Nevada Sunrise Reports 5.48 g/t Gold Over 20.4 Metres at Kinsley Mt.
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/16/12 -- Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSX VENTURE: NEV) is pleased to report that it has received results from Pilot Gold (TSX: PLG) for the first 14 diamond core drill holes of the 2012 drilling program at Kinsley Mountain in northeast Nevada. Pilot Gold is the Operator of the Kinsley Mountain Joint Venture with Nevada Sunrise.
Strong intervals of gold mineralization were reported in step-out holes, including 5.48 grams per tonne gold over 20.4 meters in hole PK014C, located 150 meters northeast of hole PK002 which returned 6.23 g/t gold over 8.7 meters in 2011 drilling.
"These results from the core drilling portion of our 2012 program demonstrate Kinsley's ability to host gold mineralization to the north of the mined pits and previously identified gold trend. Future drilling will continue to target frontier areas to the northeast and southwest of the mine to further expand the gold mineralized footprint and identify the high grade structures we are beginning to see," said Moira Smith, Chief Geologist for Pilot Gold.
Assays from the 14 hole diamond core drilling program returned mineralization in step-out holes 100 meters to 150 meters north of the historic main pit area, where Pilot Gold's 2011 drilling was focused.
Highlights from the 2012 core drilling program include:
-- 5.48 g/t gold over 20.4 meters, including 16.43 g/t gold over 5.5 meters
in PK014C;
-- 1.40 g/t gold over 10.5 meters in PK019C; and,
-- 0.92 g/t gold over 28.8 meters in PK031C.
All true widths are 60-90% of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing. For a comprehensive table of Kinsley Mountain drill results to date, please see Table 1 below. A map showing drill hole locations in relation to other features on the Kinsley Mountain property is available on the Nevada Sunrise website at: http://www.nevadasunrise.com.
Detailed mapping over the entire Kinsley Mountain claim block has identified a number of north, northeast and northwest-trending high-angle faults with jasperoid alteration up to 7 km north of the mine. Jasperoids are an important structural and alteration marker of Carlin-style sediment-hosted deposits, as they are often indicative of deep hydrothermal mineralizing systems. Rock samples from the Kinsley jasperoids have returned up to 2.8 g/t Au and highly anomalous pathfinder elements consistent with the presence of sediment-hosted gold mineralization at depth.
The 2012, 12,000-metre drill program commenced on March 20th with one diamond core drill and one RC drill. Drilling is primarily focused on expanding the mineralized footprint identified by previous operators in the 1980s and 1990s, and following up on the high grade intercepts from Pilot Gold's initial drill program in late 2011. The majority of holes drilled to date by Pilot Gold have encountered gold mineralization, with deeper RC holes targeting gold in deeper stratigraphic intervals than were previously tested.
In conjunction with the 2012 drill program, regional exploration, data compilation and modeling, and environmental studies are underway. Activities include rock chip sampling, detailed geologic mapping and digitizing and 3D modeling of historic data including over 1,100 drill holes and 72,000 blast hole samples leading to the first comprehensive 3D model for the project. The model allows for more accurate targeting of mineralization and potential high-grade structures beyond the limit of historic workings. Additionally, a Plan of Operations permit application was submitted to the U.S. Bureau of Land Management (BLM) which will allow for expanded exploration activities beyond the previously disturbed areas.
