Nevada Sunrise Gold (NEV-V) Jan 6th 2015 is pleased to announce that the Kinsley Mountain LLC joint venture has approved a 2015 exploration program and budget for the Kinsley Mountain Project located in Elko County, Nevada. Pilot Gold (PLG-T), 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
email: warrenstanyer@nevadasunrise.ca |
