Nevada Sunrise Amends Option to Purchase Coronado VMS Property in Nevada

Nevada Sunrise Amends Option to Purchase Coronado VMS Property in Nevada

TSX Venture Exchange: NEV

 Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce that it has negotiated an amendment to the terms of an option agreement whereby the Company has the right to purchase a 100% interest in the Coronado VMS property ("Coronado", or the "Property"), located in the Tobin Sonoma Range of Pershing County, Nevada approximately 30 miles (48 kilometres) southeast of Winnemucca . A letter of intent for the Coronado option agreement was first announced by the Company on June 7, 2018 and a definitive agreement was announced on September 28, 2018 .

Nevada Sunrise Gold Corporation Logo (CNW Group/Nevada Sunrise Gold Corporation)

Details of the Coronado Amended Option Agreement Terms

Nevada Sunrise retains the right to acquire a 100% interest in Coronado , subject to a 2.0% net smelter returns royalty ("NSR"), with certain buydown provisions, in consideration for the amended cash and share payments to the vendors and minimum exploration expenditures as described below (all dollar amounts listed are in US dollars unless marked otherwise):

Schedule of Payments and Expenditures

Payment Due Dates

Cash
Payment s

Share
Payment s

Minimum
Exploration
Expenditures

Within 5 business days of TSXV
acceptance of the Agreement

$30,000
(paid)

200,000
(paid)

$50,000
(Incurred)

On or before 1st anniversary
of TSXV acceptance of the Agreement

$35,000
(paid)

300,000
(paid)

$100,000
(incurred)

On or before 2nd anniversary
of TSXV acceptance of the Agreement

$40,000
(paid)

400,000
(paid)

$150,000
(Incurred)

On or before 3rd anniversary
of TSXV acceptance of the Agreement

$50,000
(pending)

500,000
(pending)

$300,000
(pending)

On or before 4th anniversary
of TSXV acceptance of the Agreement

$50,000
(amended)

500,000
(amended)

$300,000
(amended)

On or before 5th anniversary
of TSXV acceptance of the Agreement

$50,000
(amended)

500,000
(amended)

$300,000
(amended)

On or before 6th anniversary
of TSXV acceptance of the Agreement

$50,000
(amended)

500,000
(amended)

$300,000
(amended)

On or before 7th anniversary
of TSXV acceptance of the Agreement

$50,000
(amended)

500,000
(amended)

$300,000
(amended)

On or before 8th anniversary
of TSXV acceptance of the Agreement
(subject to the Company's completion of a
pre-feasibility study)

$1,050,000
(amended)

600,000
(amended)

n/a

Totals:

$1,405,000

4,000,000

$1,800,000

Nevada Sunrise retains the right to accelerate the timing of cash and share payments to the vendors at its discretion. If minimum exploration expenditures, which include property maintenance costs, are exceeded in any year, the excess expenditures will be credited to a succeeding year. On the 8 th anniversary payment due date, and if a pre-feasibility study has been completed, and if the cash spot price of copper as quoted on the London Metal Exchange exceeds $4.00 per pound, then the cash payment due of $1,050,000 will be increased to $1,300,000 .

The vendors shall retain a 2.0% NSR applicable to the Property, 50% of which can be purchased for up to five years after the effective date of the Agreement (i.e., 1.0%) at any time for $1,500,000 , minus any advance royalty payments made by the Company. An advance royalty payment of $500,000 would be payable to the vendors upon completion of a feasibility study.

The amending agreement for Coronado is subject to acceptance by the TSXV. For more information about Coronado , including maps and photos, click here .

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 gold, copper, cobalt and lithium exploration projects located in the State of Nevada, USA .

The Company's key gold asset is a 20.01% interest in a joint venture with New Placer Dome Gold Corp. (TSXV: NGLD) at the Kinsley Mountain Gold Project ("Kinsley Mountain") near Wendover .

Nevada Sunrise has the right to earn a 100% interest in the Coronado VMS Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca . The Company owns a 15% interest in the historic Lovelock Cobalt Mine and the Treasure Box copper properties, each located approximately 150 kilometers (100 miles) east of Reno , with Global Energy Metals Corp. (TSXV: GEMC) holding an 85% participating interest.

Nevada Sunrise owns 100% interests in the Jackson Wash and Gemini lithium projects, both of which are located in Esmeralda County . The Company owns Nevada water right Permit 86863, located in the Lida Valley basin, near Lida, Nevada .

Forward Looking Statements

All statements in this release, other than statements of historical fact, are "forward-looking information" with respect to Nevada Sunrise Gold Corporation ("Nevada Sunrise") within the meaning of applicable Canadian securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future price of gold and other metals, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of current or future mineral resource estimates or other studies, proposed exploration and development of our exploration properties and the estimation of historical mineral resources on the Company's mineral properties, including the Coronado property. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Nevada Sunrise to differ materially from those anticipated in such forward-looking information.

Such factors include, among others, risks related to the actual results of proposed exploration at the Coronado property, reliance on technical information provided by third parties on any of our exploration properties, including access to and interpretation of historical information on the Coronado property as well as specific historical data associated with drill results and sampling from adjacent areas to the Coronado property, information from the public domain, 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 Nevada Sunrise or its contractors 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 Year Ended September 30, 2021 , 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.

Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Nevada Sunrise, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Nevada Sunrise does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.

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 of accuracy of this release. The Securities of Nevada Sunrise Gold Corporation have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.

