VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 16, 2013) - Nevada Sunrise Gold Corporation ("Nevada Sunrise") (TSX VENTURE:NEV) announced today that it has been informed that Pilot Gold Inc. ("Pilot Gold") has commenced drilling at the Kinsley Mountain Project, Nevada ("Kinsley Mountain"). The drilling program, planned for 20,000 metres, is follow-up to the 2012 drilling and exploration campaign that defined and expanded gold mineralization over a 2.2 kilometre-long trend.
Drill highlights from the 2012 program include:
- 6.03 g/t gold over 13.7 metres in hole PK061, including 15.18 g/t gold over 4.6 metres;
- 5.48 g/t gold over 20.4 metres in hole PK014C, including 16.43 g/t gold over 5.5 metres; and
- 2.30 g/t gold over 19.8 metres in hole PK057.
(For a table of Kinsley Mountain drill results from 2011-2012, including non-reportable intercepts, please see Nevada Sunrise's website under "Projects - Kinsley Mountain".)
The exploration program is designed to extend and further define Kinsley Mountain's high-grade and bulk-tonnage mineralization with an aggressive 20,000 metres of core and RC drilling as well as additional geophysical, engineering, metallurgical surveys, and district wide exploration.
Kinsley Mountain exhibits near-surface mineralization similar to other Carlin-style, sediment hosted gold systems. Gold mineralization is largely oxidized, and hosted in strataform zones within Cambrian-Ordovician shelf carbonates, collapse breccias, and specific high and low angle structures. Pilot Gold has also drilled high grade sulfide mineralization. In certain locations, such as the West Flank target, the Company has drilled through this sulphide material and back into fully oxidized mineralization.
In 2012, Pilot Gold completed a successful 12,000-metre infill and step-out drill program that defined and expanded upon the mineralized zones identified by previous operators. In conjunction with drilling, a comprehensive regional exploration effort generated new targets up to seven kilometres to the north of the historic open pits. A new mineralized zone was intersected in drilling (Candland Canyon) and the Western Flank Zone has been expanded to cover an area 600 metres by 100 metres. A three-dimensional model of geology and mineralization was created in order to aid in the selection of new, high-grade drill targets by extrapolating controls outward from the pits.
Further information is available in the technical report entitled: "Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A.", dated March 26, 2012, and prepared by Michael M. Gustin, CPA and Senior Geologist for Mine Development Associates, Inc., available on Nevada Sunrise's website at www.nevadasunrise.com.
"The technical information in this news release is based upon information provided by Nevada Sunrise's joint venture partner, Pilot Gold. The technical information has been prepared under the supervision of Vance Spalding, CPG, VP Exploration, Pilot Gold, a qualified person under National Instrument 43-101, and independent of Nevada Sunrise. Richard Kehmeier, QP for NEV, has not reviewed the data comprising this release but accepts the information developed under the supervision of the QP for Pilot Gold as being representative of the results obtained from Pilot Gold's drill program."
About Kinsley Mountain
Kinsley Mountain is located in Elko County, Nevada, about 83 kilometers (51 miles) south of the town of Wendover. Kinsley Mountain lies within a seven-mile long, north-northeast trending ridge at the northern extension of the Antelope Range, and consists of 380 contiguous claims totaling 3,096 hectares (7,650 acres). Historical open-pit mining operations by Alta Gold Company extracted 138,151 ounces of gold from the property from 1994 to 1999 until mining operations ceased. Kinsley Mountain saw little-to-no exploration subsequent to the mining operations until Animas Resources Ltd. ("Animas") entered into an option agreement with Nevada Sunrise and carried out exploration in 2010. Pilot Gold purchased the right to option Kinsley Mountain from Animas in September 2011, and since that time has earned a 65% interest in Kinsley Mountain by carrying out programs of geochemical sampling, geological mapping, and 13,134 meters (43,080 feet) of drilling.
About Nevada Sunrise
Nevada Sunrise (TSX VENTURE:NEV) is a publicly-traded gold exploration company that holds a portfolio of three projects in Nevada, namely Kinsley Mountain, Golden Arrow, and Pinnacle, totalling approximately 6,368 hectares (15,735 acres) of prospective land. For the latest details on the Nevada Sunrise, its properties, management team and philosophy, please visit our website 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 dated 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.