VANCOUVER, British Columbia, July 12, 2022 (GLOBE NEWSWIRE) -- Nevada Sunrise Gold Corp. (TSXV:NEV) (OTCPink:NVSGF) has received preliminary results of a ground geophysical survey at its 100%-owned Gemini Lithium Project located in the Lida Valley basin in Esmeralda County, Nevada. Nevada Sunrise also owns a 100% interest in the nearby Jackson Wash lithium project, along with a water right Permit 86863, located in the Lida Valley basin, near Lida, Nevada.
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The Lida Valley is a flat, arid basin with a similar geological setting to the better-known Clayton Valley basin where Albermarle Corporation operates the Silver Peak lithium brine mine, which has operated continuously since 1966.
The 2022 time-domain electromagnetic ("TDEM") survey, carried out in May, successfully expanded the scope of geophysical surveys carried out by the Company in 2016 and demonstrates the continuity of conductive zones where lithium-bearing clays and water were encountered during the company's 2022 drilling program. The 2022 TDEM survey was designed to outline the possible lateral extent of the conductive, lithium-bearing clay layers that were recently intersected in drillholes GEM22-01 and GEM22-02. A total of 13.0 line kilometres were carried out on three new survey lines as shown here.
In its maiden drilling program, Nevada Sunrise drilled two reverse circulation boreholes for a total of 2,020 feet at Gemini in March and April 2022. Borehole GEM22-01 reported a weighted-average of 1,203.41 parts per million lithium over 580 feet starting at 320 feet, including 1,578.19 ppm lithium over 300 feet. Borehole GEM22-02 reported a weighted-average of 1,101.73 ppm lithium over 730 feet from 390 feet, including 2,217.69 ppm lithium over 130 feet and 3,304.34 ppm lithium over 50 feet.
Water samples from borehole GEM-22-01 averaged 327.7 milligrams per litre lithium over 220 feet from 600, with a peak value of 519 milligrams per litre lithium. Water samples from borehole GEM22-02 returned an average of 116.28 milligrams per litre lithium over 460 feet from 660 feet, with a peak value of 286.0 milligrams per litre lithium. These initial results represent a new discovery of lithium-bearing sediments and lithium-in-water in the western Lida Valley, which has not been historically drill tested for lithium mineralization.
With the two holes located 0.69 miles apart, management believes the extent of lithium-bearing clay layers and waters at Gemini may be widespread. An amendment to the existing drill permit for new drill hole locations is anticipated to be filed this month and drill tenders are being prepared to select a contractor for a Phase 2 exploration program in the summer/fall of 2022.
The company's key gold asset is a 20.01% interest at the Kinsley Mountain Gold Project near Wendover, Nevada. Kinsley Mountain, a joint venture with Copaur Minerals Inc., is a Carlin-style gold project hosting a NI 43-101 compliant gold resource consisting of 418,000 indicated ounces of gold grading 2.63 grams per tonne gold and 117,000 inferred ounces of gold averaging 1.51 grams per tonne gold, at cut-off grades ranging from 0.2 to 2.0 grams per tonne gold.
Nevada Sunrise has right to earn a 100% interest in the Coronado VMS Project, located approximately 30 miles southeast of Winnemucca, Nevada. The company also owns a 15% interest in the historic Lovelock Cobalt Mine and the Treasure Box copper properties, each located approximately 100 miles east of Reno, with Global Energy Metals Corp. holding an 85% participating interest.
The company recently closed a fully-subscribed non-brokered private placement, raising gross proceeds of $1.5 million from the placement 7.5 million units priced at $0.20 per unit.
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