Business
Nevada Sunrise: Advantage Lithium Discontinues Option On Four Nevada Lithium Projects
VANCOUVER, Aug. 23, 2017 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) announced today that it has received notice fro
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":"VANCOUVER, Aug. 23, 2017 /CNW/ - Nevada Sunrise Gold Corporation (\"Nevada Sunrise\" or the \"Company\") (TSXV: NEV) announced today that it has received notice from its exploration partner Advantage Lithium Corp. (\"Advantage Lithium\") that Advantage Lithium wishes to discontinue its option on the Neptune, Jackson Wash, Aquarius and Gemini lithium projects, all located in Esmeralda County, Nevada. Advantage Lithium continues to maintain its option on the Clayton Northeast (\"Clayton NE\") project in the Clayton Valley, which consists of the Clayton NE claims and the recently-added Triton claims, all located adjacent to the Silver Peak lithium brine mine, the only producing lithium mine in North America. A successful 6-hole drilling program carried out by Nevada Sunrise and Advantage Lithium during late 2016 and early 2017 encountered significant lithium-bearing brines in classic Clayton Valley strata. For example, borehole CNE-17-04, drilled to a total depth of 609.6 metres (2,000 feet), intersected multiple aquifer formations, including 426.72 metres of brine-producing strata averaging 243.44 milligrams per litre lithium between a depth of 140.21 metres to 609.6 metres (see Nevada Sunrise news release dated March 1, 2017). Advantage Lithium can earn a 70% interest in Clayton NE by funding an additional $ 300,000 in exploration expenditures. Advantage Lithium also retains the right to the Company's Clayton Valley basin water rights, which are currently the subject of a judicial appeal of the State of Nevada's ruling issued in November 2016 forfeiting the water rights alleging lack of beneficial use for a period of five years. Nevada Sunrise intends to present evidence of beneficial use of the water right in its appellate briefs and at an upcoming hearing on the matter. 2017 Regional Drilling Program Update In April 2017, Nevada Sunrise and Advantage Lithium announced the commencement of a regional drilling program on the Neptune, Jackson Wash, Aquarius and Gemini lithium projects. At the Neptune project, one borehole was drilled to a depth of approximately 1,500 feet, about 75% of the interpreted target depth, but the hole was lost due to unstable ground conditions. As a result, no brines were encountered in the borehole. At the Jackson Wash project during May and June 2017, ...