SAMPLES UP TO 1.81% COBALT, 3.05% NICKEL AND 5.99% COPPER AT LOVELOCK COBALT MINE IN NEVADA AND IDENTIFIES DEEP GEOPHYSICAL TARGET
Nevada Sunrise Gold Corporation (NEV.V) announced it has received the results of an initial geochemical rock sampling program and a reconnaissance geophysical survey at the historic Lovelock Cobalt Mine (the "Lovelock Mine", or the "Property"), located in Churchill and Pershing Counties, approximately 100 miles (150 kilometres) east of Reno, Nevada. Nevada Sunrise has an option to earn a 100% interest in the Lovelock Mine (see Nevada Sunrise news release dated December 29, 2017).
Nevada Sunrise carried out two site visits to the Lovelock Mine in November and December 2017 and collected representative grab rock samples of historical mine waste, and various bedrock samples at the Lovelock Mine and in the areas of other nearby historical adits. The analytical results of several of the rock samples show strong enrichment in cobalt, nickel and copper, and other metals, as shown in the highlights below:
Sample No. Cobalt Nickel Copper Zinc Silver Gold (%) (%) (%) (%) (g/t) (g/t) LCoR-5 1.81 3.05 0.65 0.03 32 0.01 LCoR-7 0.41 0.22 4.91 0.10 48 trace LCoR-4 0.21 1.64 5.99 0.04 68 0.52 LBP-06 0.12 0.32 1.46 0.22 379 0.98 LBP-05 0.10 0.35 trace 0.03 trace trace LCoR-6 0.09 0.14 1.76 0.04 15 trace LL-004 0.08 0.09 1.26 0.03 16 trace
In December 2017, an initial 4.2 kilometre (2.6 miles) reconnaissance DC resistivity/induced polarization ("DC-IP") survey by SJ Geophysics of Delta, BC, consisting of stations spaced 25 to 50 metres (80-160 feet) apart on five lines was completed across the Lovelock Mine area. This DC-IP survey is projected to have a depth of investigation deeper than the mining to the 100-foot level reported in the 1880s. To view a 3-D figure of the survey results with proposed drill holes click here .
The results of the survey not only detected the historic, near-surface mine workings and interpreted alteration (red areas on figure), but also show chargeability features (green areas on figure) related to structure and possible mineralization to a depth from surface of approximately 200 metres (656 feet).
"Our initial work at the Lovelock Mine is simply the first glance at an area with potential for hosting new cobalt, nickel and copper deposits," said Warren Stanyer, President and CEO of Nevada Sunrise. "Our regional research is revealing a mineral-rich district that has been overlooked and underexplored for decades."
Nevada Sunrise intends to apply to the U.S. Bureau of Land Management for an exploration permit within the next 30 days, and plans a first-pass drilling program in the spring of 2018 on the targets defined to date.
About the Lovelock Mine
The Property currently consists of 70 unpatented lode claims in the Cottonwood Canyon area of the Stillwater Range totaling approximately 1,400 acres (567 hectares).
The Lovelock Mine was reportedly discovered by George Lovelock and Charles Bell about 1880. According to U.S. Government annual reports, limited production of nickel, copper and cobalt began in 1883. The primary cobalt mineral was identified as "cobaltite", a compound of cobalt, sulphur and arsenic with some nickel replacement of cobalt normal. Records of a geochemical analysis from that era indicate that the average composition of the cobaltite contained 17.30% cobalt and 13.62% nickel. The mine operated from 1883 to 1890 to the 100-foot level, reporting 500 tons of concentrated cobalt and nickel mineralized material shipped to Britain for processing. After intermittent production, a British company attempted smelting on site in 1898 but the smelter suffered equipment failures and production ceased. (Source: "Mineral Resources of the United States for 1885", 1886). No further production from the Lovelock Mine is known for well over a century.