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Nevada Sunrise Signs Indicative Term Sheet to Sell Remaining Interest in the Kinsley Mountain Gold Project, Nevada

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Nevada Sunrise Signs Indicative Term Sheet to Sell Remaining Interest in the Kinsley Mountain Gold Project, Nevada

 

 

 

 

 

Nevada Sunrise Metals Corp. (TSX-V: NEV) (OTCBB: NVSGF) announced that it has signed a non-binding, indicative term sheet with CopAur Minerals Inc. for CopAur to acquire Nevada Sunrise’s remaining ownership interest in the Kinsley Mountain Gold Project in Nevada. If the transaction is completed, CopAur will own 100% of Kinsley Mountain.

 

The indicative term sheet outlines a potential transaction whereby CopAur would acquire Nevada Sunrises’ 18.74% ownership interest in Kinsley Mountain in consideration of the payment of CDN$475,000 and the issuance of 1,000,000 common shares of CopAur. The Shares would be deposited in escrow and released in successive releases of 250,000 Shares once every calendar quarter commencing after expiry of the four-month statutory hold period following the closing date. The terms of the transaction are indicative and the final terms are subject to the negotiation and completion of a definitive agreement on terms acceptable to Nevada Sunrise and CopAur. The transaction is subject to a number of conditions including CopAur arranging a financing in the amount of a minimum of CDN$475,000, completion of satisfactory due diligence, and the fulfilment of various closing conditions, including acceptance by the TSX Venture Exchange.

 

About Kinsley Mountain

 

Kinsley Mountain was a historical past producer that yielded 138,000 ounces of near-surface, open-pit oxide gold between 1995 and 1999, and currently hosts a compliant National Instrument 43-101 mineral resource. A technical report on Kinsley Mountain entitled “Technical Report of the Kinsley Project, Elko and White Pine Counties, Nevada, U.S.A.”, dated June 21, 2021, with an effective date of May 5, 2021, prepared by Michael M. Gustin and Gary L. Simmons, is available for review under New Placer Dome Gold Corp.’s issuer profile on sedarplus.ca

 

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 lithium, gold and copper exploration projects located in the State of Nevada, USA.

 

Nevada Sunrise owns 100% interests in the Gemini, Jackson Wash and Badlands lithium projects, all of which are located in the Lida Valley in Esmeralda County, NV, and in the Pelican lithium project in Saskatchewan, Canada. The Company owns Nevada Water Right Permit 86863, also located in the Lida Valley basin, near Gold Point, NV.

 

Nevada Sunrise has the right to earn a 100% interest in the Coronado Copper Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV.

 

The Company owns an 18.74% interest in the Kinsley Mountain Gold Project near Wendover, NV, in a joint venture with CopAur, which is now the subject of a potential transaction between Nevada Sunrise and CopAur.

 

Posted July 8, 2024

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