NEVADA SUNRISE ANNOUNCES NEPTUNE LITHIUM PROJECT PHASE 1 DRILLING RESULTS
Nevada Sunrise Gold Corp. has released phase 1 exploration results from its drilling program at the Neptune lithium project, located in the southern Clayton Valley of Nevada, United States.
Nevada Sunrise completed two exploration holes at Neptune in late March, 2016. Drill targets were generated from the integration of the results of: (1) a detailed gravity survey by a previous operator that outlined a deep, faulted subbasin and (2) a controlled-source audio magnetotelluric (CSAMT) follow-up survey that detected conductive horizons within the subbasin. In each of the completed holes, permeable sedimentary, lacustrine strata interbedded with volcanic ash and ejecta was logged at various levels throughout the holes. This type of sedimentary strata is interpreted as a requisite host horizon for lithium-bearing brines, as seen in the northern Clayton Valley. A total of 45 water samples and 256 sediment cuttings samples were collected and submitted for multielement analysis.
Preliminary analytical results indicate the water samples collected from the two completed holes contain subeconomic contents of lithium. However, in hole N-2016-1, the composited samples collected from the intersected strata contained lithium-bearing sediments that averaged 156 parts per million lithium over 215 feet (65.5 metres) from 1,285 feet (392.7 metres) to the end of hole at 1,500 feet (457.2 metres), reaching a peak value of 217 parts per million lithium from 1,365 to 1,385 feet. A sharp increase of acidity was noted in several of the last water samples of hole N-2016-1, which Nevada Sunrise interprets as a potentially fertile leaching environment for the creation of lithium-bearing brines. A third hole up to 2,000 metres deep is planned approximately one mile (1.6 kilometres) to the east of hole N-2016-1 in an area interpreted from a 2016 geophysical survey to be a potential trap where denser, lithium-bearing brines could migrate and pool. If results from the third hole warrant, a drill pad and access road have been prepared for a fourth hole location.
"This is the first drilling program on a property that covers approximately 10 square miles, and accordingly exploration on the Neptune property is a classic high-risk/high-reward scenario," said Warren Stanyer, president and chief executive officer of Nevada Sunrise. "Our current work has confirmed the presence of lithium within the Neptune basin, and we look forward to the next drill test of a highly prospective lithium brine target."
Neptune consists of 316 unpatented 20-acre placer claims totalling approximately 6,320 acres (2,557 hectares) and is located in an active area of lithium exploration and mining. The Silver Peak lithium mine operation, acquired by Albemarle Corp. in 2015, has extracted lithium minerals from brines continuously since 1966 and is located approximately 10 miles (15 kilometres) to the north of Neptune. Pure Energy Minerals Ltd. and Lithium X Energy Corp. hold claims near or adjacent to the company's Clayton Valley properties. Nevada Sunrise has an option to earn a 100-per-cent interest in Neptune, subject to a 3-per-cent gross overriding royalty (see Nevada Sunrise news release dated Sept. 21, 2015, for further details of the Neptune underlying option agreement).
Resolve Ventures Inc. has earned a 25-per-cent working interest in Neptune; it can earn up to a 50-per-cent working interest after completing certain cash or share payments to Nevada Sunrise and by incurring up to $1-million in exploration expenditures over a three-year period (see Nevada Sunrise news release dated March 4, 2016, for details of the Nevada Sunrise-Resolve option agreement).
For further information on Neptune, including maps showing its location and exploration plans, please visit Nevada Sunrise's website for a link to access the National Instrument 43-101-compliant technical report dated Feb. 29, 2016, and filed on SEDAR by Resolve on May 3, 2016.
Water and sediment samples were submitted to ALS Minerals in Reno, Nev., and analyzed at ALS Minerals in Vancouver, B.C. Water samples were analyzed by ICP-AES and ICP-OES, and composite sediment samples were analyzed by 48-element, four-acid ICP-MS (inductively coupled plasma mass spectrometry). Robert M. Allender, CPG, RG, SME, is the company's designated qualified person for this news release within the meaning of NI 43-101 and has reviewed and approved the technical information contained herein.Back to Past News