VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 10, 2011) - NEVADA SUNRISE GOLD CORPORATION (News - Market indicators) (the "Company") announces that upon review of the Company's portfolio of five gold projects in Nevada it will focus its 2011 exploration program on the two projects exhibiting the best potential for economic gold discovery – Golden Arrow and Pinnacle, in addition to continuing to support its earn-in joint venture partner at the Kinsley Mountain project. Consistent with this decision, the Company has opted to terminate the mining leases for the Iron Point and Juniper projects. Plans for the remaining three properties during 2011 are summarized below.
Golden Arrow
The 2011 work at Golden Arrow is planned to follow up on the most encouraging results from the 2010 drilling results on the Round Mountain-style target. Holes GA10-338 and GA10-343 contained anomalous gold over considerable lengths. Hole GA10-338 had 201.9 feet (61.54 meters) in the top 556.3 feet (169.56 meters) that contained at least 20 ppb gold. Included within the 201.9 feet (61.54 meters) is an interval from 335 to 365 feet (102.1-111.3 meters) that assayed 1.98 g/t gold. GA10-343 contains 577.8 feet (176.11 meters) in the top 737.7 feet (224.85 meters) that contained assays greater than 20 ppb. No gold assays exceeded 0.50 g/t gold. The gold distribution appears to be fracture controlled.
The initial model for the Round Mountain-style of mineralization at Golden Arrow was identified as a potential host rock consisting of permeable poorly welded ignimbrite within the Kawich Caldera volcanic sequence. The drilling did not encounter any poorly welded rocks, only strongly to densely welded ignimbrites.
The focus of the initial 2011 program at Golden Arrow is planned to define the presence of more permeable host rocks to the north and east of the holes GA10-338 and GA10-343. This is a broad covered area with no outcrop. The contemplated work will include a limited gravity survey to define the depth to and topography of the bedrock surface, and a deep penetrating geophysical survey using IP and resistivity with 3-D processing of the data.
After the integration of new geophysical information and the structural analysis of the area, drill targets will be evaluated and prioritized. The timetable for commencement of drilling has not yet been established.
Pinnacle
Pinnacle contains a very large surface expression of a structurally controlled gold system that has been investigated by previous owners using rock chip geochemistry, geological mapping and limited drilling that encountered significantly anomalous gold values. Work by Nevada Sunrise is planned to include numerous soil geochemistry lines to establish the extent of anomalous gold distribution and focus detailed soil and rock sampling and geological mapping. The results of this work will be used to define drill targets. The timetable for commencement of drilling has not yet been established.
Kinsley Mountain
Animas Resources Ltd (TSX VENTURE:ANI) is continuing with the Kinsley Mountain earn-in joint venture for up to $4.5 million in work commitments with Nevada Sunrise. Surface geochemistry will focus on:
- Identifying areas of anomalous As, Sb, Hg, and Zn that might outline areas marginal to gold mineralization;
- Decreases in Ca that may suggest decalcification of carbonate rich rocks as mineralization is approached;
- Gold-bismuth anomalies that may indicate skarn environments similar to that found in the Battle Mountain district.
All of the historic IP/resistivity data are being reprocessed to evaluate and identify: |
- Areas of apparent resistivity breaks in the carbonates for additional surface sampling;
- Resistivity data will be evaluated to identify favorable lithologies below carbonate caps;
- Areas of IP anomalies at depth that may represent sulfide accumulations.
Additional IP/resistivity survey lines may be completed to fully evaluate the property.
For the latest details on the Company, its properties, management team and philosophy, please visit our website at www.nevadasunrise.com.
The technical disclosure in this news release has been reviewed by Richard Kehmeier, a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of minerals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. 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 statements, 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 forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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.