Nevada Sunrise JV Partner Pilot Gold Reports 6.15 G/T Gold Over 7.6 Metres in New Area at Kinsley Mountain, Nevada
VANCOUVER, British Columbia, March 3, 2015 (GLOBE NEWSWIRE) -- Nevada Sunrise Gold Corp. ("Nevada Sunrise" or the "Company") (TSX-V:NEV) is pleased to announce that Pilot Gold Inc. ("Pilot Gold") (TSX:PLG) has reported results from the remaining holes from the 2014 drill program at the Kinsley Mountain Project in eastern Nevada ("Kinsley Mountain", or the "Property"). Kinsley Mountain is a joint venture between Pilot Gold and Nevada Sunrise, with Pilot Gold holding a 79.1 per cent interest, and Nevada Sunrise, through a wholly-owned U.S. subsidiary, holding a 20.9 per cent interest.
Pilot Gold drill tested the 550 metre-long gap between the Western Flank high-grade gold zone and the historical pits in the Kinsley Trend with three holes in a fan from one drill site. The northerly of the three reverse-circulation ("RC") holes provides the first confirmation of the geologic model that high-grade mineralization is present between the two mineralized zones:
- 6.15 grams per tonne ("g/t") gold over 7.6 metres in PK200, including
- 8.73 g/t gold over 4.6 metres (Secret Canyon Shale host)
In 2015, the Kinsley Mountain joint venture plans to test a number of new targets in the main claims area as well as first-pass drilling of the Kinsley North area.
Silica Knob Target Area
A single RC hole tested the intersection of a NW-striking fault and the northern extension of the NNE-striking Western Flank structure located approximately 1.4 km north of the Western Flank high-grade zone. PK203 encountered significant alteration and returned 0.4 g/t gold over 9.1 metres, including 1.2 g/t gold over 1.5 metres in the Secret Canyon Shale target interval. This test extends the area of potential gold mineralization along the Western Flank of the Kinsley range to over 3 kilometres, and importantly, provides additional proof of concept that gold is present at the intersections of NW- and NNE- trending structures.
2014 Project Highlights
2014 was a pivotal year for Kinsley Mountain, with results demonstrating that gold is concentrated at the intersections of NW and NNE-trending high-angle structures and that the Secret Canyon Shale horizon, host to the high-grade mineralization in the Western Flank, is a viable target over the entire property. This horizon is largely untested, and may host other high-grade zones.
2014 Project Highlights include:
- Continued exploration success at Western Flank high-grade target, including:
- 6.85 g/t Au over 41.7m in PK127C
- 10.52 g/t Au over 42.7m in PK131C
- 21.3 g/t Au over 29.0m in PK137C
- 6.19 g/t Au over 45.7m in PK175CA
- 10.31 g/t Au over 39.6m in PK186C
- Amended Plan of Operations for additional 23 acres of disturbance for the Kinsley North claims;
- Secured 1,080 acre feet of water rights;
- Added 63 claims, 1925 acres to the land package;
- Discovered gold mineralization in the Right Spot, Secret Spot and Silica Knob targets;
- Carried out flotation testing on Secret Canyon Shale-hosted mineralization, ranging 89 to 95% total recovery and concentrate grades ranging 98.6 to 312 g/t gold achieved (see Nevada Sunrise news release dated January 19, 2015).
2015 Program
The 2015 field program at Kinsley Mountain is currently budgeted at US$2.0 million and will include up to 10,000 metres of RC and 1,000 metres of diamond core drilling. The focus of the 2015 program will be to test a number of high-priority targets that could lead to discovery of additional mineralization similar in nature to the high-grade Western Flank zone. Targets range from early-stage tests in the Kinsley North area to fan drilling of the area between the Western Flank zone and the historical pits. Exploration of this nature is drill-intensive and iterative; the program will be continually evaluated in light of data and interpretations from each and every drill hole. In addition, an induced polarization geophysical test survey is planned over the Western Flank target to investigate a chargeability correlation to sulphide content associated with strong gold mineralization.
For maps showing the 2014 target areas, and a table of all 2014 Kinsley Mountain drill results, including non-reportable intercepts, please access Nevada Sunrise's website under "Exploration-Kinsley Mountain" at: http://www.nevadasunrise.ca/projects/kinsley-mountain/
John R. Kerr, P.Eng., is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and approved the technical information contained in this release. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-90% of the reported lengths. Drill samples were assayed by ALS Chemex (ISO9001:2000) in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done 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. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS.
About Kinsley Mountain
Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems. The Property consists of 469 claims on U.S. Bureau of Land Management land plus 6 leased patents totalling 9,520 acres (3,853 hectares) and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets.
Kinsley Mountain is an early-stage exploration project and does not contain any mineral resource estimates as defined by NI 43-101. The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource for the targets disclosed herein. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.
For further information about Kinsley Mountain please refer to a technical report entitled "Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A.", effective February 15, 2012 and dated March 26, 2012, prepared by Michael M. Gustin, CPG of Mine Development Associates and Moira Smith, Ph.D., P.Geo. and Kent Samuelson of Pilot Gold, filed on May 9, 2012 under Nevada Sunrise's Issuer Profile on SEDAR at www.sedar.com and also available for viewing on Nevada Sunrise's website at www.nevadasunrise.ca
About Nevada Sunrise
Nevada Sunrise is a junior gold exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in three exploration projects in Nevada, USA. Our three key assets include Kinsley Mountain near Wendover, the Golden Arrow project near Tonopah, and the recently-acquired Roulette property (formerly known as the Grulla property) near Ely, Nevada.
FORWARD LOOKING STATEMENTS
All statements in this release, other than statements of historical fact, are "forward-looking information" with respect to Nevada Sunrise Gold Corp. ("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, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future 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 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 historic data associated with and drill results from the property, information from Pilot Gold Inc., 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 Pilot Gold Inc., 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, 2014, 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 Corp. 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.
Contact
For Further Information Contact:
Warren Stanyer, President and Chief Executive Officer
Telephone: (604) 428-8028
Facsimile: (604) 689-5528
Email: warrenstanyer@nevadasunrise.ca
