Nevada Sunrise Announces Kinsley Mountain Drilling Program in Nevada and $600,000 Private Placement
VANCOUVER, July 30, 2020 - Nevada Sunrise Gold Corp. ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce that it has been informed by its joint venture partner, New Placer Dome Gold Corp. ("New Placer Dome", TSXV: NGLD), that a drilling program of up to 20,000 metres has begun at the Kinsley Mountain Gold Project ("Kinsley Mountain"), located near Wendover, NV. The Company holds a 20.01% interest in Kinsley Mountain, with New Placer Dome, as operator, holding a 79.9% interest. Kinsley Mountain is a Carlin-style gold project hosting 418,000 indicated ounces of gold grading 2.63 g/t Au (4.95 million tonnes), and 117,000 inferred ounces of gold averaging 1.51 g/t Au (2.44 million tonnes)1. The Company believes there is significant upside potential for new high-grade gold discoveries and for expansion of the footprint of known mineralization and contained resources at Kinsley.
| 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). |
The Company also announces a private placement (the "Offering") of up to $600,000, consisting of 6,000,000 units (the "Units") at a price of $0.10 per Unit, each Unit consisting of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share at a price of $0.16 for a period expiring two years following the closing date of the Offering.
Finder's fees may be payable to parties at arm's length to Nevada Sunrise that have introduced the Company to certain subscribers participating in the Offering. Proceeds of the Offering will be used for exploration on the Company's mineral properties and general working capital. The Offering is subject to acceptance of the TSX Venture Exchange.
John R. Kerr, P. Eng., is the Company's designated Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
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. at the Kinsley Mountain Gold Project near Wendover, with the property subject to a 3.0% net smelter returns royalty.
Nevada Sunrise has the right to earn a 100% interest in the historic Lovelock Cobalt Mine and Treasure Box copper property, each located approximately 150 kilometers (100 miles) east of Reno, both of which are currently under option to Global Energy Metals Corp. (TSXV: GEMC) who can earn up to an 85% participating interest from the Company. In September 2018, Nevada Sunrise acquired the right to earn a 100% interest in the Coronado VMS Project, located in Pershing County, approximately 48 kilometers (30 miles) southeast of Winnemucca.
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.
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. 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.
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.
/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES/
SOURCE Nevada Sunrise Gold Corp.
Contact
Warren Stanyer, President and Chief Executive Officer, Telephone: (604) 428-8028, Facsimile: (604) 684-9365, email: warrenstanyer@nevadasunrise.ca