Table 1. Kinsley Mountain 2011 - 2012 Drilling Results
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From To Interval From To Interval Gold Silver
Hole ID (feet) (feet) (feet) (meters) (meters) (meters) (g/t) (g/t)
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PK001C 290.5 345.5 55 88.5 105.3 16.8 1.64 3.3
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PK002C 366.5 395 28.5 111.7 120.4 8.7 6.23 2.1
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including 385 395 10 117.3 120.4 3.0 12.05 3.5
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and 432 443 11 131.7 135.0 3.4 0.33 1.9
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PK003C 337 361.5 24.5 102.7 110.2 7.5 6.75 1.4
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including 351 361.5 10.5 107.0 110.2 3.2 13.52 2.3
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PK004C 140 200.5 60.5 42.7 61.1 18.4 5.91 2.5
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including 150 175.5 25.5 45.7 53.5 7.8 11.93 4.2
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and 485.5 499 13.5 148.0 152.1 4.1 0.54 2.1
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PK005C 121 130 9 36.9 39.6 2.7 0.65 0.2
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and 523.5 541.5 18 159.6 165.0 5.5 0.58 1.6
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and 547 550 3 166.7 167.6 0.9 0.06 2790.0
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PK006C 174 208 34 53.0 63.4 10.4 0.95 2.8
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PK008C Hole Lost
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PK009C 371 403 32 113.1 122.8 9.8 0.88 1.7
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PK010C 283 306 23 86.3 93.3 7.0 0.66 2.3
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PK012C No significant values
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PK014C 310 377 67 94.5 114.9 20.4 5.48 5.5
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including 320 338 18 97.5 103.0 5.5 16.43 9.18
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PK016C 371 373.5 2.5 113.1 113.8 0.8 0.52 0.37
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PK018C 395 403 8 120.4 122.8 2.4 0.85 0.5
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PK019C 415.5 450 34.5 126.6 137.2 10.5 1.40 2.7
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PK020C Anomalous
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PK022C Anomalous
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PK025C 285.5 309 23.5 87.0 94.2 7.2 0.44 2.7
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PK027C 385 388.5 3.5 117.3 118.4 1.1 0.31 0.78
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PK029C 236.8 245 8.2 72.2 74.7 2.5 0.31 1.1
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PK031C 102 196.5 94.5 31.1 59.9 28.8 0.92 1.1
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PK034C 324 332 8 98.8 101.2 2.4 1.70 0.7
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(i)Newly reported holes highlighted in yellow. All true widths are uncertain
due to limited drilling to date but are expected to be 60-90% of reported
widths unless otherwise stated. All intervals of no sampling have been
assigned zero grade for the purposes of compositing. NSV means No
significant values greater than 0.3 g/t gold. Composites were calculated at
0.2 and 5.0 g/t gold cut-offs.
Exploration continues with one reverse circulation drill, operating over a wider area along the northern margin of the previously-defined zone of gold mineralization. Results from the RC portion of the program are currently pending.
Kinsley Mountain is a sediment-hosted gold system and past-producing mine. Stratigraphic and structural controls are similar to those at the nearby Long Canyon project (Newmont Mining Corp.) and Bald Mountain mine (Barrick Gold Corp.). Kinsley is being advanced by the same technical and management team that defined the Long Canyon project under Fronteer Gold.
Nevada Sunrise Gold Corporation is Pilot Gold's 49% joint venture partner on Kinsley Mountain.
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, totaling approximately 15,735 acres (6,368 hectares) of prospective land. The Company applies the exploration experience and technical skills of its founders to search for and acquire new gold exploration projects that are developed internally and then offered for joint venture. For the latest details on the Company, its properties, management team and philosophy, please visit our website at www.nevadasunrise.com.
This news release was prepared by Company management, who take full responsibility for its content. The technical disclosure in this news release has been reviewed by Richard Kehmeier, C.P.G., a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
Drill composites were calculated using a cut-off of 0.30 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. QA/QC included 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 72-element geochemical suite by ICP-MS. Data citing ounces mined from historical production is attributed to www.metalseconomics.com.
For more detailed information on the Kinsley Mountain project, please refer to the recently published NI 43-101 technical report dated March 26, 2012, entitled Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A. available under the Company's profile on SEDAR at www.sedar.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 Corporation, 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 Corporation 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, 2011 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.
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.
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.
Contacts:
Nevada Sunrise Gold Corporation
William B. Henderson
President and Chief Executive Officer
(530) 887-9901
(530) 884-3822 (FAX)
info@nevadasunrise.com
www.nevadasunrise.com