Nevada Sunrise Amends Option to Purchase Coronado Copper Project, Nevada
Vancouver, January 24, 2025 - Nevada Sunrise Metals Corp. (TSXV: NEV) (OTC Pink: NVSGF) ("Nevada Sunrise" or the "Company") is pleased to announce that it has negotiated an amendment to the terms of an option agreement whereby the Company has the right to purchase a 100% interest in the Coronado Copper property, formerly known as the Coronado VMS Property ("Coronado", or the "Property"), located in the Tobin Sonoma Range of Pershing County, Nevada, approximately 30 miles (48 kilometres) southeast of Winnemucca. A definitive agreement for Coronado was announced on September 28, 2018, and was subsequently amended in January 2022 and December 2023.
Details of the Coronado Amended Option Agreement Terms
Nevada Sunrise retains the right to acquire a 100% interest in Coronado, subject to a 2.0% net smelter returns royalty ("NSR"), with certain buydown provisions, in consideration for the amended cash and share payments to the vendors and minimum exploration expenditures as described in the table below (all dollar amounts listed are in US dollars):
Schedule of Payments and Expenditures
| Coronado Copper Project - Amendments to Schedule of Payments and Expenditures (USD) | ||||||
| Payment Due Dates | Cash Payments | Amended Cash Payments | Share Payments | Amended Share Payments | Minimum Exploration Expenditures | Amended Minimum Exploration Expenditures |
| Sept. 25, 2021 | $50,000 (paid) | No amendment | 500,000 (issued) | n/a | $300,000 | No amendment |
| Sept. 25, 2022 | $50,000 (paid) | No amendment | 500,000 (issued) | n/a | $300,000 | No amendment |
| Sept. 25, 2023 | NIL | No amendment | 750,000 (issued) | n/a | NIL | No amendment |
| Sept. 25, 2024 | $75,000 | $10,000 (paid) | 750,000 | 3,000,000 (issuance pending) | $300,000 | $30,000 (incurred) |
| Sept. 25, 2025 | $75,000 | No amendment | 500,000 | n/a | $300,000 | No amendment |
| Sept. 25, 2026 | $1,050,000 | $75,000 | 600,000 | 500,000 | $300,000 | No amendment |
| Sept. 25, 2027 | None | $1,050,000(1) | None | 500,000 | None | $300,000 |
(1) The Sept. 25, 2027, payment is subject to the production of a positive Pre-Feasibility Study by Nevada Sunrise. Should a positive Pre-Feasibility Study not be produced during this period, then an alternate payment of $75,000 along with the annual 500,000 Shares and the $300,000 in Minimum Property Work Commitment shall be due in its place, which shall extend the Property Purchase Payment (balloon payment) for an additional year.
Nevada Sunrise retains the right to accelerate the timing of cash and share payments to the vendors at its discretion. If minimum exploration expenditures, which include property maintenance costs, are exceeded in any year, the excess expenditures will be credited to a succeeding year.
The amending agreement for Coronado is subject to acceptance by the TSX Venture Exchange. For more information about Coronado, including maps and photos, click here.
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 lithium and copper exploration projects located in the State of Nevada, USA.
Nevada Sunrise owns 100% interests in the Gemini, Jackson Wash and Badlands lithium projects, all of which are located in the Lida Valley in Esmeralda County, NV. The Company owns Nevada Water Right Permit 86863, also located in the Lida Valley basin, near Lida, NV.
Nevada Sunrise holds the right to earn a 100% interest in the Coronado Copper Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV.
For Further Information Contact:
Warren Stanyer, President and Chief Executive Officer
email: warrenstanyer@nevadasunrise.ca Telephone: (604) 428-8028
Website: www.nevadasunrise.ca
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 and include disclosure of anticipated exploration activities. 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.
Such factors include, among others, risks related to: receiving acceptance from the TSX Venture Exchange for the shares issuance as referenced in the amended Coronado option agreement terms; the ability of the Company to raise funds for exploration activities at the Coronado Project; reliance on technical information provided by third parties on any of our exploration properties; 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 due to pandemic; 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 Ending June 30, 2024, which is available under Company's SEDAR profile at: www.sedarplus.ca.
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.
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 or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238295