TSXV: NEV
VANCOUVER, May 31, 2016 /CNW/ - Nevada Sunrise Gold
Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce Phase 1 exploration results from its drilling
program at the Neptune Lithium Project ("Neptune") located in the southern Clayton Valley of Nevada,
USA.
Nevada Sunrise completed two exploration holes at Neptune in late March 2016. Drill targets were
generated from the integration of the results of: (1) a detailed gravity survey by a previous operator that outlined a deep,
faulted sub-basin, and (2) a controlled source audio magneto telluric ("CSAMT") follow-up survey that detected conductive horizons
within the sub-basin. In each of the completed holes, permeable sedimentary, lacustrine strata interbedded with volcanic ash and
ejecta was logged at various levels throughout the holes. This type of sedimentary strata is interpreted as a requisite host
horizon for lithium-bearing brines as seen in the northern Clayton Valley. A total of 45 water samples and 256 sediment cuttings
samples were collected and submitted for multi-element analysis.
Preliminary analytical results indicate the water samples collected from the two completed holes contain sub-economic contents
of lithium. However, in hole N-2016-1, the composited samples collected from the intersected strata contained lithium-bearing
sediments that averaged 156 parts per million ("ppm") lithium over 215 feet (65.5 metres) from 1285 feet (392.7 metres) to the end
of hole at 1,500 feet (457.2 metres), reaching a peak value of 217 ppm lithium from 1365 to 1385 feet. An sharp increase of acidity
was noted in several of the last water samples of hole N-2016-1, which Nevada Sunrise interprets as a potentially fertile leaching
environment for the creation of lithium-bearing brines. A third hole up to 2,000 metres deep is planned approximately 1 mile
(1.6 kilometres) to the east of hole N-2016-1 in an area interpreted from a 2016 geophysical survey to be a potential trap where
denser, lithium-bearing brines could migrate and pool. If results from the third hole warrant, a drill pad and access road have
been prepared for a fourth hole location.
"This is the first drilling program on a property that covers approximately 10 square miles, and accordingly exploration on the
Neptune property is a classic high risk/high reward scenario," said Warren Stanyer, President and
CEO of Nevada Sunrise. "Our current work has confirmed the presence of lithium within the Neptune basin, and we look forward to the
next drill test of a highly-prospective lithium brine target."
About Neptune
Neptune consists of 316 unpatented 20-acre placer claims totaling approximately 6,320 acres (2,557 hectares) and is
located in an active area of lithium exploration and mining. The Silver Peak lithium mine operation, acquired by Albemarle
Corporation (NYSE: ALB) in 2015, has extracted lithium minerals from brines continuously since 1966 and is located approximately 10
miles (15 kilometres) to the north of Neptune. Pure Energy Minerals Ltd. (TSXV: PE) and Lithium-X Energy Corp. (TSXV: LIX) hold
claims near or adjacent to the Company's Clayton Valley properties. Nevada Sunrise has an option to earn a 100% interest in
Neptune, subject to a 3.0% gross overriding royalty (see Nevada Sunrise news release dated September 21, 2015 for further details of the Neptune underlying option agreement).
Resolve Ventures Inc. ("Resolve") (TSXV: RSV) has earned a 25% working interest in Neptune, and can earn up to a 50% working
interest after completing certain cash or share payments to Nevada Sunrise, and by incurring up to CDN$1.0
million in exploration expenditures over a 3-year period (see Nevada Sunrise news release dated March
4, 2016 for details of the Nevada Sunrise-Resolve option agreement).
For further information on Neptune including maps showing its location and exploration plans please visit "Projects – Nevada
Lithium" at: http://www.nevadasunrise.ca/projects/nevadalithium/
for a link to access the National Instrument 43-101 ("NI 43-101") compliant technical report dated February 29, 2016, and filed on SEDAR by Resolve on May 3, 2016.
Water and sediment samples were submitted to ALS Minerals in Reno, NV, and analyzed at ALS
Minerals in Vancouver, BC. Water samples were analyzed by ICP-AES and ICP-OES, and composite
sediment samples were analyzed by 48-element, four-acid ICP-MS. Robert M. Allender, Jr., CPG, RG,
SME 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 herein.
About Nevada Sunrise
Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in nine mineral exploration
projects in the State of Nevada, USA. Nevada Sunrise began acquisitions of Nevada lithium properties in September 2015, which include options to earn 100%
interests in the Neptune and Clayton Northeast projects, and a 100% interest in the Aquarius Project, all located in the Clayton
Valley area. The Company also holds options to earn 100% interests in the Jackson Wash and Atlantis projects, and has a 50%
participating interest in the Gemini project, each located in playas proximal to the Clayton Valley.
The Company's three key gold assets include a 21% interest in a joint venture with Pilot Gold Inc. (TSX: PLG) at Kinsley
Mountain near Wendover, a 100% interest in the Golden Arrow project near Tonopah, and a 100% interest in the Roulette gold property in the southeastern Carlin trend near Ely, with each of the properties subject to certain
production royalties.
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 lithium, 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 exploration at the
Neptune property, reliance on technical information provided by third parties on any of our exploration properties, including
access to historical information on the Neptune property, 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; 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 Six Months ended March 31, 2016, 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
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