Nevada Sunrise Completes Phase 2 Drilling at the Gemini Lithium Project, Nevada

Nevada Sunrise Metals Corp. ("Nevada Sunrise", or the "Company") (TSXV: NEV) (OTC: NVSGF) is pleased to announce that the Company has completed its Phase 2 drilling program at its 100%-owned Gemini Lithium Project ("Gemini") located in the Lida Valley basin in Esmeralda County, Nevada . Three holes were completed in Phase 2 for a total of 5,310 feet (1,618.9 metres), bringing the total number of holes drilled by the Company at Gemini to five, totaling 7,330 feet (2,234.76 metres). The Gemini drilling program began in March 2022 and was successful in intersecting lithium mineralization in every hole, both in sediments and in groundwater (see Nevada Sunrise news releases dated May 18, 2022 June 6, 2022 February 7, 2023 and March 28, 2023 ).

Summary of Borehole GEM23-05

GEM23-05, the final Phase 2 borehole, was completed to depth of 1,740 feet (530.49 metres) at a location approximately 0.52 miles (0.83 kilometres) south of borehole GEM22-02 and 1.04 miles (1.67 kilometres) southeast of borehole GEM23-04. After passing through Quaternary alluvium, the borehole intersected green clay from 440 to 540 feet (134.15 metres to 164.63 metres) followed by varying stratigraphies of green, brown and sandy clays and white ash tuffs until a rhyolite flow sequence was encountered at 1,575 feet (480.18 metres). The rhyolite sequence, predominantly dark gray to black volcanic glass (obsidian) flows with minor tuff and lithic tuff, may represent a basement layer unconformably overlying the much older Emigrant Formation basement unit that was intersected in hole GEM23-03, drilled to 1,620 feet (493.9 metres), thus providing further definition of the depth of the Gemini basin.

Nevada Sunrise believes that the southern and western parts of the Gemini basin are highly prospective for additional lithium mineralization and that further drilling could eventually define a large lithium resource. The Company is planning to carry out a Phase 3 drilling program at Gemini later in 2023 to infill the current pattern of boreholes with the goal of producing a National Instrument 43-101-compliant resource estimate and a Preliminary Economic Assessment of the lithium-bearing zones. In addition to the lithium-fertile western area of Gemini, the 2016 and 2022 geophysical results indicate continuity of the conductive zones (shown in red, Figure 1) in the eastern part of the Project, where these untested zones appear to be mapping the lithium-bearing stratigraphies intersected in the Phase 1 and Phase 2 drilling (Figure 2).

A total of 49 groundwater water samples and 172 sediment samples were collected from GEM23-05. Groundwater samples were collected intermittently at 20-foot intervals from a depth of 640 feet to a depth of 1,080 feet (195.12 to 329.27 metres), and then continuously from 1,120 feet to the bottom of the hole at 1,740 feet (341.46 to 530.49 metres). Sediment samples were collected at 20-foot (6.1 metre) intervals from the surface to a depth of 460 feet (140.24 metres) and then at 10-foot (3.05 metre) intervals from 460 feet (140.24 metres) to the bottom of the hole at 1,740 feet (530.49 metres).

Geochemical analyses for sediment and groundwater samples from GEM23-05 are pending, and will be released following their receipt, compilation and interpretation.

In March and April 2022 , Nevada Sunrise drilled two RC boreholes for a total of 2,020 feet (615.85 metres) in its maiden drilling program at Gemini. The drill sites were located within a defined gravity low that hosts conductive layers detected by historical ground electromagnetic surveys. The results from the first two holes at Gemini represented a new discovery of lithium-bearing sediments and lithium-in-water in the western Lida Valley, which was not historically drill tested for lithium mineralization. Borehole GEM22-03, drilled to 1,620 feet (493.9 metres) intersected the same sequence of volcanic ash sediments as was found in GEM22-01 and GEM22-02, and similar geologic formations are observed in borehole GEM23-04 and GEM23-05.

In July 2022 , Nevada Sunrise received a permit for an expanded drilling area from the Bureau of Land Management (the "BLM") good until July 2024 .

Gemini consists of 582 unpatented placer and lode claims located in the western Lida Valley, Esmeralda County , approximately 6 miles (10 kilometres) east of the town of Lida, Nevada . The Lida Valley is a flat, arid basin with a similar geological setting to the better-known Clayton Valley basin where Albemarle Corporation operates the Silver Peak lithium brine mine, which has operated continuously since 1966.

Gemini is situated adjacent to the Gold Point Solar Energy Zone, a BLM land reserve set aside for solar and wind power generation projects until 2033. Exploration at Gemini is complemented by the Company's 80.09 acre/feet/year water right, a pre-requisite for the exploration and development of lithium brine projects in Nevada .

For further information on Gemini, including drill hole location maps and photos click here

Sediment samples described in this new release are a composite of material collected from the rotary splitter in the RC drilling rig, which produces a continuous, representative 3 to 5 kilogram sample for each sample interval. Samples were submitted to American Assay and ALS Global USA in Reno, NV and were analyzed utilizing a multi-element ICP-AES method. Specifically, the analytical method involves aqua regia digestion of the sample followed by the inductively coupled plasma (ICP) technique to ionize the sample, and atomic emission spectrometry (AES) to determine elemental concentrations. Duplicates, field blanks, and certified reference standards were inserted at regular intervals in the sample stream to ensure accuracy of the analytical method.

Water parameters including TDS, conductivity, temperature, and pH values were obtained in the field by direct measurement with a handheld YSI556 Multi-parameter water meter, which meets Good Laboratory Practice (as proscribed by the Organization for Economic Cooperation and Development) for calibration and measurement.

Groundwater samples were collected at 20-foot (6.1-metre) intervals and sent to Western Environmental Testing Laboratory in Reno, Nevada under project chain-of-custody protocols for analysis. Industry standard methods for examination of water are employed by the laboratory. General chemistry testing may include analysis for specific gravity, total hardness, total alkalinity, bicarbonate, carbonate, hydroxide, total dissolved solids (TDS) and electrical conductivity. Lithium is analyzed by inductively coupled plasma-optical emission spectroscopy (ICP-OES) methods.

The scientific and technical information contained in this news release has been reviewed and approved by Robert M. Allender, Jr. , CPG, RG, SME and a Qualified Person for Nevada Sunrise as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects .

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 .

Nevada Sunrise owns 100% interests in the Gemini, Jackson Wash and Badlands lithium projects, all of which are located in the Lida Valley in Esmeralda County, 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 a 20.01% 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 .

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. 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, NV , with Global Energy Metals Corp. holding an 85% participating interest.

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 the results and outcomes of the Company's 2022-2023 exploration and future exploration plans at the Gemini Lithium Project; reliance on technical information provided by third parties on any of our exploration properties; 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; 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 Three Months ending December 31, 2022 , 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 Gold Corporation

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