Nevada Sunrise Announces Neptune Lithium Project Phase 1 Drilling Results

Nevada Sunrise (TSXV:NEV) announced Phase 1 exploration results from its drilling program at the Neptune Lithium Project located in the southern Clayton Valley of Nevada, USA.
As quoted in the press release:

Nevada Sunrise completed two exploration holes at Neptune in late March 2016. Drill targets were generated from the integration of the results of: (1) a detailed gravity survey by a previous operator that outlined a deep, faulted sub-basin, and (2) a controlled source audio magneto telluric (“CSAMT”) follow-up survey that detected conductive horizons within the sub-basin. In each of the completed holes, permeable sedimentary, lacustrine strata interbedded with volcanic ash and ejecta was logged at various levels throughout the holes. This type of sedimentary strata is interpreted 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.
Preliminary analytical results indicate the 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 that 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. If results from the third hole warrant, a drill pad and access road have been prepared for a fourth hole location.

Nevada Sunrise President and CEO, Warren Stanyer, stated:

“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. 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.

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