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Nevada Sunrise Acquires Option to Purchase Coronado VMS Property in Nevada and Announces Private Placement
/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES/ VANCOUVER, June 7, 2018 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunr
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":" /NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES/ VANCOUVER, June 7, 2018 /CNW/ - Nevada Sunrise Gold Corporation (\"Nevada Sunrise\" or the \"Company\") (TSXV: NEV) is pleased to announce that it has entered into a 90-day due diligence period related to an option to purchase the Coronado property (\"Coronado\", or the \"Property\"), located in the Tobin Sonoma Range of Pershing County, Nevada, approximately 30 miles (48 kilometres) southeast of Winnemucca. About Coronado Coronado currently consists of approximately 109 unpatented claims totaling approximately 2,180 acres (882 hectares) located over an interpreted trend adjacent to the historic Big Mike copper mine. Big Mike was discovered in the 1930s when a shallow, oxidized portion of the deposit was located by prospectors. The area was explored further in the late 1960s by Cerro Corp. and a deeper (greater than 300 feet, or 91 metres) high-grade massive sulphide lens was discovered by drilling at Big Mike. In 1970, Ranchers Exploration and Development Company (\"Ranchers\") developed the high-grade portion of the deposit with a small open pit mine that produced approximately 25 million pounds of copper in 100,000 tons of ore grading 10.5% copper, which was shipped directly to a smelter in West Germany. Heap leaching of lower-grade disseminated copper ore was also carried out by Ranchers; approximately 300,000 tons of mineralized rock were treated. Historical sampling also shows the presence of cobalt at Big Mike, with values in the deposit ranging up to 2,500 parts per million cobalt, or 0.25% (Rye et al, Economic Geology, Vol. 79, 1984). Nevada Sunrise believes that other hidden volcanogenic massive sulphide (\"VMS\") deposits could exist at Coronado that would have escaped detection by historical exploration methods. During the 90-day due diligence period, Nevada Sunrise will commission Geotech Ltd. of Aurora, Ontario, Canada to fly a Vertical Transient Electromagnetic (\"VTEM\") airborne survey over the Property. If results of the VTEM survey warrant, Nevada Sunrise will exercise its right to proceed to a definitive agreement for Coronado. \"Nevada Sunrise has received a unique opportunity to search for blind VMS deposits within a greenstone belt in Nevada that remains underexplored,\" said Warren Stanyer, President and CEO of the Company...