Nevada Sunrise Samples 1.98% Cobalt at Lovelock Cobalt Mine and 41.56% Copper at Treasure Box in Nevada

 

TSX Venture Exchange: NEV

VANCOUVER, March 22, 2018 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce exploration results from surface sampling at the historic Lovelock Cobalt Mine (the "Lovelock Mine"), and the Treasure Box and Boyer Mine copper properties (the "Treasure Box"), located in the Stillwater Range of Churchill County, approximately 100 miles (150 kilometers) east of Reno, Nevada. Nevada Sunrise has the right to purchase a 100% interests in each of the Lovelock Mine, Treasure Box and the Boyer Mine properties, subject to underlying royalties (see Nevada Sunrise news releases dated December 29, 2017 and March 5, 2018).

"Surface sampling at our Stillwater Range properties continues to impress," said Warren Stanyer, President and CEO of Nevada Sunrise. "We have applied to the Bureau of Land Management for a 6-hole drilling permit at the Lovelock Mine and are preparing applications for drilling at the Treasure Box."

2018 Geochemical Sampling at Lovelock Cobalt Mine and the Treasure Box

During a staking program at the Treasure Box in February 2018, Nevada Sunrise collected grab rock samples at both the Lovelock Cobalt Mine and at the Treasure Box, located approximately 3.6 miles (5.8 kilometres) apart in the northeastern Stillwater Range. The grab samples were taken from historical mine waste, trenches and other bedrock occurrences. Both sets of samples show strong enrichment in cobalt, nickel, copper and silver in certain samples. Three of the eight Lovelock Mine samples exceeded 1,500 parts per million cobalt, and ten of the thirteen Treasure Box samples exceeded 1.0% copper.  Analytical highlights are shown below in Table 1 and 2:

Table 1.  Lovelock Mine

Treasure Box and Boyer Mine grab samples were collected at locations along a mineralized trend that extends at least 1.6 miles (2.6 kilometres) across the central part of the claims block.  These results confirm the existence of widespread enriched copper-silver mineralization as previously reported by DeMatties (2017). 

Table 2.  Treasure Box

Note: Samples shown in Tables 1 and 2 are hand-selected, high-grade samples that may not be indicative of the nature and grade of mineralization over a wide area. Weights of individual samples depicted in Tables 1 and 2 range from 0.65 kilograms (1.43 lbs.) to 1.85 kilograms (4.08 lbs.) per sample.

About the Lovelock Cobalt Mine

The Lovelock Mine property currently consists of 70 unpatented lode claims in the Cottonwood Canyon area of the Stillwater Range totaling approximately 1,400 acres (567 hectares).

The Lovelock Mine was reportedly discovered by George Lovelock and Charles Bell about 1880. According to U.S. Government annual reports, limited production of nickel, copper and cobalt began in 1883. The primary cobalt mineral was identified as "cobaltite", a compound of cobalt, sulphur and arsenic with some nickel replacement of cobalt normal. Records of a geochemical analysis from that era indicate that the average composition of the cobaltite contained 17.30% cobalt and 13.62% nickel. The mine operated from 1883 to 1890 to the 100-foot level, reporting 500 tons of concentrated cobalt and nickel mineralized material shipped to Britain for processing. After intermittent production, a British company attempted smelting on site in 1898 but the smelter suffered equipment failures and production ceased. (Source: "Mineral Resources of the United States for 1885", 1886). No further production from the Lovelock Mine is known for well over a century.

For further information about the Lovelock Mine, including scanned copies of certain historical reports produced by the Nevada Bureau of Mines and predecessors of the United States Geological Survey, please visit the Company's website at:  http://www.nevadasunrise.ca/projects/lovelock-cobalt-mine/

About the Treasure Box Mine and the Boyer Mine Properties

The combined area of the Treasure Box unpatented claims and the Boyer Mine patented claims total approximately 1,300 acres (526 hectares). The two properties are contiguous and some of the claim boundaries dating back to 1901 are still intact.  The Treasure Box and Boyer Mine properties each host mine workings from limited copper production, which occurred until early into the 20^th century. A historical diamond drill hole (circa 1910) drilled at the Treasure Box by the Boyer-Nevada Copper Company reportedly intersected 1.52% copper over 85 feet (25.9 metres) with mineralization beginning at surface.  A reverse circulation hole drilled on the Treasure Box and reported by Utah International in 1976 returned 1.55% copper over 40 feet (12.2 metres) from a depth of 85 to 125 feet (25.9 to 38.1 metres), and the hole was stopped in chalcopyrite mineralization. The core Treasure Box claims were held continuously for over 20 years by a private company but were relinquished in September 2017, leading to their acquisition by Nevada Sunrise.

