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Nevada Sunrise Acquires Lovelock Cobalt Mine in Nevada
VANCOUVER, Nov. 21, 2017 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce it has signed a letter a
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":"VANCOUVER, Nov. 21, 2017 /CNW/ - Nevada Sunrise Gold Corporation (\"Nevada Sunrise\" or the \"Company\") (TSXV: NEV) is pleased to announce it has signed a letter agreement to acquire a 100% interest in the Lovelock Cobalt Mine (the \"Lovelock Mine\", or the \"Property\"), located in Churchill County, approximately 100 miles (150 kilometres) east of Reno, Nevada. \"The acquisition of the Lovelock Mine is yet another facet of our exploration operations in Nevada,\" said Warren Stanyer, President and CEO of Nevada Sunrise. \"The mineral endowment of Nevada is vast and the Lovelock Mine is a hidden gem within that legacy, considering the renewed interest in cobalt during the past year. Nevada Sunrise looks forward to applying modern exploration methods to the Lovelock Mine, which in today's terms could be judged as artisanal workings.\" About the Lovelock Mine The Lovelock Mine property area consists of 35 unpatented claims in the Cottonwood Canyon area of Stillwater range totaling approximately 700 acres (283 hectares). It was discovered by George Lovelock and Charles Bell about 1880. According to U.S. Government annual reports, the Lovelock Mine saw limited production of nickel, copper and cobalt beginning in 1883. The primary cobalt mineral was identified as \"cobaltite\", a compound of cobalt, nickel and arsenic. Records of a geochemical analysis from that era indicate that the average composition of the cobaltite contained 17.30% cobalt and 13.62% nickel. The mine operated from 1883 to 1890 to the 100 foot level, reporting 500 tons of cobalt and nickel mineralized material shipped to England for processing. After intermittent production, an English company attempted smelting on site in 1898 but little or no production was made (Source: \"Mineral Resources of the United States for 1885\", 1886). No further production from the Lovelock Mine is known for well over a century. Terms of the Agreement Nevada Sunrise intends to execute a definitive agreement (the \"Agreement\") within 30 days of the effective date of the letter agreement, which was signed on November 11, 2017. The Agreement will provide for the Company to earn a 100% interest in the Property in consideration for cash payments and common shares payments to an underlying vendor (the \"Vendor\") payable over 3 years from the signing of a definitive agreement, subject to ...