The US Bureau of Land Management granted Nevada Sunrise a drill permit for the Neptune property in January 2016. Nevada Sunrise is partnered with both Resolve Ventures (TSXV:RSV), which has earned a 25 percent interest in the property, and Advantage Lithium which has the option to earn a 50 percent interest. Upon Advantage Lithium investing in Neptune, Nevada Sunrise will retain a 25 percent interest in Neptune.

Neptune Drill Results

In May 2016, Nevada Sunrise announced that exploration holes were completed at Neptune. In each of the holes, sedimentary strata were discovered and identified as a requisite host horizon for lithium-bearing brines as seen in the northern Clayton Valley. A total of 45 water samples and 256 sediment cuttings samples were collected and submitted for multi-element analysis. Analytical results indicate water samples collected from the two completed holes contain sub-economic contents of lithium. However, in hole N-2016-1, the composited samples collected from the intersected strata contained lithium-bearing sediments averaged 156 parts per million (“ppm”) lithium over 215 feet (65.5 metres) from 1285 feet (392.7 metres) to the end of hole at 1,500 feet (457.2 metres), reaching a peak value of 217 ppm lithium from 1365 to 1385 feet. An sharp increase of acidity was noted in several of the last water samples of hole N-2016-1, which Nevada Sunrise interprets as a potentially fertile leaching environment for the creation of lithium-bearing brines. A third hole up to 2,000 metres deep is planned approximately 1 mile (1.6 kilometres) to the east of hole N-2016-1 in an area interpreted from a 2016 geophysical survey to be a potential trap where denser, lithium-bearing brines could migrate and pool.

“This is the first drilling program on a property that covers approximately 10 square miles, and accordingly, exploration on the Neptune property is a classic high risk/high reward scenario,” said Warren Stanyer, President and CEO of Nevada Sunrise. “Our current work has confirmed the presence of lithium within the Neptune basin, and we look forward to the next drill test of a highly-prospective lithium brine target.”

Clayton NE Property

The Clayton NE property consists of 55 claims on 1,080 acres contiguous to the Silver Peak lithium mine property operated by Albemarle Corporation, North America’s only producing lithium mine. During a 1977 regional drilling program carried out by the US Geological Survey, one historical 479-foot drill hole on the property encountered lithium values in ground water ranging from 24 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.

Clayton NE Drill Results

In September 2016, Nevada Sunrise and its joint venture partner Advantage Lithium Corp.announced plans to drill lithium brine targets on the Clayton Northeast property near established production wells.

The first bore hole intersected aquifer formations that host brines at between 169 and 366 meters, while the second hole intersected 188.9 meters, including 188.9 meters of brine-producing strata averaging 164.2 milligrams/litre (“mg/l”) lithium from a depth of 207.3 to 396.2 meters, including a higher grade interval averaging 202.8 mg/l lithium over 109.7 meters. The third hole showed the best results of the 2016 program. Drilled to 591.3 meters, the hole intersected multiple aquifer formations, including 387.69 meters of brine-producing strata averaging 243.66 mg/l lithium from a depth of 209.23 to 596.92 meters, including a higher grade interval averaging 299.5 mg/l lithium over 36.92 meters.

A Phase 2, 1,800-meter drill program started in 2017 is also showing promising results. Three reverse circulation (RC) holes are being drilled at minimum depths of 600 meters each. The first bore hole, drilled to 609.6 meters, intersected 426.72 meters of brine-producing strata averaging 243.44 mg/l lithium between 140.21 and 609.6 meters, including a higher-grade interval averaging 274.6 mg/l lithium over 79.2 meters from a depth of 530.35 meters to 609.6 meters.

“Exploration drilling at Clayton NE continues to intersect classic Clayton Valley aquifer systems containing lithium,” said Stanyer. “Every successful hole brings us closer to our goal, and that of our partner, Advantage Lithium, of producing a lithium brine resource estimate for Clayton NE.”

Neptune Drill Results

In May 2016, Nevada Sunrise announced that two exploration holes were completed at Neptune. In each of the holes, sedimentary strata were discovered and identified as a requisite host horizon for lithium-bearing brines as seen in the northern Clayton Valley. A total of 45 water samples and 256 sediment cuttings samples were collected and submitted for multi-element analysis. Analytical results indicate water samples collected from the two completed holes contain sub-economic contents of lithium. However, in hole N-2016-1, the composited samples collected from the intersected strata contained lithium-bearing sediments averaged 156 parts per million (“ppm”) lithium over 215 feet (65.5 metres) from 1285 feet (392.7 metres) to the end of hole at 1,500 feet (457.2 metres), reaching a peak value of 217 ppm lithium from 1365 to 1385 feet. An sharp increase of acidity was noted in several of the last water samples of hole N-2016-1, which Nevada Sunrise interprets as a potentially fertile leaching environment for the creation of lithium-bearing brines. A third hole up to 2,000 metres deep is planned approximately 1 mile (1.6 kilometres) to the east of hole N-2016-1 in an area interpreted from a 2016 geophysical survey to be a potential trap where denser, lithium-bearing brines could migrate and pool.

