VANCOUVER, BC, Aug. 12, 2024 /CNW/ - Nevada Sunrise Metals Corp. (TSXV: NEV) (OTCBB: NVSGF) ("Nevada Sunrise" or the "Company") has closed its transaction with CopAur Minerals Inc. ("CopAur") previously announced July 8, 2024. CopAur has acquired Nevada Sunrise's 18.74% ownership interest in the Kinsley Mountain Gold Project joint venture in Nevada ("Kinsley Mountain").
CopAur acquired Nevada Sunrise's minority ownership interest in Kinsley Gold LLC, the joint venture vehicle that holds rights to Kinsley Mountain, pursuant to a purchase and sale agreement dated August 8, 2024, in consideration of the payment of CAD$475,000 in cash and the issuance to Nevada Sunrise of 1,000,000 common shares of CopAur (the "Consideration Shares"). The Consideration Shares are subject to a four-month statutory hold period (the "Hold Period") and voluntary hold periods for an additional nine-month period. The first 250,000 Consideration Shares will be released on expiry of the Hold Period and the remaining shares will subsequently be released in equal tranches every three months.
About Nevada Sunrise
Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in lithium and copper exploration projects located in the State of Nevada, USA.
Nevada Sunrise owns 100% interests in the Gemini, Jackson Wash and Badlands lithium projects, all of which are located in the Lida Valley in Esmeralda County, NV, and in the Pelican lithium project in Saskatchewan, Canada.
Gemini is located near Gold Point, Nevada, adjacent to the Bureau of Land Management's Gold Point Solar Energy Zone, and hosts a National Instrument 43-101 compliant Inferred Lithium resource estimated at approximately 1.3 million tonnes Lithium, or 7.1 million tonnes LCE (lithium carbonate equivalent) contained within 1,200 million tonnes of lithium-mineralized clay at an average grade of approximately 1,130 parts per million Lithium (click here to review "NI 43-101 Technical Report, Resource Estimate for Gemini Lithium Project, Esmeralda County, Nevada" dated March 8, 2024).
As a complement to future development of its Gemini lithium resource, the Company owns Nevada Water Right Permit 86863 in the Lida Valley basin, comprising 80.09 acre/feet/year.
Nevada Sunrise has the right to earn a 100% interest in the Coronado Copper Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV.
FORWARD LOOKING STATEMENTS
This release may contain forward–looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and include disclosure of anticipated exploration activities. Although the Company believes the expectations expressed in such forward–looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward–looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward–looking statements whether as a result of new information, future events or otherwise.
Such factors include, among others, risks related to: reliance on technical information provided by third parties on any of our exploration properties; 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; labor disputes and other risks of the mining industry; delays due to pandemic; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for the Six Months Ending March 31, 2024, 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.
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 or accuracy of this release.
SOURCE Nevada Sunrise Metals Corporation
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