VANCOUVER, British Columbia, Jan. 6, 2015 (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 has approved a 2015 exploration program and budget for the Kinsley Mountain Project ("Kinsley Mountain", or the "Property") located in Elko County, Nevada. Pilot Gold Inc. ("Pilot Gold") (TSX:PLG), operator of exploration at Kinsley Mountain, holds a 79.1% interest in the joint venture, and Nevada Sunrise, through a wholly-owned U.S. subsidiary, holds a 20.9% interest.
The 2015 Kinsley Mountain exploration program (the "Program") is currently budgeted at US$2.0 million, and Nevada Sunrise has elected to fund its US$418,800 share of the Program. The Company believes that positive results from early drilling may generate budget amendments to the Program later in 2015.
Details of the Planned 2015 Program
Drilling is expected to commence in the Second Quarter of 2015, consisting of approximately 10,000 metres of reverse-circulation drilling and 1,000 metres of diamond drilling. Targets include follow-up to the high-grade mineralization intersected in the Western Flank and Right Spot areas, and drilling on the Secret Spot, Racetrack and Kinsley Pit Trend targets, and within the newly-permitted Kinsley North area.
An induced polarization ("I.P.") orientation survey is planned over the known mineralized zones at the Western Flank zone. The deeper mineralization at the Western Flank zone is associated with pyrite, ranging up to 10% content, and Nevada Sunrise believes that this pyrite could be interpreted from the orientation survey. Should a geophysical signature for the mineralized zones be identified from the Western Flank survey, Nevada Sunrise anticipates that I.P. surveys will be carried out on other areas of the Property seeking similar geophysical responses as a vector to new drill targets.
Pilot Gold has reported that gold mineralization at Kinsley Mountain is widespread in two stratigraphic units, the Secret Canyon and Candland shales, with both emerging as viable property-wide targets, and that the 2014 results not only demonstrate continuity of the high-grade mineralization at the Western Flank target, but also its broader potential as gold was detected in widely-spaced drill holes (see Nevada Sunrise news release dated December 9, 2014). The 2014 drilling program consisted of 27,191 metres in 81 holes, with assays still pending for 5 holes.
For maps showing target areas, 2014 drill hole locations, and a table of 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.
About Kinsley Mountain
Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems. The Property consists of 475 claims (with six unpatented claims recently added) on U.S. Bureau of Land Management land plus 6 leased patents totalling 9,575 acres (3,875 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. There has been insufficient exploration to define a mineral resource for the targets disclosed herein, and 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.
For Further Information Contact:
Warren Stanyer, President and Chief Executive Officer
Telephone: (604) 428-8028
Facsimile: (604) 689-5528
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 Nine Months ended June 30, 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 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.
Source:Nevada Sunrise Gold Corporation