“This is the first drilling program on a property that covers approximately 10 square miles, and accordingly, exploration on the Neptune property is a classic high risk/high reward scenario,” said Warren Stanyer, President and CEO of Nevada Sunrise. “Our current work has confirmed the presence of lithium within the Neptune basin, and we look forward to the next drill test of a highly-prospective lithium brine target.”

In March 2017, Nevada Sunrise and Advantage Lithium began another drilling program at Neptune as part of a regional drilling program; a borehole of approximately 610 metres (2,000 feet) is planned, with other boreholes planned at the Jackson Wash, Aquarius and Gemini projects in coming months.

Jackson Wash Property

The Jackson Wash property consists of 1,840 acres located approximately 19 miles southeast of Silver Peak. Detailed gravity and electromagnetic investigations carried out in 2011 identified a layered sequence of interpreted saturated sedimentary formations filling a deep basin beneath the property. A drilling permit for Jackson Wash for up to 10 drill holes over two years was granted by the US Bureau of Land Management in April 2016.

Gemini Lithium Property

The Gemini lithium project is located about six miles east of the town of Lida, Nevada and 26 miles southeast of the Silver Peak mine. The property consists of 247 claims totaling 4,940 acres flanking a BLM land reserve for solar power generation. Lida Valley hosts similar geology to the Clayton Valley basin.

In 2016, Nevada Sunrise conducted a reconnaissance moving-loop TDEM survey at Gemini. Preliminary results show the survey detected a conductive layer 150–250 meters deep appears to cover most of Gemini West and Gemini East sub-basins, and several isolated strong conductive zones were interpreted at depths from 400 to 600 meters.

“Gemini was hiding in plain sight, and the discovery of conductive zones bodes well for defining future lithium brine drill targets,” said Stanyer.

Eureka Resources (TSXV:EUK) In September 2016, Nevada Sunrise signed a definitive 50-50 joint venture agreement with Eureka.

In August 2016, Nevada Sunrise granted Advantage Lithium Corp. an option to earn a 50 per cent interest in Gemini as part of a transaction involving five Nevada lithium exploration properties. Upon exercise of this option, Nevada Sunrise would relinquish its 50 per cent interest in Gemini, and retain a two-per-cent gross overriding royalty. In May 2016, Advantage Lithium earned its 50 per cent interest in Gemini.

Atlantis Lithium Property

Atlantis property consists of 2,980 acres located about 16 miles northwest of the Silver Peak lithium mine in the Fish Lake Valley in Esmeralda County, Nevada. Geological mapping shows the presence of lithium-bearing rocks in the ranges draining into Atlantis. Anomalous contents of lithium were reported in surface and historical drill hole brines in the Fish Lake Valley within three miles of the property. Historical ground gravity data shows a distinct gravity low in the heart of the property. A detailed gravity survey led by Dr. John Oldow of the University of Texas, Dallas better outlined the gravity low, indicating a hidden, sub-basin, which led to Nevada Sunrise expanding the property by staking new claims in early 2016.

In March 2016, Nevada Sunrise announced an option agreement with a private British Columbia company for Atlantis, where Nevada Sunrise would retain a 20 percent interest after cash and share payments upon a “going public” transaction, and exploration expenditures made by the optionee. The private company was subsequently acquired by American Lithium Corp. (TSXV: LI).

Aquarius Lithium Property

The Aquarius property consists of 1,800 acres located three miles south of the Silver Peak lithium mine in the Clayton Valley in Esmeralda County, Nevada. Geological mapping shows the presence of lithium-bearing rocks in the ranges draining into Aquarius. The same detailed gravity survey led by Dr. John Oldow that aided in the staking of the Atlantis property also sparked the company’s acquisition of the Aquarius property in early 2016.

