Strategic Review Of Lithium Brine Projects

VANCOUVER - Nevada Sunrise Gold Corporation has commenced a strategic review of its two lithium brine projects in Nevada. The Company owns 100% interests in the Gemini Lithium Project and the Jackson Wash Lithium Project, both located in the Lida Valley basin in Esmeralda County, Nevada.   Future exploration at the two projects is complemented by the Company's 80.09 acre/feet/year water right, a pre-requisite for the exploration and development of lithium brine projects in Nevada.

"Our Lida Valley projects are located in a highly-prospective basin that is underexplored for lithium brines," said Warren Stanyer, President and CEO. "The Company's ownership of a water right is a distinct advantage for Nevada Sunrise in a discovery scenario – without a permitted source of water, no mineral project can reach feasibility in the desert environment of Nevada."

The Lida Valley is a flat, arid basin with a similar geological setting to the better-known Clayton Valley basin where Albermarle Corporation operates the Silver Peak lithium mine, which has operated continuously since 1966. Nevada Sunrise acquired Gemini and Jackson Wash in 2015 by claim staking and purchase by option, respectively. After consideration of the most recent market interest in lithium and other battery metals, the Company plans to review the geophysical and geological data collected at Gemini and Jackson Wash to better define lithium brine targets on the two properties.

A single drill hole was completed at Jackson Wash in 2017 by an exploration partner to a depth of 826 meters (2,710 feet). The hole intersected aquifers and a sequence of volcanic sediments but did not encounter lithium brine. Nevada Sunrise believes that other prospective targets indicated by geophysics should be followed up at the Jackson Wash property. Gemini has yet to be drill tested.