SOURCE Nevada Sunrise Gold Corporation

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/January2022/31/c5983.html

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Nevada Sunrise Files NI 43-101 Technical Report on Maiden Resource Estimate of 7.1 Million Tonnes LCE for its Gemini Lithium Project, Nevada

Nevada Sunrise Metals Corporation (TSXV: NEV) (OTCBB: NVSGF) ("Nevada Sunrise" or the "Company") is pleased to announce that the Company has filed a National Instrument 43-101 ("NI 43-101") compliant technical report entitled "NI 43-101 Technical Report, Resource Estimate for Gemini Lithium Project, Esmeralda County, Nevada " (the "Technical Report"), effective January 15, 2024 and dated March 8, 2024 on SEDAR and on the Company's website.

The Technical Report relates to an independent maiden resource estimate at the Gemini Lithium Project ("Gemini") completed by ABH Engineering Inc. ("ABH") of Surrey, BC , Canada . There are no material differences in the Inferred mineral resource reported in the Company's news release of January 23, 2024 and that as described in the Technical Report.

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Nevada Sunrise Metals Corporation (TSXV: NEV) (OTCBB: NVSGF) ("Nevada Sunrise" or the "Company") is pleased to announce that ABH Engineering Inc. ("ABH") of Surrey, BC Canada has completed a maiden resource estimate on the Gemini Lithium Project ("Gemini", or the "Project") in Nevada, USA within the regulations of National Instrument 43-101 (the "Technical Report"). Nevada Sunrise plans to file the Technical Report within the next 45 days. It comprises a detailed review of the completed exploration programs, an Inferred resource estimate, interpretations and conclusions and recommendations for the next phase(s) of work.

The Gemini resource estimate was based on geochemical analyses for lithium from composite samples of material collected from the rotary splitter in the reverse circulation ("RC") drilling rigs contracted by the Company, which produced a continuous, representative 3 to 5 kilogram sample for each sample interval (see Nevada Sunrise news releases dated April 21, 2022 , April 28, 2022 , May 18, 2022 , and May 24, 2023 ). Results of the drilling proved the existence of clays mineralized with lithium, exhibiting very good geological continuity; the Inferred resource was calculated for lithium carbonate hosted in the clays.

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Nevada Sunrise Announces Second Amendment to Option Agreement for Coronado VMS Property in Nevada

Nevada Sunrise Announces Second Amendment to Option Agreement for Coronado VMS Property in Nevada

Nevada Sunrise Metals Corporation (" Nevada Sunrise " or the "Company") (TSXV: NEV) (OTC: NVSGF) announced today that it has negotiated an amendment to the terms of an option agreement (the "Agreement") whereby the Company has the right to purchase a 100% interest in the Coronado VMS property (" Coronado ", or the " Property "), located in the Tobin Sonoma Range of Pershing County, Nevada approximately 30 miles (48 kilometres) southeast of Winnemucca . A definitive Agreement was announced on September 28, 2018 and a first amendment to the Agreement was announced on January 31, 2022 .

Nevada Sunrise Metals Corporation Logo (CNW Group/Nevada Sunrise Metals Corporation)

Details of the Coronado Amended Option Agreement Terms

Nevada Sunrise retains the right to acquire a 100% interest in Coronado , subject to a 2.0% net smelter returns royalty, with certain buydown provisions, in consideration for the amended cash and share payments to the vendors and minimum exploration expenditures as described below (all dollar amounts listed are in US dollars):

Coronado VMS Project –Amendments to Schedule of Payments and Expenditures

Payment Due Dates

Cash Payments (Previous)

Amended Cash Payments (2023)

Share Payments (Previous)

Amended Share Payments (2023)

Minimum Exploration Expenditures (Previous)

Amended Minimum Exploration Expenditures (2023)

Sept. 25, 2021

$50,000 (paid)

n/a

500,000 (issued)

n/a

$300,000

$300,000

Sept. 25, 2022

$50,000 (paid)

n/a

500,000 (issued)

n/a

$300,000

$300,000

Sept. 25, 2023

$50,000

NIL

500,000

750,000

$300,000

NIL

Sept. 25, 2024

$50,000

$75,000

500,000

750,000

$300,000

$300,000

Sept. 25, 2025

$50,000

$75,000

500,000

500,000

$300,000

$300,000

Sept. 25, 2026

$1,050,000

$1,050,000

600,000

600,000

NIL

$300,000

Nevada Sunrise retains the right to accelerate the timing of cash and share payments to the vendors at its discretion. If minimum exploration expenditures, which include property maintenance costs, are exceeded in any year, the excess expenditures will be credited to a succeeding year. An advance royalty payment of $500,000 would be payable to the vendors upon completion of a feasibility study.

The second amendment to the Agreement for Coronado is subject to acceptance by the TSX Venture Exchange.

For more information about Coronado , including maps and photos, click here

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 basin in Esmeralda County, NV , located just east of the Clayton Valley basin, which hosts the only producing lithium mine in the United States operated by Albemarle Corp. at Silver Peak, 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 an 18.74% interest in a joint venture at the Kinsley Mountain Gold Project near Wendover, NV with CopAur Minerals Inc. Kinsley Mountain is a Carlin-style gold project hosting a National Instrument 43-101 compliant gold resource consisting of 418,000 indicated ounces of gold grading 2.63 g/t Au (4.95 million tonnes), and 117,000 inferred ounces of gold averaging 1.51 g/t Au (2.44 million tonnes), at cut-off grades ranging from 0.2 to 2.0 g/t Au 1 .

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 , Ph.D., and Gary L. Simmons , MMSA and filed under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR ( www.sedar.com ).

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 future plans for exploration at Coronado ; reliance on technical information provided by third parties on any of our exploration properties; changes in mineral project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or metallurgical recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays due to pandemic; 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 Nine Months ending June 30 , 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

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2024/12/c3358.html

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