The Conversation (0)
Nevada Sunrise Gold Corporation (TSXV:NEV) announced it has made an application to the U.S. Bureau of Land Management for a drilling permit to explore for lithium brines on its Neptune property, located in the Clayton Valley in Esmeralda county, Nevada.
Nevada Sunrise Gold Corporation (TSXV:NEV) announced it has made an application to the U.S. Bureau of Land Management for a drilling permit to explore for lithium brines on its Neptune property, located in the Clayton Valley in Esmeralda county, Nevada.
As quoted in the press release:
Nevada Sunrise has acquired geophysical data that indicates Neptune may host an interpreted 1,200 metres (3,630 feet) deep basin with the potential to host lithium-bearing brines in subterranean aquifers. In its application to the BLM, the Company has proposed drilling 3 to 4 vertical holes up to 400 to 500 metres deep into the interpreted basin, with follow-up drilling, if warranted. The drill program is planned to begin in early 2016, following receipt of all BLM approvals.
The southern Clayton Valley area demonstrates enrichment in lithium in the nearby mountain ranges, desert sediments and in local plants. Nevada Sunrise has carried out ASTER spectral analysis of satellite imagery over the Property and surrounding areas of the Clayton Valley. Results indicate lithium-bearing clay is derived from bedrock in areas to the north, west and southeast of Neptune. Biogeochemical data collected by the Company in October 2015 has confirmed anomalous lithium concentrations ranging from 11 ppm up to 35 ppm in a specific desert plant common to the Clayton Valley and sampled near the planned Neptune drill holes.
In October 2015, Nevada Sunrise carried out a re-staking program in the Clayton Valley and expanded the size of Neptune to 316 unpatented 20-acre placer claims totaling approximately 6,320 acres (2,557 hectares). Under the terms of the Neptune option agreement a 1.5 mile (2.25 kilometre) area of interest applies to the Property. Nevada Sunrise can earn a 100% interest in Neptune, subject to a 3.0% gross overriding royalty (“GOR”). On the 3 rd anniversary of the signing of a definitive agreement, Nevada Sunrise would have the right to purchase 1.0% of the GOR for US$1.0 million.
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