VANCOUVER, British Columbia, April 23, 2014 (GLOBE NEWSWIRE) -- Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSX-V:NEV) is pleased to announce that Pilot Gold Inc. ("Pilot Gold") (TSX: PLG), operator for the Kinsley Mountain joint venture, has reported to the Company that infill and step-out drilling at Kinsley Mountain's Western Flank target continues to intersect high-grade gold mineralization, including 21.3 grams per tonne gold ("g/t Au") over 29.0 metres in hole PK137C. The upper portion of this intercept in PK137C, including an interval grading 46.4 g/t Au over 4.9 metres, is oxidized, similar to other nearby drill holes with high-grade zones of oxidation.
Highlights from the five remaining drill holes from the 12-hole, 3,500 metre winter diamond drilling program in the Western Flank area include:
- 10.6 g/t Au over 30.0 metres in PK133C (step-out), including
- 16.1 g/t Au over 16.5 metres;
- 1.44 g/t Au over 12.2 metres and 2.84 g/t Au over 18.9 metres in PK134C (step-out)
- 21.3 g/t Au over 29.0 metres in PK137C* (infill), including
- 46.4 g/t Au over 4.9 metres (oxide), and
- 32.7 g/t over 11.4 metres
- 15.6 g/t Au over 38.7 metres in PK137CA (infill), including
- 26.2 g/t Au over 21.9 metres;
*PK137C was lost in the mineralized zone due to poor ground conditions higher in the hole, and does not represent a complete intercept of the zone. PK137CA was wedged off the same hole from above the mineralized zone using NQ-size tools and was completed through the mineralized zone in a location immediately adjacent to PK137C, effectively representing a twin of PK137C and a complete intercept of the mineralized zone.
Pilot Gold reports that the infill and step-out drilling extends the high-grade zone at the Western Flank target, and that the zone remains open in all directions. Hole PK137C/CA is an infill hole between PK132C (7.53 g/t over 53.3 metres), PK131C (10.5 g/t Au over 42.7 metres) and PK91CA (8.53 g/t gold over 36.6 metres) (see Nevada Sunrise news releases dated March 12, 2014 and November 18th, 2013), and provides additional definition along a 150 metre-long, NW-trending zone of high-grade mineralization intersected in five drill holes in the central Western Flank target area. Pilot Gold believes that the strong results along this trend suggest that the mineralization may be an extension of the 2.2 kilometre long NW-SE "Kinsley Trend" structural zone, along which the historical pits are aligned. Shallow historical drilling in the pits stopped short of testing the stratigraphic horizon hosting high-grade mineralization in the Western Flank target, and thus the potential for mineralization below the limits of the pits may be extensive.
PK133C (10.6 g/t Au over 30.0 metres) and PK134C (2.84 g/t Au over 18.9 metres) are step-out holes located 43 metres northeast and 43 metres south, respectively, of PK 131C. These holes delineate the potential width of the zone of high-grade mineralization, which is open in all directions. Geological data suggest the presence of a gently northeast-dipping, tabular, partially stratabound zone of mineralization.
Current activities on the property include construction of drill roads to access areas between the Western Flank and the Right Spot and Secret Spot target areas, located up to 2 kilometres to the southwest, as well as areas between the Western Flank and the historical Upper Pit, located 550 metres to the southeast. Areas to the south of the Right Spot are undergoing detailed surface mapping, sampling and target generation. Drilling is set to resume in early May 2014 with one core drill and two reverse circulation drills.
For a map showing the 2014 target areas, a long section of the Western Flank/Right Spot area, and a table of 2014 Kinsley Mountain drill results to date, including non-reportable intercepts, please access Nevada Sunrise's website under "Exploration - Kinsley Mountain" at: http://www.nevadasunrise.ca/kinsleymountain.asp
ABOUT KINSLEY MOUNTAIN
Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems. The Kinsley Mountain project is located in eastern Nevada near the Utah border, approximately 160 kilometres (100 miles) southeast of Elko, Nevada, and consists of 412 claims covering approximately 3,322 hectares (8,208 acres). Kinsley Mountain 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 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.
In 2013, Pilot Gold solely funded a US$3.8-million exploration program at Kinsley Mountain, which following the application of allowable 2013 budget overruns, increased its participating interest to approximately 79%, with Nevada Sunrise holding an approximate 21% interest.
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. 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.
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
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 Three Months ended December 31, 2013, 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: Warren Stanyer President and Chief Executive Officer Telephone: (604) 428-8028 Facsimile: (604) 689-5528 Email: email@example.comSource:Nevada Sunrise Gold Corporation