VANCOUVER, British Columbia, Jan. 16, 2014 (GLOBE NEWSWIRE) -- Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSX-V:NEV) is pleased to announce that the Kinsley Mountain LLC joint venture intends to begin the 2014 drill program on January 18, 2014 at the Kinsley Mountain property, located in Elko County, Nevada. The initial winter drilling program of 3,700 metres will focus on infilling and extending the Western Flank towards the "Right Spot" target, where host rocks returned significant gold values in road cut sampling. Drill results from the Western Flank and Right Spot sampling suggest that the targets may result in a gold mineralized zone stretching more than one kilometre.
2013 drill highlights from Kinsley Mountain include:
-- 8.53 g/t gold (Au) over 36.6 metres in PK091CA, including
- 29.4 g/t Au over 7.6 metres
-- 5.00 g/t Au over 7.6 metres and 4.71 g/t over 7.3 metres in PK096C
-- 2.50 g/t Au over 24.4 metres in PK104C
-- 1.65 g/t Au over 24.4 metres in PK074
-- 6.34 g/t Au over 5.9 metres in PK106C, including
- 9.91 g/t Au over 3.4 metres
The 2014 Kinsley Mountain exploration program is budgeted at US$4.47 million. Pilot Gold Inc. ("Pilot Gold") (TSX:PLG), operator of exploration at Kinsley Mountain, holds an approximate 78% interest in the joint venture, and Nevada Sunrise, through its subsidiary Intor Resources Corporation ("Intor") holds an approximate 22% interest. Intor has notified Pilot Gold of its intention to fund its approximate US$941,000 share of the proposed program in 2014.
Additional exploration drilling in 2014 will focus on targets south of the Western Flank and the past-producing Kinsley Mine where prior drilling, geologic mapping and geochemistry defined a series of robust exploration targets hosted in the Candland Shale and Secret Canyon Shale. Candland Shale is a historically-exploited regional gold host while the underlying Secret Canyon Shale provides a new host horizon discovered last year in hole PK091CA. Targets will be drilled within the historical mine area where the Secret Canyon Shale remains untested. These southern targets are drill ready and permitted under the existing Kinsley Mountain Plan of Operations.
Drill testing of priority exploration targets up to seven kilometres to the north of the historical mine area will occur upon receipt of an Amended Plan of Operations. Large geochemical anomalies, strong gold values in surface rock samples and extensive geologic mapping have confirmed the presence of key structures and regional stratigraphic gold hosts at "Kinsley North", and have defined drill targets. An amendment to the existing Plan of Operations was submitted on November 6, 2013.
ABOUT KINSLEY MOUNTAIN
Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems along a 2.2 kilometre strike extent. The property consists of 380 claims and 7,650 acres (3,095 hectares) on U.S. Bureau of Land Management land and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets. Gold mineralization is primarily oxidized and occurs in stratiform zones and fault collapse breccias within a sequence of Cambrian-Ordovician shelf carbonates. At depth, Pilot Gold has also drilled high-grade transitional and sulfide mineralization.
Kinsley Mountain is an early-stage exploration project and does not contain any mineral resource estimates as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("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.
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 30-100% 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 addition 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.
John R. Kerr, P.Eng., is the Company's designated Qualified Person for this news release within the meaning of NI 43-101 and has reviewed and approved the technical information contained in this release.
For further information about Kinsley 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
Nevada Sunrise wishes to inform its shareholders that as of January 13, 2014, its new website address is www.nevadasunrise.ca and that it will no longer update or support its former website address at www.nevadasunrise.com
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, 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 year ended September 30, 2012, 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.
CONTACT: FOR FURTHER INFORMATION CONTACT: Warren Stanyer President and Chief Executive Officer Telephone: (604) 428-8028 Facsimile: (604) 689-5528 Email: firstname.lastname@example.orgSource:Nevada Sunrise Gold Corporation