Nevada Sunrise Gold Corporation (TSX-V: NEV) is pleased to announce that it has increased its interest in the Gemini Lithium Project by acquiring the 50% interest in the Project previously owned by KORE Mining Ltd. (TSX-V: KORE).
Nevada Sunrise acquired Gemini in 2015 by claim staking in the Lida Valley, Esmeralda County, Nevada, and later optioned a 50% interest to KORE’s predecessor company Eureka Resources Inc. in January 2016 (see Nevada Sunrise news release dated January 21, 2016). On September 21, 2016, the Company entered into a definitive joint venture agreement with Eureka, with both parties each holding a 50% participating interest. Eureka later amalgamated with KORE in a transaction that closed in October 2018.
In August 2019, Nevada Sunrise and KORE executed a release agreement whereby KORE agreed to relinquish its 50% interest in Gemini in exchange for cancellation of US$16,390 owed to the Company by KORE for property maintenance fees and exploration expenses incurred on Gemini.
Gemini is located in the western Lida Valley, Esmeralda County, in south central Nevada, approximately 40 kilometres (26 miles) from the only producing lithium mine in the United States at Silver Peak. The Project consists of 13 claims totaling 260 acres (105 hectares). Drill pads and access roads are in place at Gemini with an active drilling permit, and the claims are in good standing until September 1, 2020.
Gemini is situated in a flat, desert basin hosting two interpreted sub-basins with a similar geological setting to the Clayton Valley. Geophysical work at Gemini carried out by Nevada Sunrise has outlined conductive zones interpreted as brine horizons.
John R. Kerr, P. Eng., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
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 gold, copper, cobalt and lithium exploration projects located in the State of Nevada, USA.
The Company’s key gold asset is a 21% interest in a joint venture with Liberty Gold Inc. (TSX: LGD) at the Kinsley Mountain Project near Wendover, with the property subject to a 3.0% net smelter returns royalty. For further information on Kinsley Mountain, including a technical report compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects entitled “Updated Technical Report and Estimated Minerals Resources for the Kinsley Project”, effective October 15, 2015. The Report dated December 16, 2015 was subsequently filed on SEDAR and can be accessed at http://www.sedar.com
Nevada Sunrise has the right to earn a 100% interest in the historic Lovelock Cobalt Mine and Treasure Box copper properties, each located approximately 150 kilometers (100 miles) east of Reno, both of which are currently under option to Global Energy Metals Corp. (TSX-V: GEMC), who can earn up to an 85% participating interest from the Company. In September 2018, Nevada Sunrise acquired the right to earn a 100% interest in the Coronado VMS Project, located in Pershing County, approximately 48 kilometers (30 miles) southeast of Winnemucca.
Nevada Sunrise owns 100% interests in the Gemini, Jackson Wash, Neptune, Aquarius and Atlantis lithium projects, all of which are located in Esmeralda County, Nevada. The Company also owns Nevada water right Permit 44411 in the Clayton Valley, which was the subject of an administrative hearing process and litigation in Nevada that was settled in July 2019.
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