November 3, 2016
News Release TSXV: NEV
NEVADA SUNRISE AND ADVANTAGE LITHIUM INTERSECT LITHIUM BRINES RANGING UP TO 218 PPM AT CLAYTON NORTHEAST PROJECT IN NEVADA
November 3, 2016, Vancouver, British Columbia – Nevada Sunrise Gold Corporation (“Nevada Sunrise” or the “Company”) (TSXV: NEV) and its joint venture partner, Advantage Lithium Corp. (“Advantage Lithium”) (TSXV: AAL) are pleased to announce lithium-bearing brines have been intersected in the first borehole of the 2016 drilling program at the Clayton Northeast lithium brine project in the Clayton Valley, Nevada (“Clayton NE”, or the “Project”). Clayton NE borders the Silver Peak mine operated by Albemarle Corporation (“Albemarle”) (NYSE: ALB), North America’s only producing lithium mine. Hole CNE-16-01, still in progress, has encountered classic Clayton Valley permeable sedimentary strata and has intersected aquifer formations that host brines at depths between 553 and 1,200 feet (169 to 366 metres). Lithium values in the first five grab samples taken within the aquifer zones are highly anomalous, including up to 218.0 parts per million (“ppm”), with three of the five samples averaging 209.0 ppm lithium. Target depth for hole CNE-16-01 is estimated at 1,500 feet (457 metres), or until contact with bedrock.
“Our first borehole has confirmed the prospectivity of the Clayton NE property for lithium-bearing brines,” said Warren Stanyer, President and CEO of Nevada Sunrise. “Exploration drilling into aquifer zones is a demanding task, and the success of this inaugural hole is a tribute to the collective experience of our geological team and our drill crew.”
Conventional dual-tube reverse circulation (“RC”) drilling intersected typical Clayton Valley strata consisting of alternating layers of gravel, volcanic ash and clay. The Main Ash and the Lower Aquifer System, as described by Zampirro, (2003) were encountered beginning at 553 feet (169 metres). A zone of increased water flow was encountered between 735 and 800 feet (224 to 244 metres) in the borehole. Three water samples were collected from this zone. Analysis of these samples shows this zone (interpreted to be the Lower Aquifer System) to carry significant lithium concentrations (see table below).
Clayton NE Lithium Brine Exploration Project – Initial Results (as of October 30, 2016)
Main Ash Aquifer
Lower Aquifer System
*Field instrument measurement
Approximately 240 drill cutting samples of the sediments have been collected for each 5-foot interval within the borehole, from which representative samples will be selected for analysis.
Total dissolved solids (“TDS”) values for the first five brine samples from borehole CNE-16-01 ranged from 110,000 ppm for the samples containing the highest lithium values, to a low of 7,200 ppm for the sample containing the lowest lithium value. A direct correlation between higher lithium values and higher strength brine is indicated. These initial results from CNE-16-01 for three of the first five samples are generally comparable to Albemarle’s brine samples from production wells as reported from 2009-2013 to the State of Nevada for Annual Water Pollution Control Permits (Source: Pure Energy Minerals Ltd. National Instrument 43-101 Technical Report entitled “Inferred Resource Estimate for Lithium, Clayton Valley South Project, Clayton Valley, Esmeralda County, Nevada USA”, dated July 17, 2015).
2016 Exploration Program Highlights
The 2016 exploration drilling program is planned to include three RC drill holes totaling approximately 4,920 feet (1,500 metres), focussed on lithium brine targets close to the Silver Peak mine border and several of Albemarle’s production wells;
In September 2016, an 11.0 line-km Volterra 3D-IP ground geophysical survey successfully imaged highly-conductive horizons to the survey depth limit of approximately 2,600 feet (800 metres) – these conductive zones have been confirmed in hole CNE-16-01 as brine-bearing formations;
The three high-priority drill targets were chosen to best intersect the broadest and most conductive zones detected by the geophysical survey;
The drill will be mobilized to the second target of the program upon completion of borehole CNE-16-01;
Nevada Sunrise and Advantage Lithium are the only lithium explorers in the Clayton Valley, other than Albemarle, with access to certified water rights for the purposes of future development.
For further information on Clayton NE, including location maps, see the Company’s website under “Projects-Nevada Lithium” at: http://www.nevadasunrise.ca/projects/nevadalithium/
Groundwater samples were sent to Western Environmental Testing Laboratory in Reno, Nevada for analysis. General chemistry testing included analysis for specific gravity, total hardness and alkalinity, bicarbonate, carbonate, hydroxide, TDS and electrical conductivity. Anions (chloride, sulfate) were analyzed by ion chromatography. Trace metals (lithium, magnesium, boron, calcium, potassium and sodium) were analyzed by ICP-OES. TDS values obtained in the field are measured with a handheld YSI Model 556 Multiparameter Meter, which meets Good Laboratory Practice for calibration and measurement. All depth measurements reported, including sample and interval widths are down-hole. As holes are oriented vertical and geologic stratigraphy is primarily horizontal to sub-horizontal, downhole measurements are assumed to be close to true thickness.
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.
About Clayton NE
Consists of 50 unpatented claims totaling approximately 1,000 acres (405 hectares);
Clayton NE is subject to an option earn-in agreement where Advantage Lithium can earn up to a 70% interest in the Project after fulfilling CDN$3.0 million in exploration expenditures on a package of five lithium properties optioned from Nevada Sunrise (for further details, see Nevada Sunrise news release dated June 20, 2016);
For Further Information Contact:
Warren Stanyer, President and Chief Executive Officer
Telephone: (604) 428-8028
Facsimile: (604) 484-7143
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 the properties transaction with Advantage Lithium Corp., the successful transfer of Place of Use and Point of Diversion of water rights, 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 of historical exploration and actual results of current exploration by Nevada Sunrise at its lithium properties; reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on its lithium 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; 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 Nine Months ended June 30, 2016, 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.
The post NEVADA SUNRISE AND ADVANTAGE LITHIUM INTERSECT LITHIUM BRINES RANGING UP TO 218 PPM AT CLAYTON NORTHEAST PROJECT IN NEVADA appeared first on Lightning Releases.