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TSX Venture Exchange: NEV
Nevada Sunrise Gold Corp. ("Nevada Sunrise", or the " Company ") (TSXV: NEV) is pleased to report that its joint venture partner, New Placer Dome Gold Corp. (" New Placer Dome ") has provided assay results for mineralized holes within fourteen (14) additional reverse circulation ("RC") drill holes completed during 2020 at the Kinsley Mountain Gold Project ("Kinsley Mountain") located near Wendover, Nevada . Nevada Sunrise holds a 20.01% interest in the Kinsley Mountain joint venture, with New Placer Dome, as operator, holding a 79.99% interest.
The 2020 Kinsley Mountain RC and diamond drill campaign was completed in November 2020 and comprised 49 drill holes totaling 17,970 metres (58,957 feet) testing five target areas within the greater resource area, which consisted of 39 RC holes for 13,610 metres (44,652 feet) and 10 diamond drill holes for 4,360 metres (14,305 feet), with 3 holes abandoned and re-drilled from the same locations. Assay results from 13 holes are still pending, including all core holes. To date, only 20% of Kinsley Mountain has been drill tested. New Placer Dome reports that results of the 2020 drilling warrant further drilling planned in 2021 to build on multiple new discoveries and potentially increase the current indicated and inferred resources.
For example, drill hole KMR20-030 testing the Main Pit North area intersected high-grade oxide gold approximately 200 metres (656 feet) down-dip from the Main open pit that historically exploited high-grade Dunderberg shale-hosted oxide gold near surface. The KMR20-030 intercept occurs 75 metres (246 feet) outside the current resource pit shell, which provides opportunities for near pit resource expansion during 2021.
Highlights include:
- 2.88 grams-per-tonne gold ("g/t Au") (oxide) over 36.6 metres ("m"), including 9.83 g/t Au (oxide) over 7.6 m in KMR20-030 (Figure 1 & Table 1);
- 1.05 g/t Au gold (oxide) over 24.4 m , including 2.13 g/t Au over 9.1 m in KMR20-022 (Figure 2);
- 4.83 g/t Au (oxide) over 3.0 m , and 0.40 g/t Au (oxide) over 27.4 m in KMR20- 23B (Figure 2);
- 1.20 g/t Au (sulphide) over 32.0 m , including 5.81 g/t Au over 3.1 m from a depth of 35.1 m in KMR20-027 at the KNW-Sulphide Fault target.
Key Points:
- Gold mineralization occurs within Dunderberg shale and underlying Hamburg limestone at or near the contact over a 30 m stratigraphic interval, at vertical depths of less than 120 metres (394 feet);
- High-grade oxide gold values appear to occur preferentially within a limited number of inclined drill holes suggesting there is a component of steep structural control of mineralization not previously recognized;
- The current drill results have the potential to expand mineral resources through discovery of new zones of high-grade oxide gold mineralization close to current resource pit shells. New Placer Dome plans an expanded 2021 drill campaign at the Main Pit North area.
Table 1. Kinsley Mountain Gold Project 2020 Significant Drill Intercepts
Hole ID (dip/azimuth) (degrees) | Released | Zone | From (m) | To (m) | Interval | Au | CN Soluble |
KMR20-030 (-65/216) | Current 6-Apr-2021 | Main Pit Oxide Target | 108.2 | 144.8 | 36.6 | 2.88 | 84% |
including | 109.7 | 117.4 | 7.6 | 9.83 | 88% | ||
KMR20-021 (-57/064) | 137.2 | 152.4 | 15.2 | 0.77 | 61% | ||
KMR20-022 (-57/064) | 149.4 | 173.7 | 24.4 | 1.05 | 91% | ||
including | 152.4 | 161.5 | 9.1 | 2.13 | 96% | ||
KMR20-023B (-66/123) | 108.2 | 111.3 | 3.1 | 4.83 | 100% | ||
and | 147.8 | 175.3 | 27.4 | 0.40 | 75% | ||
KMR20-028 (-56/209) | 117.4 | 126.5 | 9.1 | 0.78 | 62% | ||
KMR20-027 (-61/164) | KNW- | 35.1 | 67.1 | 32.0 | 1.20 | Sulphide | |
including | 64.0 | 67.1 | 3.1 | 5.81 | |||
KMR20-026 (-90) | Released | Western | 135.6 | 141.7 | 6.1 | 9.08 | Sulphide |
and | 199.6 | 207.3 | 7.6 | 15.1 | |||
including | 199.6 | 204.2 | 4.6 | 24.1 | |||
KMR20-002 (-82/314) | 300.2 | 339.9 | 39.6 | 1.78 | 74% | ||
including | 310.9 | 324.6 | 13.7 | 3.63 | 83% | ||
KMR20-003 (-70/314) | 362.7 | 378.0 | 15.2 | 2.51 | Sulphide | ||
including | 362.7 | 368.8 | 6.1 | 4.16 | |||
KMR20-004 (-68/160) | Released 11-Jan-21 | Western Extension | 260.6 | 271.3 | 10.7 | 5.15 | 69% |
including | 265.2 | 269.8 | 4.6 | 8.12 | 74% | ||
KMR20-007 (-75/280) | Western | 283.5 | 289.6 | 6.1 | 1.15 | Sulphide | |
