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Nevada Sunrise options Lovelock Cobalt Mine and Treasure Box Properties in Nevada to Global Energy Metals Corp.
VANCOUVER, Sept. 11, 2018 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) announced today that it has executed a non-bin
About this update from Nevada Sunrise Metals Corporation
[{"type":"text","content":" VANCOUVER, Sept. 11, 2018 /CNW/ - Nevada Sunrise Gold Corporation (\"Nevada Sunrise\" or the \"Company\") (TSXV: NEV) announced today that it has executed a non-binding letter of intent (the \"LOI\") with Global Energy Metals Corp. (\"Global Energy\") (TSXV: GEMC) to acquire an 80% interest in the Lovelock Cobalt Mine (the \"Lovelock Mine\") and the Treasure Box Project (\"Treasure Box\"), (together, the \"Property\") located in Churchill County, approximately 150 kilometres (100 miles) east of the Tesla Gigafactory in Sparks, Nevada. Project Highlights Nevada Cobalt: The right place at the right time in a superior mining jurisdiction, which hosts several promising copper-gold projects nearby and benefits from having excellent infrastructure. Strategically Situated: Located in the Stillwater Range with good access, infrastructure in place and only 150 kilometres east of Sparks, Nevada, home to the world's largest battery factory - Tesla's Gigafactory 1. Historic Producer: Limited, yet high-grade, production of cobalt, nickel and copper in the 1880s, but has never been thoroughly explored in the modern era. High-Grade Cobalt: The general average of the 200 tons shipped from initial production at the Lovelock Mine was 14 percent cobalt and 12 percent nickel (Source: \"Mineral Resources of the United States for 1885\", published 1886). Drill Ready: Discovery phase exploration program expected to include detailed geological mapping, chip and channel sampling, together with magnetic surveys. District Opportunity: Region shows strong enrichment in cobalt, nickel and copper making it very attractive for further exploration and expansion through other attractive growth opportunities. Terms of the LOI Global Energy entered into the LOI with Nevada Sunrise to acquire an 80% interest in the Property subject to Nevada Sunrise first acquiring the interest pursuant to an underlying agreement with a third party vendor. In order to exercise the option, Global Energy is required to complete the following: A. Issue to Nevada Sunrise of such number of common shares in the capital of Global Energy as is equal to USD $200,000 at a deemed price per share equal to the greater of: (a) $0.15; and (b) the Volume Weighted Average of the closing price of Global Energy's shares for the 20 trading days immediately prior to the execution of a...