Nevada Sunrise Metals Corp. [TSXV-NEV; OTCBB-NVSGF] has filed a NI 43-101 compliant technical report for the Gemini Lithium Project, Esmeralda County, Nevada effective January 15, 2024, and dated March 8, 2024, on SEDAR and on the company’s website.
The Technical Report relates to an independent maiden resource estimate at the Gemini Lithium Project completed by ABH Engineering Inc. (ABH) of Surrey, British Columbia, Canada.
The resource estimate addresses the work performed by the company at Gemini since ground exploration by Nevada Sunrise began in 2016, and particularly describes the results of the first five drill holes completed in 2022-2023. The majority of the Gemini property remains untested by drilling and remains open in all directions and at depth. The Inferred resource estimate comprises, in an open pit-constrained resource:
Approximately 1.3 million tonnes Lithium, or 7.1 million tonnes lithium carbonate equivalent (LCE) contained within 1,200 million tonnes of lithium-mineralized clay at an average grade of approximately 1,130 parts per million (ppm) Lithium at lithium cut-off values of 400 ppm Lithium and density of 1.7 grams per cubic centimetre (gm/cm3) were used.
Model constraints: Faults 3 and 4; a conceptualized 24 degree pit-slope, modelled from property boundaries, using a benchmark 24 degree pit-slope from several other Nevada lithium clay deposits.
In January 2024, Nevada Sunrise staked an additional 73 unpptented lode claims at Gemini, increasing the area of the Project to approximately 2,951 hectares (7,293 acres) contained within 353 lode claims. The company is currently reviewing the Technical Report in order to effectively plan a 2024 program and budget for Gemini.
The Gemini Inferred resource estimate was based on geochemical analyses for lithium from samples of material collected from the rotary splitter in the reverse circulation drilling rigs contracted by the company, which produced a continuous, representative 3- to 5-kilogram sample for each sample interval. Results of the drilling proved the existence of clays mineralized with lithium, exhibiting very good geological continuity; the Inferred resource was calculated for lithium carbonate hosted in the clays.
Drilling to date has tested only a small portion of the Project area within 844 acres, (342 hectares), which represents approximately 12% of the area covered by Gemini’s current area of 7,293 acres (2,951 hectares) of Bureau of Land Management unpatented lode claims.
Nevada Sunrise owns 100% interests in the Gemini, Jackson Wash and Badlands lithium projects, all located in the Lida Valley, Esmeralda County, Nevada. The company owns Nevada Water Right Permit 86863, also located in the Lida Valley basin, near Lida.
The company’s key gold asset is at the Kinsley Mountain Gold Project near Wendover, Nevada, in a joint venture with CopAur Minerals Inc. [TSXV-CPAU]. Due to its focus on lithium exploration and development in Nevada, the company elected not to contribute to the 2023 exploration program at Kinsley Mountain and has diluted its participating interest in the joint venture from 20.01% to an 18.74% interest.
Nevada Sunrise also has the right to earn a 100% interest in the Coronado VMS Project located approximately 48 km (30 miles) southeast of Winnemucca, Nevada.
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