-- Posted Wednesday, 12 May 2010 | Digg This Article
| | Source: GoldSeek.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2010) - Nevada Sunrise Gold Corporation (TSX VENTURE:NEV - News)
Mr. William Henderson, CEO, reports:
Nevada Sunrise Gold Corporation (TSX VENTURE:NEV - News) is pleased to announce that its optionee partner, Animas Resources Ltd. ("Animas") (TSX VENTURE:ANI - News) has begun the 2010 exploration program on the Golden Arrow and Kinsley Mountain gold projects in Nevada. Animas is spending a total of $5,000,000 on these projects to earn a 51% interest.
Golden Arrow 2010 gold exploration program
The Golden Arrow property is located in south-central Nevada, approximately 40mi (60km) east of Tonopah, the county seat of Nye County, Nevada. The property is situated approximately six miles (10 km) from the northern boundary of the Tonopah Test Range of Nellis Air Force Base. Golden Arrow is on the western flank of the Kawich Range and on the eastern margin of Stone Cabin Valley within the Golden Arrow mining district.
The property has a number of favorable attributes for exploration of mineral resources: gentle topography, mild climate, available ground water, and close proximity to highways and towns. The exploration program planned for 2010 is outlined below:
-- Detailed geophysical surveys employing electrical methods are presently underway over specific target areas previously defined by Nevada Sunrise through reinterpretation of legacy geophysical gravity data and detailed re-logging of legacy drill core and RC chip trays. The Nevada Sunrise drill program of 2008 confirmed new models for the Gold Coin and Hidden Hill resource zones and establishes the credibility for this geophysical approach.
-- Less detailed geophysical surveys employing electrical methods are also underway over a wide area of geologic interest in an effort to establish additional "zones of interest" on the property.
-- Animas plans to drill 5,000 meters (about 16,400 feet) using Diamond Core and Reverse Circulation drilling methods to test at least 6 new target areas during the third quarter of 2010.
Kinsley Mountain 2010 gold exploration program
The Kinsley Mountain gold property is located in eastern Nevada in Elko County between the towns of Ely and Wendover. A former owner produced 134,777 ounces of gold from this mine from 1994 to 1999. The Kinsley Mountain property consists of 141 unpatented lode mining claims covering an area of approximately 2,807 acres (1,136 hectares). Gold mineralization occurs in Middle to Upper Cambrian-age sedimentary rock units including limestone, dolomite and shale. This mineralization exhibits characteristics similar to other sedimentary rock-hosted "Carlin-type" gold deposits in Nevada. Substantial technical archives for the Kinsley Mountain property include records for 1,156 drill holes, totaling 244,900 feet (with an average depth of only 212 feet). The 2010 exploration program will include the following work:
-- Geological mapping.
-- Geophysics - gravity survey.
-- Soil geochemistry.
-- Acquisition and integration of available public and/or proprietary technical data.
-- Data integration and interpretation to target 2011 drilling.
About Animas' Initial Option
On March 30, 2010, Nevada Sunrise Gold Corp. entered into a Letter Agreement with Animas whereby Animas was granted an initial option to earn a 51% interest in each of the projects through the expenditure of $3,500,000 (CAD) at Golden Arrow and $1,500,000 (CAD) at Kinsley Mountain over a three year period, at its option. In order to satisfy the requirements of the initial options, Animas must spend at least $1,000,000 (CAD) at Golden Arrow and $200,000 (CAD) at Kinsley Mountain for exploration activities during calendar year 2010.
About the Joint Venture
Upon the exercise of either or both of the initial options, the companies will form a joint venture(s) substantially in the form of the Rocky Mountain Mineral Law Foundation - Mining Venture Agreement. Animas may then elect to exercise a second option granting Animas the right to earn an additional 9% interest in Golden Arrow through the expenditure of an additional $4,000,000 (CAD) and an additional 14% interest in Kinsley Mountain through the expenditure of an additional $3,000,000 (CAD).
Bill Henderson, President and CEO of Nevada Sunrise Gold Corp. remarked, "We are excited to see the readiness of Animas Resources to commence work on these two projects, indicating their strong commitment to moving the projects forward."
About Nevada Sunrise Gold Corp.
Nevada Sunrise Gold Corp. is a precious metals exploration company that has a portfolio of 4 gold projects in Nevada. The Company controls about 12,133 acres. Two of the projects are in exploration earn-in joint venture agreements for up to $12 million in work commitments. The Company applies the extensive exploration experience and high-end technical skills of its founders to search for and acquire new precious metal exploration properties in Nevada for their pipeline of future, high quality, development projects. Nevada Sunrise Gold Corp. is listed on the Toronto Venture Stock Exchange under the symbol NEV.
Mr. Richard J. Kehmeier, C.P.G., M.Sc., a Qualified Person (QP) as defined by National Instrument Policy 43-101, is responsible for the technical information contained in this News Release.
ON BEHALF OF THE BOARD
William Henderson, President and CEO
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Contact:
William Henderson
Nevada Sunrise Gold Corp.
President and CEO
Office: (530) 887-9901
(530) 884-3822 (FAX)
ir@nevadasunrise.com
-- Posted Wednesday, 12 May 2010 | Digg This Article | Source: GoldSeek.com