Nevada Gold Properties

Kinsley Mountain — Elko County, Nevada

The Kinsley Mountain property is located between the towns of Ely and Wendover in Elko County, Nevada, encompassing 10,410 acres. The property is owned by Kinsley Gold LLC, a joint venture between Nevada Sunrise (20.9 percent) and Liberty Gold Corp (79.1 percent). Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems. The property is also home to a past-producing mine with an extensive exploration database and numerous, untested gold targets.

The Western Flank zone of the property contains a sulphide resource estimated at 284,000 Indicated ounces of gold grading 6.04 grams/tonne, and 39,000 Inferred ounces grading 2.41 grams/tonne gold.

High-Grade, Low-Cost Production Potential

In January and in July 2015, Nevada Sunrise and Liberty Gold Corp announced the results from metallurgical programs, which demonstrated that high-grade sulphide mineralization from the Western Flank zone can produce a high-grade concentrate with excellent gold recoveries, at potentially low capital and operating costs.

2016 Exploration Results

Liberty Gold Corp. , as operator, commenced a 2016 drill program at Kinsley in late April. The program consisted of an airborne survey and four RC drill holes totaling approximately 1,700 meters. The four holes did not encounter significant gold mineralization – only anomalous gold content was found. A 5-hole drilling program was carried out by Liberty Gold Corp. in the spring of 2017, with results pending.

Golden Arrow—Nye County, Nevada

The Golden Arrow property covers 5,684 acres in the western flank of the Kawich Range in Nye County, Nevada, and consists of 357 unpatented claims and 17 patented claims. The property lies along the eastern margin of the Walker Lane Structural Belt which has past production and defined resources of more than 30 million ounces of gold and 400 million ounces of silver. This prolific mining district is home to some of the most significant gold mines in Nevada, such as Round Mountain.

Plan of Operations Approved

Nevada Sunrise’s plan of operations for Golden Arrow was approved by the BLM in June 2016. The plan includes about 240,000 feet of drilling in up to 240 holes to explore new areas of gold mineralization on the property, and to potentially expand the known gold resources. Following an extensive environmental assessment and public review, the BLM concluded the plan does not pose significant impacts on the project area.

The approval of the Golden Arrow exploration plan is an important step in meeting the company’s objective to increase the size and quality of the gold resources at Golden Arrow Nevada Sunrise has been actively seeking exploration partners for Golden Arrow and is currently evaluating option- and joint-venture opportunities for the project.

Measured and Indicated Resource Estimate

Recent exploration at Golden Arrow has mainly focused upon definition of large-tonnage disseminated mineralization, with the discovery and delineation of two centers of mineralization – the Gold Coin and Hidden Hill deposits.

Golden Arrow hosts a calculated Measured and Indicated resource of 296,500 ounces of gold and 4,008,000 ounces of silver contained in 12,172,000 tonnes at an average grade of 0.024 ounces/tonne gold, and 0.33 ounces/tonne silver, and a calculated Inferred resource contained in 3,790,000 tonnes of 50,400 ounces gold at an average grade of 0.013 ounces/tonne and 1,249,000 ounces of silver at an average grade of 0.33 ounces/tonne.

Management

Warren W. Stanyer — President, CEO & Director

Warren Stanyer is a mineral exploration industry executive with over 20 years of experience in Canadian public company administration. He previously served as an officer of Pioneer Metals Corporation, which was acquired by Barrick Gold Corporation in 2006, and as an officer until 2007 of UEX Corporation. Stanyer served as President, CEO and a director of Northern Continental Resources, which was acquired by Hathor Exploration in November 2009, and in recent years as an officer and director of Alpha Minerals, which was acquired by Fission Uranium in 2013. He is currently a director of ALX Uranium Corp., Eureka Resources Inc., and is an officer and director of New Moon Minerals and Trailblazer Exploration, both private mineral exploration companies.

Michael D. Sweatman — Director and Chairman

Michael Sweatman is a Chartered Accountant and has operated MDS Management, a Vancouver-based management consulting company, since November 1992. He obtained his Bachelor of Arts degree in economics and commerce from Simon Fraser University, gained his CA designation in 1982, and is a member of the Institutes of Chartered Accountants of both British Columbia and the Yukon Territory. He has served as a director and officer of a number of public companies over the past 20 years. He is currently President & CEO and a director of Eureka Resources.

