Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company")
(TSX-V:NEV) is pleased to announce that Pilot Gold Inc. ("Pilot
Gold") (TSX:PLG) has reported results from an initial metallurgical
program designed to address the amenability of high-grade
mineralization from the Secret Canyon host rock to produce a
high-grade concentrate at the Kinsley Mountain project ("Kinsley
Mountain", or the "Property"). Kinsley Mountain is a joint venture
between Pilot Gold and Nevada Sunrise. Pilot Gold holds a 79.1 per
cent interest in Kinsley Mountain, and Nevada Sunrise, through a
wholly-owned U.S. subsidiary, holds a 20.9 per cent interest.
Pilot Gold reports that the initial metallurgical test results
demonstrate that high-grade sulphide mineralization from the
Western Flank zone can produce a high-grade concentrate with
excellent gold recoveries, at potentially low capital and operating
costs.
Summary Highlights:
|
Composite |
Overall Au Recovery1
(%) |
Concentrate Grade
(g/t) |
Flotation Recovery
(%) |
Calculated Feed Grade
(g/t) |
KMMC-1 |
89.0 |
98.6 |
87.9 |
4.23 |
KMMC-2 |
95.0 |
312.0 |
82.2 |
20.3 |
KMMC-3 |
93.2 |
152.0 |
89.6 |
8.42 |
KMMC-4 |
93.8 |
199.0 |
76.0 |
11.4 |
1 Overall recovery is the total
of the gold recovered into flotation concentrate plus gold leached
from the final tails |
At Kinsley Mountain, initial geochemical analyses of mineralized
intercepts, including characterization of carbon and sulfur, ICP
analysis and determination of the solubility of gold in cyanide
demonstrated that the concentration of gold relative to sulfur is
high relative to other sediment-hosted, Carlin-style gold deposits.
As well, petrographic work showed that pyrite, within which the
gold is believed to be resident, is relatively crystalline, dense
(non-porous) and that there is a very small quantity of sulfides
that are <20 microns. These data and observations demonstrate
potential for producing a high-grade flotation concentrate, which
could then be evaluated for direct sale to commercial smelters or
potentially to any one of several Nevada mine operators who can
process refractory concentrates via roasting or autoclaving, for
final recovery of the gold.
Four samples representing a range of gold grades from 4.23 to
20.3 g/t gold and a range of cyanide solubility levels were
subjected to rougher and scavenger flotation testing over a range
of conditions including variations in grind size, followed by
cyanidation of the flotation tails. Combined concentrate
recoveries ranged from a low of 76% to a high of
89.6%. Combined with cyanidation of the flotation tails, the
total recovery increased to 89.0% to 95.0%. The concentrate
grades ranged from a low of 98.6 g/t gold to a high of 312 g/t
gold, with gold recovery to concentrate highest in the higher-grade
and less oxidized samples.
Secret Canyon gold mineralization at Kinsley Mountain, unlike
more typical Carlin-style deposits, is unique in several
aspects:
1. The sulfides at Secret
Canyon are crystalline, dense (not porous) and the lack of sulfides
<20 microns make them prime candidates for flotation.
2. The total sulfide sulfur
content of Secret Canyon material averages about 1.0%, which is low
for a typical Nevada refractory resource, indicating that flotation
concentration ratios can be high and consistently produce high
grade concentrates.
3. The ratio of gold, in
grams/tonne - to sulfide sulfur, in percent (Ratio: Au/S) is very
high, ranging from 7.8 to 19.2 for the four Master
Composites. Since refractory gold treatment facility capital
and operating cost are most affected by sulfide sulfur content, the
low sulfide sulfur feed grade and the high ratio of Au/S are very
favourable indicators for:
a. Low capital cost
facilities for on-site treatment,
b. Low relative operating
cost for concentrate treatment whether processed on or off-site by
other commercial entities.
4. Concentrate grade ranged
from 98.6 to 312 g/t gold. At a US$1,200 gold price, the
contained value of these concentrates range from $3,800 - $12,000
per tonne. Therefore, cost for on-site processing or shipping
and processing concentrate at a commercial smelter or a local
Nevada refractory treatment facility would only represent a small
portion of the overall concentrate value.
Concentrates were assayed for deleterious elements and were
found to contain arsenic and antimony. Arsenic in the
concentrate tested ranged from 0.69% to 1.22% and averaged 1.01%
while antimony in the concentrate tested ranged from 0.022% to
1.58% and averaged 0.60%. While arsenic and antimony are
elevated, the levels would not preclude direct sale to a smelter,
sale to a concentrate blender or to a typical Nevada refractory ore
processing facility.
The program was carried out at Hazen Research, Inc. in Golden,
Colorado under the direction of consulting metallurgist Gary
Simmons. Mr. Simmons has more than 35 years of experience with
mining companies in project management, process development, mill
operations, design engineering, research and development and
corporate due diligence. He played key roles with Fronteer Gold on
the Long Canyon and Northumberland projects, and was Senior
Technical Director, Metallurgy and Technology for Newmont Mining
Corporation.
Gary Simmons, of GL Simmons Consulting, LLC (B.S. Extractive
Metallurgy), a Qualified Professional with the Mining and
Metallurgical Society of America and Pilot Gold consultant, is the
Qualified Person, within the meaning of National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101"), who has
overseen the collection and verification of the data for this
release and has reviewed and approved this release's content. Mr.