The Boyer Mine was discovered by Alva Boyer who made the original discovery of high-grade oxide copper mineralization in the early 1860s. Some hand-sorted material was shipped by wagon train through Sacramento to Swansea, Wales for processing ("Reconnaissance of Mining Districts in Churchill County, Nevada", Vanderburg, 1940). In the modern exploration era, Boxxer Gold Corp. carried out trenching in 2007, successfully outlining a mineralized zone at the Boyer Mine property but did not execute a long-term option agreement with the vendor. In 2014 and 2015, Discovery Harbour Resources Corp. carried out geophysical surveys, geochemical sampling and drilled 12 holes on the Boyer Mine claims and adjacent areas. The best intersections were in hole 2B14-06, which intersected a true thickness of 21 feet (6.4 metres) of mineralization grading 0.84% copper, including 4 feet (1.22 metres) of 3.22% copper, and hole 2B14-07, which intersected a true thickness of 60 feet (18.29 metres) of mineralization grading 0.37% copper, including 2 feet (0.61 meters) grading 1.09% copper and 5 feet (1.52 metres) grading 1.02% copper.

For further information about the Treasure Box and Boyer Mine copper properties, including scanned copies of historical reports produced by the U.S. Bureau of Mines and other publications, please visit the Company's website at:  http://www.nevadasunrise.ca/projects/treasure-box-copper-project/

Geochemical analyses for the Treasure Box and Lovelock Mine samples were performed by Bureau Veritas of Vancouver, BC, Canada, with a 53-element analytical package by ICP-MS after modified aqua regia digestion, following sample crushing and preparation in the Bureau Veritas, Reno, Nevada facility.  Over limit samples were reanalyzed by ICP-ES by HNO3-HCl acid digestion.

Robert M. Allender, Jr., CPG, RG, SME is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained herein. Readers are cautioned that some of the technical information described in this news release is historical in nature; however, the information is deemed credible and was produced by professional geologists of the eras discussed.

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, lithium and cobalt mineral exploration projects in the State of Nevada, USA.

The Company's two key gold assets include a 100% interest in the Golden Arrow project near Tonopah, currently the subject of a transaction with Emgold Mining Corporation (TSXV: EMR) and a 21% interest in a joint venture at Kinsley Mountain with Liberty Gold Inc. (TSX: LGD, formerly Pilot Gold Inc.) near Wendover, with each of the properties subject to certain production royalties.

In November 2017, Nevada Sunrise announced an option to earn a 100% interest in the historic Lovelock Cobalt Mine property, located approximately 100 miles (150 kilometers) east of Reno.  In March 2018, the Company announced options to earn 100% interests in the Treasure Box and Boyer Mine properties, located approximately 3.6 miles (5.8 kilometers) southwest of the Lovelock Mine.

Nevada Sunrise began acquisitions of Nevada lithium properties in 2015, which includes 100% interests in the Neptune, Jackson Wash and Aquarius projects, and a 50% interest in the Gemini project (Eureka Resources Inc. (TSXV: EUK) holds a 50% interest), and a 100% interest in the Atlantis project,  currently under option to American Lithium Corp. (TSXV: LI). For further information on other Nevada lithium projects operated by the Company (Aquarius, Neptune, Jackson Wash and Gemini), including location maps, please visit the Nevada Sunrise website at: "Projects – Nevada Lithium": http://www.nevadasunrise.ca/projects/nevadalithium/

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 and minerals, 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 study, proposed exploration and development of our exploration properties and the estimation of mineral resources. 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 interpretation and actual results of historical work at the Lovelock Mine and Treasure Box/Boyer Mine properties, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Lovelock Mine and Treasure Box/Boyer Mine properties, 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 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, 2017, 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

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