Pilot Gold Purchases Option Agreement for Nevada Sunrise's Kinsley Mountain Property
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/21/11 -- Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSX VENTURE: NEV) is pleased to welcome Pilot Gold Inc. ("Pilot Gold") (TSX: PLG) as the Company's new earn-in joint venture partner at the Kinsley Mountain property ("Kinsley Mountain", or the "Property"), upon Pilot Gold's purchase of the Option Agreement from Animas Resources Ltd. (TSX VENTURE: ANI).
Kinsley Mountain is a large, sediment-hosted gold system and includes a past-producing gold mine with significant exploration potential on a large land position. The Property consists of 141 claims and 2,807 acres (1,136 hectares) on Bureau of Land Management land in the Kinsley Mountains in southeast Elko County, Nevada. The Property lies roughly 75 kilometers (45 miles) southeast of the Long Canyon property where Pilot Gold's geologic team, as part of Fronteer Gold Inc., defined a significant gold resource in what is now recognized as an emerging gold district.
Pilot Gold intends to maximize its success at Long Canyon by deploying the same exploration team and strategy at Kinsley Mountain, that of detailed geologic analysis, aggressive drilling and deposit modeling.
Under the Option Agreement, Pilot Gold will obtain access to a substantial technical archive on the property, consisting of over 1,100 drill holes averaging 218 feet in length, and extensive geophysical and geochemical surveys. No drilling has been completed on Kinsley Mountain in over 13 years. Pilot Gold's exploration activities will initially focus on geologic mapping and deposit model development, with confirmation and step-out drilling adjacent to the existing pits.
William Henderson, President & CEO, said: "We are very pleased to have a partner such as Pilot Gold earning in on Kinsley Mountain. Pilot Gold's team has recognized Kinsley Mountain's great potential and we look forward to their exploration efforts on the Property."
Pursuant to the terms of the Option Agreement, Pilot Gold will have the exclusive right to earn:
About Kinsley Mountain
Gold mineralization was discovered on Kinsley Mountain in 1984. Subsequent exploration defined sediment-hosted gold mineralization concentrated in the Kinsley Trend, and includes at least five distinct deposits hosted in strata ranging from Middle-to-Late Cambrian in age. The stratigraphic intervals hosting mineralization at Kinsley are generally interpreted to be the same horizons that host mineralization at Long Canyon.
Between 1994 and 1999, Alta Gold Co. ("Alta Gold") produced approximately 138,000 ounces of gold at 1.4 g/t gold from oxide ore in a heap leach operation at Kinsley Mountain(ii). Alta Gold abandoned the mine and left an undetermined amount of ore in the ground at Kinsley Mountain during a period of low gold prices. At that time, gold discoveries were still being made and existing historical resources had not been exhausted.
(ii) Data sourced from .
About Pilot Gold
Pilot Gold is a gold exploration company focused on advancing the Halilaga and TV Tower gold projects in Turkey and its pipeline of gold projects in Nevada. Pilot Gold's team, while with Fronteer Gold, has a successful track record in the discovery and advancement of gold deposits, including the Long Canyon, Northumberland and Sandman gold deposits in Nevada.
About Nevada Sunrise
For the latest details on the Company, its properties, management team and philosophy, please visit our website at .
Forward Looking Statements
This news release contains forward-looking statements which may include, but is not limited to, statements with respect to the timing of our exploration and drilling programs; geological models; expectations related to enhancing resource grades; financing plans and availability of future financing for our projects; anticipated results of our exploration, mineral resource estimates and other plans, projections, estimates and expectations. Such statements address future events and conditions which are subject to various risks and uncertainties that are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. For details of the Company, its business and properties, including risks relating to an investment in securities of the Company, see the Company's prospectus dated June 25, 2008, as amended by an amendment dated August 22, 2008, both of which are available on SEDAR at , or directly from the Company.
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.
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.
Contacts:
Nevada Sunrise Gold Corporation
William B. Henderson
President and Chief Executive Officer
(530) 887-9901
(530) 884-3822 (FAX)
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Datum: 21.09.2011 - 12:30 Uhr
Sprache: Deutsch
News-ID 68119
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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