Nevada Sunrise Reports 19.8 Metres of 2.3 g/t Gold at Kinsley Mountain
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/27/12 -- Nevada Sunrise Gold Corp., ("Nevada Sunrise") (TSX VENTURE: NEV) has received further drilling results from Pilot Gold Inc. ("Pilot Gold") and is pleased to report that reverse circulation ("RC") drill holes returned up to 2.3 grams/tonne gold over 19.8 metres on the western flank of the Kinsley Range, 550 metres northwest of the nearest historical pit at Kinsley Mountain in northeast Nevada. A newly discovered zone of mineralization, Candland Canyon, has been delineated 250 metres east of historical mining operations. Mineralization at Kinsley Mountain now extends over a distance in excess of 2.2 kilometres and is interpreted to extend under overburden cover to the north.
"Kinsley Mountain continues to deliver strong drill results that may indicate the presence of a large, gold-mineralized system", said William Henderson, President and CEO of Nevada Sunrise. "We are extremely pleased with the exploration progress that Pilot has made to date and look forward to developing the great potential of this property."
Kinsley Mountain is a sediment-hosted gold system and hosts a past-producing open-pit mine. Stratigraphic and structural controls are similar to those at nearby Long Canyon and Bald Mountain. Pilot Gold is operating exploration at the project with the same technical and management team that advanced the Long Canyon project as Fronteer Gold, acquired by Newmont Mining Corporation in March 2011. Nevada Sunrise is Pilot Gold's 49% joint venture partner on Kinsley Mountain. Pilot Gold is currently earning up to 65% of the project from its present 51% ownership.
Highlights of New 2012 Drill Results
Western Flank of Kinsley Range: Ongoing RC drilling approximately 550 metres northwest of the nearest historical pit is testing a prospective area with limited historical drilling. To date, results have been received for two holes:
-- 1.73 grams/tonne gold over 15.2 metres in PK056
-- 2.3 grams/tonne gold over 19.8 metres in PK057
Candland Canyon: This represents a new zone of mineralization approximately 250 metres north of the easternmost pit, and Pilot Gold reports it will be followed up with additional drilling.
-- 1.08 grams/tonne gold over 10.7 meters in PK039
Step Out Holes: Drilling primarily located to the north and east of the main pit area, where core drilling by Pilot Gold in 2011 and 2012 returned up to 6.23 grams/tonne gold over 8.7 metres in hole PK002 and 5.48 grams/tonne gold over 20.4 metres in Hole PK014C (see News Release of July 16, 2012). Results include:
-- 3.2 grams/tonne gold over 6.1 metres in PK051(100 metre step out north
of PK014C)
-- 3.13 grams/tonne gold over 3.0 metres in PK052 (150 metre step out north
of PK014C).
Stratigraphic Testing: The drill program also included a small number of holes extending through the known mineralized horizons recognized by previous operators and into dolomite and limestone previously assumed to be unmineralized. Drilling in these units returned encouraging results, including:
-- 0.41 grams/tonne gold over 13.7 metres in PK011
-- 0.72 grams/tonne gold over 4.6 metres in PK036 (in limestone below the
dolomite).
All true widths are 30 per cent to 100 per cent of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing. A comprehensive table of drill results to date, including new and non-reportable intercepts, and a map of Kinsley Mountain can be viewed on Nevada Sunrise's website at: www.nevadasunrise.com under "Exploration - Kinsley Mountain".
Regional Program and Other Activities
Pilot Gold reports that in conjunction with the 2012 drill program regional exploration, data compilation and modeling, and environmental studies are underway. A Plan of Operations permit application was submitted to U.S. Bureau of Land Management (BLM) in June 2012, which will allow for expanded drilling activities beyond the previously disturbed areas.
The regional mapping and sampling program has identified a large number of brittle structures that host jasperoid alteration, a hallmark of Carlin-style sediment-hosted mineralization. Jasperoid alteration can be found within mineralization, but commonly extends to areas above and lateral to mineralization. Jasperoids highly enriched in the gold-associated pathfinder elements arsenic, antimony and thallium have been recognized extending to the northern edge of the claim boundary, up to 8 km distant from the former mining operations. At the completion of the regional program, drill targets in these areas will be selected. Jasperiod samples from closer to the former mine area in strata, interpreted as immediately overlying mineralized horizons at the mine have returned up to 3.34 grams/tonne gold.
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. Nevada Sunrise 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 Nevada Sunrise, its properties, management team and philosophy, please visit our website at www.nevadasunrise.com or contact William Henderson, President and CEO at (530) 887-9901.
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 Moira Smith, P.Geo., a qualified person under National Instrument 43-101, who is Chief Geologist of Pilot Gold, and independent of Nevada Sunrise.
Pilot Gold reports that drill core composites were calculated using a cut-off of 0.30 grams/tonne. 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 grams/tonne 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.
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, 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