Brent Petterson — CFO


Brent Petterson is a Certified General Accountant since 1989, and operates his own private consulting company, MBP Management Ltd. Mr. Petterson spent 20 years in public practice with Wolrige Mahon, Chartered Accountants, and Amisano Hanson, Chartered Accountants, both based in Vancouver, B.C. He has considerable experience working with public mineral exploration companies and currently serves as a director of Garibaldi Resources Corp. (TSXV:GGI) since November 2007, and Rotation Minerals Ltd. (TSXV:ROT) since February 2011.Charles E. Roy — Director

Charles E. Roy — Director

Charles Roy was employed by the mining engineering and geological consulting firm of David S. Robertson and Associates and worked in Canada, the United States and in Africa early in career. In 1979, Roy joined a predecessor company of Cameco Corporation as a Project Geologist, thus beginning a career with Cameco that would span 33 years. During this period Roy oversaw exploration teams that discovered and delineated seven significant uranium deposits, including Millennium. Later at Cameco, he worked to negotiate new exploration opportunities and helped to consolidate and streamline its worldwide exploration portfolio.

Suraj P. Ahuja — Director

Suraj Ahuja, M.Sc., P.Geo., is President and Principal Geological Consultant of SKAN Consulting, based in West Vancouver, BC, Canada. Ahuja has over 40 years of mineral exploration and management experience in Canada, the U.S., and South America. Since 2001, he has provided consulting services to several major and junior exploration companies in Canada and overseas, and has designed, developed and managed successful mineral exploration programs from grassroots to detailed property evaluations, including mine geology and feasibility studies. Prior to forming his own company, Ahuja also worked for Saskatchewan Mining and Development Corporation, a predecessor company to Cameco Corporation, and PNC, a Japanese-based uranium exploration company. He has served as a director of UEX Corporation since 2004.

Cory H. Kent — Director

Cory Kent has been a lawyer and partner at McMillan LLP since February 2003, practicing in the area of securities and corporate law with a focus on companies in the mineral resources industry. He has a LLB from the University of British Columbia and Bachelor of Arts from Carleton University. Kent is also a director of Starcore International Mines and PNI Digital Media.

Dan Zampirro, CPG – Technical Advisor

Dan Zampiro began his geology career in 1986 at the Round Mountain Gold Mine in central Nevada, and became the supervisor in charge of hydrogeology, well drilling and dewatering, He joined Chemetall‐Foote Corp in 2000 at the Silver Peak lithium mine where he was responsible for the lithium brine well field system, delineating Clayton Valley aquifers, exploration drilling to define the lithium brine reserves and increase brine production. Zampirro is the author of the landmark 2003 paper, “Hydrogeology of Clayton Valley Brine Deposits, Esmeralda County, Nevada”.

John R. Kerr, P. Eng. – Qualified Person

John Kerr has over 50 years of continuous employment in the mining industry, with 45 years’ experience in Nevada. His expertise is in epithermal and sedex-hosted precious metal deposits in the SW United States, gold deposits and porphyry copper/gold/molybdenum deposits of the western Cordillera. Kerr was instrumental in the discovery of the Santa Fe gold mine, the Mindora gold/silver deposit, and identification of the Calvada gold mine, all located in Mineral County, Nevada.

Robert (“Chip”) Allender, Jr., CPG– Technical Advisor, Qualified Person

Chip Allender’s 38-year career as a geologist spans six continents and twenty countries. He has a broad range of experience in exploration and mine development in precious metals, base metals, industrial minerals and fuel minerals. Allender has acted as Qualified Person and authored recently-updated technical reports for Neptune and Jackson Wash. He is contracted to supervise drilling on-site at Neptune in 2016.

Dr. John Oldow – Technical Advisor

Dr. Oldow has over 40 years of experience in the field of geology, and is currently Director of the Ellison Miles Center for Geological Field Studies at the University of Texas, Dallas. His work is largely field based and includes geologic mapping and the application of structural and stratigraphic analysis, potential-field geophysics, GPS geodesy and Terrestrial Laser Scanning to better understand regional tectonics. He attained a Bachelor of Science, Geology from the University of Washington in 1972 and his Ph.D. in Geology from Northwestern University in 1978. Among the many tributes he has received in his long academic and professional career, Dr. Oldow has served by invitation on numerous committees for the National Science Foundation, and is a Fellow of the Geological Society of America (1992).

Lon Shaver – Strategic Advisor

Lon Shaver is a strategic and financial advisor with over 19 years of experience in the Canadian mining sector, including investment banking roles with Raymond James Ltd., Merrill Lynch Canada Inc. and Midland Walwyn Capital Inc., where he completed numerous financing and M&A mandates. His corporate experience includes CFO roles with a publicly-listed mining company and a private technology company. Mr. Shaver began his career in equity research at Gordon Capital Corporation, where he focused on mining and fertilizer companies. He has a B. Comm. degree from Concordia University and holds the CFA designation.

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