KMR20-008 (-83/305) | 294.1 | 300.2 | 6.1 | 4.83 | Sulphide | ||
and | 310.9 | 318.5 | 7.6 | 3.07 | Sulphide | ||
KMR20-009 (-70/110) | 283.5 | 295.7 | 12.2 | 1.74 | Sulphide | ||
KMR20-016 (-85/235) | 309.4 | 330.7 | 21.3 | 3.38 | 73% | ||
including | 317.0 | 323.1 | 6.1 | 5.78 | 100% | ||
KMR20-017 (-75/320) | 320.0 | 358.1 | 38.1 | 2.63 | Sulphide | ||
including | 326.1 | 332.2 | 6.1 | 10.2 | Sulphide |
* True widths of the mineralized intervals are interpreted to be between 60-90% of the reported lengths. |
*Drill composites were calculated using a minimum cut-off of 0.20 g/t gold. |
**" Sulphide " defined as CN soluble gold recovery of |
Drill hole KMR20-001 (-70/060), collared at the east side of the Western Flank Zone, did not intersect significant mineralization. Drill hole holes KMR20-020 (-65/010), KMR20-024 (-69/180), and KMR20-025 (-67/150) collared on the west and east sides of the Main Pit North oxide target, and drill holes KMR20-018 (-69/292) and KMR20-019 (-79/311) drilled in the KWN-Sulphide Fault area did not intersect significant mineralization.
Methodology and QA/QC
Assaying was performed by ALS Global ("ALS"), of Vancouver Canada . ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited analytical laboratory that is independent of New Placer Dome, Nevada Sunrise, and their respective Qualified Persons. RC drill samples were subject to crushing to a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. Gold determination was via standard 30-gram fire-assay analysis with atomic absorption spectroscopy ("AAS") finish, in addition to 51 element ICP-MS. Samples returning greater than 10 g/t Au are subject to gravimetric finish. Gold values returning greater than 0.1 g/t Au are also subject to leach analysis where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS.
As operator at Kinsley Mountain, New Placer Dome follows industry standard procedures for the work carried out the Project, with a quality assurance/quality control ("QA/QC") program. Blank, duplicate and standard samples were inserted into the sample sequence sent to the laboratory for analysis. New Placer Dome detected no significant QA/QC issues during review of the data. Nevada Sunrise is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.
Qualified Person
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 . Mr. Allender has examined the information provided by New Placer Dome, which includes his review of the sampling, analytical and test data and procedures underlying the information and opinions contained herein.
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 near Wendover where an extensive drilling program concluded in late November 2020 .
Kinsley Mountain is a Carlin-style gold project hosting a National Instrument 43-101 ("N.I. 43-101") compliant gold resource consisting of 418,000 indicated ounces of gold grading 2.63 grams/tonne ("g/t") gold (4.95 million tonnes), and 117,000 inferred ounces of gold averaging 1.51 g/t gold (2.44 million tonnes), at cut-off grades ranging from 0.2 to 2.0 g/t gold 1 .
1 Technical Report and updated estimate of mineral resources on the Kinsley Project, Elko County, Nevada, U.S.A., effective January 15, 2020 and prepared by Michael M. Gustin, Ph.D., CPG, Moira Smith, Ph.D., P.Geo. and Gary L. Simmons, MMSA under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR ( www.sedar.com ). |
Nevada Sunrise has 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 property, 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 44411, located within the Clayton Valley basin near Silver Peak, Nevada , and water permit 86863, located in the Lida Valley basin, near Lida, Nevada .
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 the interpretation and actual results of historical production at Kinsley Mountain, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Kinsley Mountain property as well as specific historical data associated with drill results from the property, information from New Placer Dome Gold Corp., 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 New Placer Dome Gold Corp. 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 Three Months ended December 31 , 2020, 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. 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
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