Simmons is independent of Pilot Gold and Nevada Sunrise.
Metallurgical testing was conducted at Hazen Research, Inc. in
Denver, Colorado.
John R. Kerr, P.Eng., is the Company's designated Qualified
Person for this news release and has reviewed and validated that
the information contained in the release is accurate.
About Kinsley Mountain
Kinsley Mountain hosts near-surface mineralization similar to
other Carlin-style, sediment-hosted gold systems. The Property
consists of 469 unpatented claims on U.S. Bureau of Land Management
land plus 6 leased patents totalling 9,520 acres (3,853 hectares)
and hosts a past-producing mine with an extensive exploration
database and numerous, untested gold targets.
Kinsley Mountain is an early-stage exploration project and does
not contain any mineral resource estimates as defined by NI 43-101.
The potential quantities and grades disclosed herein are conceptual
in nature and there has been insufficient exploration to define a
mineral resource for the targets disclosed herein. It is uncertain
if further exploration will result in these targets being
delineated as a mineral resource.
For further information about Kinsley Mountain please refer to a
technical report entitled "Technical Report on the Kinsley Project,
Elko County, Nevada, U.S.A.", effective February 15, 2012 and dated
March 26, 2012, prepared by Michael M. Gustin, CPG of Mine
Development Associates and Moira Smith, Ph.D., P.Geo. and Kent
Samuelson of Pilot Gold, filed on May 9, 2012 under Nevada
Sunrise's Issuer Profile on SEDAR at www.sedar.com and also
available for viewing on Nevada Sunrise's website at
www.nevadasunrise.ca
About Nevada Sunrise
Nevada Sunrise is a junior gold exploration company with a
strong technical team based in Vancouver, BC, Canada, that holds
interests in three exploration projects in Nevada, USA. Our three
key assets include Kinsley Mountain near Wendover, the Golden Arrow
project near Tonopah, and the recently-acquired Roulette property
(formerly known as the Grulla property) near Ely, Nevada.
FORWARD LOOKING STATEMENTS
All statements in this release, other than statements of
historical fact, are "forward-looking information" with respect to
Nevada Sunrise Gold Corporation ("Nevada Sunrise") within the
meaning of applicable Canadian securities laws, including
statements that address future mineral production, reserve
potential, exploration drilling, the future price of gold,
potential quantity and/or grade of minerals, potential size of a
mineralized zone, potential expansion of mineralization, the timing
and results of future resource estimates, or other study, proposed
exploration and development of our exploration properties and the
estimation of mineral resources. Forward-looking information is
often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "estimate", "expect",
"project", "predict", "potential", "targeting", "intends",
"believe", "potential", and similar expressions, or describes a
"goal", or variation of such words and phrases or state that
certain actions, events or results "may", "should", "could",
"would", "might" or "will" be taken, occur or be achieved. These
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievement of Nevada Sunrise to differ materially from those
anticipated in such forward-looking information.
Such factors include, among others, risks related to the
interpretation and actual results of historical production at
Kinsley Mountain, reliance on technical information provided by
third parties on any of our exploration properties, including
access to historical information on the Kinsley Mountain property
as well as specific historical data associated with and drill
results from the property, information from Pilot Gold Inc.,
current exploration and development activities; changes in project
parameters as plans continue to be refined; current economic
conditions; future prices of commodities; possible variations in
grade or recovery rates; failure of equipment or processes to
operate as anticipated; the failure of contracted parties to
perform; failure of Pilot Gold Inc. to complete anticipated work
programs; labor disputes and other risks of the mining industry;
delays in obtaining governmental approvals, financing or in the
completion of exploration, the amenability of mineralization to
produce a high-grade concentrate (as there can be no assurances as
to the results of the metallurgical testing and no inferences
should be drawn therefrom), the accuracy of any metallurgical
testing completed to date, successful resolution of disputes (if
any) and anticipated costs and expenditures. Many assumptions are
based on factors and events that are not within the control of
Nevada Sunrise and there is no assurance they will prove to be
correct, as well as those factors discussed in the section entitled
"Risk Factors" in the Company's Management Discussion and Analysis
for the Year Ended September 30, 2014, which is available
under Company's SEDAR profile at www.sedar.com.
Although Nevada Sunrise has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that such information will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. Nevada Sunrise disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise. Accordingly, readers should not place undue reliance
on forward-looking information.
Forward-looking statements are made as of the date hereof and
accordingly are subject to change after such date. Except as
otherwise indicated by Nevada Sunrise, these statements do not
reflect the potential impact of any non-recurring or other special
items or of any dispositions, monetizations, mergers, acquisitions,
other business combinations or other transactions that may be
announced or that may occur after the date hereof. Forward-looking
statements are provided for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to get a better understanding of our operating
environment. Nevada Sunrise does not undertake to update any
forward-looking statements that are included in this document,
except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of TSX Venture
Exchange) accepts responsibility for the adequacy of accuracy of
this release. The Securities of Nevada Sunrise Gold Corporation
have not been registered under the United States Securities Act of
1933, as amended, and may not be offered or sold within the United
States or to the account or benefit of any U.S.
person.
CONTACT: For Further Information Contact:
Warren Stanyer
President and Chief Executive Officer
Telephone: (604) 428-8028
Facsimile: (604) 689-5528
Email: warrenstanyer@nevadasunrise.ca
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