Nevada Sunrise Provides Update On Nevada Lithium Projects

Nevada Sunrise (TSXV:NEV) announced an update on its six lithium exploration projects located in Esmeralda County, Nevada. Nevada Sunrise holds the rights to 8,980 acres in the Clayton Valley, 7,540 acres in the Lida Valley, and 2,882 acres in the Fish Lake Valley for total acreage under claim of 19,402 acres (7,852 hectares).
As quoted in the press release:

Aquarius Project (“Aquarius”)

• 83 unpatented placer claims totaling 1,660 acres (672 hectares);
• Located in the Clayton Valley, approximately 3 miles (5 kilometres) southwest of the Silver Peak Mine operated by Albemarle Corporation (NYSE: ALB), the only producing lithium mine in North America;
• Nevada Sunrise owns a 100% interest in Aquarius with no applicable royalties;
• Aquarius was staked in January 2016 following a review of the results of proprietary gravity surveys carried out by a geological team led by Dr. John Oldow of the University of Texas, Dallas, which outlined a strong gravity low indicative of a deep, faulted sub-basin;
• A follow-up time domain electromagnetic (“TDEM”) survey carried out by Nevada Sunrise in March 2016 detected conductive horizons at depths ranging between 250 and 450 metres;
• Nevada Sunrise plans to submit a permit application to the U.S. Bureau of Land Management (the “BLM”) for a drill program to test for lithium brines at Aquarius.

Clayton Northeast Project (“Clayton NE”)

• 50 unpatented placer claims totaling 1,000 acres (405 hectares);
• Located in the Clayton Valley contiguous to the eastern boundary of the Silver Peak Mine;
• Several lithium brine production wells are situated within 100 metres west of the Clayton NE claim boundary;
• Nevada Sunrise has an option to earn 100% interest subject to a 3% gross overriding royalty (“GOR”);
• A historical USGS drill hole (CV-5) located on Clayton NE was drilled to a depth of 479 feet (146 metres) and encountered lithium values in ground water ranging from 24 parts per million (“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, analyzed both in the laboratory and in the field;
• Nevada Sunrise plans to submit a drill permit application to the BLM to test for lithium brines with deeper holes than those drilled by the USGS in the 1970s.

Neptune Project (“Neptune”)

• 316 unpatented placer claims totaling approximately 6,320 acres (2,557 hectares);
• Located in the Clayton Valley approximately 10 miles (15 km) south of the Silver Peak Mine;
• Nevada Sunrise has an option to earn a 100% interest, subject to a 3.0% GOR;
• Resolve Ventures Inc. (TSXV: RSV) has earned an initial 25% working interest in Neptune from Nevada Sunrise and can earn up to a 50% working interest after completing certain cash and share payments to Nevada Sunrise, and by incurring up to CDN$1.0 million in exploration expenditures over a 3-year period;
• Nevada Sunrise has completed two exploration holes at Neptune: Hole N-2016-1 was drilled to a total depth of 1,500 feet (457 metres) targeting a conductive horizon detected by a 2011 controlled source audio magneto telluric (“CSAMT”) survey carried out by a previous operator. A second hole, N-2016-6R, was drilled to a total depth of 1,760 feet (537 metres). In each of the completed holes, permeable sedimentary, lacustrine strata interbedded with volcanic ash and ejecta was logged at various levels throughout the holes. A total of 45 water samples and 256 sediment cuttings samples were collected and sent for multi-element analysis. Analytical results will be released after their receipt, compilation and interpretation;
• Nevada Sunrise has completed the construction of two additional drill pads and plans to resume drilling on additional targets at Neptune developed from gravity surveys and TDEM data.

Gemini Project (“Gemini”)

• 247 placer claims totaling 4,940 acres (2,000 hectares)
•  Located in the Lida Valley, a desert basin with a similar geological setting to the established Clayton Valley basin, approximately 6 miles (10 kilometres) east of the town of Lida, Nevada;
• Nevada Sunrise acquired a 100% interest in Gemini by staking, with no applicable royalties;
• Eureka Resources Inc. (“Eureka”) (TSXV: EUK) can acquire a 50% working interest in a joint venture at Gemini by reimbursing Nevada Sunrise approximately $96,800 for Gemini’s acquisition and exploration costs (paid) and by issuing to the Company 300,000 shares of Eureka, such issuance subject to acceptance by the TSX Venture Exchange;
• Dr. John Oldow’s geological research team collected approximately 500 gravity measurements along 7 transects crossing the Lida Valley, which indicated strong gravity lows within two, faulted subbasins approximately 7 kilometres (4.5 miles) apart, each interpreted to be hundreds of metres deep;
• Two separate TDEM surveys over Gemini West and Gemini East carried out in 2016 have each detected conductive zones within the sub-basins interpreted to represent conductive brines at depth located well below the non-conductive sediments at and near surface. • Nevada Sunrise plans to submit a permit application to the BLM for a drill program to test for lithium brines at Gemini.

Jackson Wash Project (“Jackson Wash”)

• 130 unpatented placer claims totaling approximately 2,600 acres (1,052 hectares)
• Located in the Lida Valley on the east side of the Montezuma Range;
• Nevada Sunrise has an option to earn a 100% interest, subject to a 3.0% GOR;
• A previous operator sampled deposits of obsidian fragments on the valley floor, which returned lithium values ranging from 97.3 ppm lithium to 117.0 ppm lithium (R. M. Allender, Jr., 2011);
• Results of a detailed gravity survey and two CSAMT lines surveyed in 2011 by a previous operator were interpreted as a layered sequence of unconsolidated, saturated alluvial sediments filling a deep basin beneath the valley floor;
• Nevada Sunrise is planning the first test of the Jackson Wash basin with a 3 to 4-hole drill program of holes up to 400 metres deep to test specific structural and stratigraphic targets believed prospective for lithium brine deposits;
• A drill permit good for 10 holes over a 2-year period was granted by the BLM in February 2016.

Atlantis Project (“Atlantis”)

• 69 placer claims and 19 association placer claims, comprising a total of 2,882 acres;
• Located in the Fish Lake Valley basin, which exhibits similar geological and geophysical characteristics to the Clayton Valley basin southeast of Atlantis;
• Nevada Sunrise has an option to earn a 100% interest, subject to a 3.0% GO
• American Lithium Corp. (TSXV: LI) has recently acquired an option from a private BC company to earn up to an 80% interest in Atlantis from Nevada Sunrise after completing certain cash and share payments to the Company, and by incurring up to US$1.0 million in exploration expenditures over a 3-year period; • Dr. John Oldow’s detailed gravity survey work at Atlantis has defined a deep, sub-basin;
• USGS historical drill hole FL-11a, located outside the eastern boundary of Atlantis and approximately 3 miles (4.5 kilometres) east of the centre of the interpreted sub-basin, was drilled to a depth of 450 feet (147 metres) and encountered lithium values in sediments ranging from 10 ppm to 115 ppm and averaging 61.7 ppm for 67 samples analyzed.
• Geophysical exploration at Atlantis in the form of additional gravity and electromagnetic surveys would assist in determining if conductive brines might be present at depth, followed by drilling of interpreted geophysical targets.

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