Nevada Sunrise Receives US$300,000 for the Sale of Non-Core Claims at the Gemini Lithium Project, Nevada

Rhea-AI Summary

Nevada Sunrise Metals (TSXV: NEV) (OTC Pink: NVSGF) has completed a purchase and sale agreement with Dome Rock Resources, a private South Dakota company, for the sale of 57 non-core claims at the Gemini Lithium Project in Nevada for US$300,000 in cash.

The sold claims are located along the eastern boundary of the Gemini project, approximately 2 kilometers east of the company's NI 43-101-compliant lithium resource area, representing about 20% of the total Project area. Following the transaction, Nevada Sunrise staked an additional 33 claims in the Lida Valley north of the Gemini claims.

The transaction included a non-refundable cash deposit of US$25,000 paid in November 2024, followed by a 30-day due diligence period. A finder's fee of 5% (US$15,000) was paid to an arm's-length party for facilitating the successful transaction.

Positive

• Received US$300,000 in cash for non-core claims
• Staked 33 new claims in the Lida Valley
• Sold claims were 2km away from main lithium resource area

Negative

• Reduction of total project area by approximately 20%

Vancouver, British Columbia--(Newsfile Corp. - January 16, 2025) - Nevada Sunrise Metals Corporation (TSXV: NEV) (OTC Pink: NVSGF) ("Nevada Sunrise" or the "Company") is pleased to announce that the Company has completed a purchase and sale agreement (the "Transaction") with Dome Rock Resources, LLC ("Dome Rock"), a private South Dakota company, whereby Dome Rock has purchased fifty-seven (57) non-core claims (the "Claims") from the Company. The Claims are located along the eastern boundary of the Gemini Lithium Project ("Gemini", or the "Project") in the Lida Valley near the town of Gold Point in Esmeralda County, Nevada. Following the closing the Transaction, Nevada Sunrise staked an additional thirty-three (33) claims in the Lida Valley to the north of the Gemini claims.

The western boundary of the Claims sold in the Transaction is approximately 2 kilometres (1.33 miles) to the east of the Company's National Instrument 43-101-compliant lithium resource area calculated in 2024, representing approximately 20% of the total Project area (see Figure 1 below). The purchase price for the acquisition of the Claims by Dome Rock was US$300,000 in cash, which has been received in full by Nevada Sunrise.

Figure 1. Gemini Lithium Project Area Showing Dome Rock Claims Acquisition

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In late November 2024, Dome Rock paid a non-refundable cash deposit of US$25,000 and entered into a 30-day period in which it carried out customary due diligence for a transaction of this nature. Following completion of due diligence by Dome Rock, the Transaction closed in late December 2024. A finder's fee of 5.0% cash totaling US$15,000 was paid to an arm's-length party for making the introduction to Dome Rock that led to a successful closing of the Transaction.

About Gemini

Gemini consists of 291 unpatented mineral claims located in the western Lida Valley, Esmeralda County, approximately 6 miles (10 kilometres) east of the town of Lida, and 3 miles (4.5 kilometres) north of Gold Point, Nevada. The Lida Valley is a flat, arid basin with a similar geological setting to the better-known Clayton Valley basin where Albemarle Corporation operates the Silver Peak lithium brine mine, which has operated continuously since 1966.

Gemini is situated adjacent to the Gold Point Solar Energy Zone, a Bureau of Land Management land reserve set aside for solar and wind power generation projects until 2033. Exploration at Gemini is complemented by the Company's 80.09 acre/feet/year water right, a pre-requisite for the exploration and development of mineral projects in Nevada.

Development of the Gemini Lithium Resource Estimate

In March and April 2022, Nevada Sunrise drilled two reverse circulation boreholes for a total of 2,018 feet (615.85 metres) in its maiden drilling program at Gemini. The drill sites were located within a defined gravity low that hosts conductive layers detected by historical ground electromagnetic surveys. The results from the first two holes at Gemini represented a new discovery of lithium mineralization in the western Lida Valley, which was not historically drill tested for lithium (see Nevada Sunrise news release dated May 18, 2022).

In March 2024, Nevada Sunrise filed a National Instrument 43-101 ("NI 43-101") compliant technical report entitled "NI 43-101 Technical Report, Resource Estimate for Gemini Lithium Project, Esmeralda County, Nevada" (the "Technical Report"), effective January 15, 2024, and dated March 8, 2024, on SEDAR and on the Company's website. The Technical Report relates to an independent maiden resource estimate at Gemini completed by ABH Engineering Inc. of Surrey, BC, Canada.

The resource estimate addresses the work performed by the Company at Gemini since ground exploration by Nevada Sunrise began in 2016, and particularly describes the results of the first five (5) drill holes completed in 2022-2023 (see Figure 1). The majority of the Gemini property remains untested by drilling and remains open in all directions and at depth. The Inferred resource estimate comprises, in an open pit-constrained resource:

• Approximately 1.3 million tonnes Lithium, or 7.1 million tonnes lithium carbonate equivalent ("LCE") contained within 1,200 million tonnes of lithium-mineralized clay at an average grade of approximately 1,130 parts per million ("ppm") Lithium;

• Lithium cut-off values of 400 ppm Lithium and density of 1.7 grams per cubic centimetre ("gm/cm³") were used;

• Model constraints: Faults 3 and 4 (see Figure 2); a conceptualized 24 degree pit-slope, modelled from property boundaries, using a benchmark 24 degree pit-slope from several other Nevada lithium clay deposits.

About the Gemini Resource Estimate Technical Report

The Gemini Inferred resource estimate was based on geochemical analyses for lithium from samples of material collected from the rotary splitter in the reverse circulation drilling rigs contracted by the Company, which produced a continuous, representative 3 to 5 kilogram sample for each sample interval (see Nevada Sunrise news releases dated April 21, 2022, April 28, 2022, May 18, 2022, and May 24, 2023). Results of the drilling proved the existence of clays mineralized with lithium, exhibiting very good geological continuity; the Inferred resource was calculated for lithium carbonate hosted in the clays.

Drilling to date has tested only a small portion of the Project area within 844 acres (342 hectares), which represents approximately 15% of the area covered by Gemini's current size of approximately 5,765 acres (2,330 hectares) of unpatented Bureau of Land Management mineral claims.

Figure 2. Gemini Lithium Project - Block Model Cross Sections with Conceptualized Open Pit (Source: ABH Engineering Inc., 2024)

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The technical information contained in this news release has been reviewed and approved by Damir Cukor, P. Geo., who is a Qualified Person with respect to Nevada Sunrise's Gemini Lithium Project, as defined under NI 43-101.

For further information on Gemini, including maps and photos click here.

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. The Company owns Nevada Water Right Permit 86863, also located in the Lida Valley basin, near Lida, NV.

Nevada Sunrise holds the right to earn a 100% interest in the Coronado Copper Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV.

For Further Information Contact:
Warren Stanyer, President and Chief Executive Officer
email: warrenstanyer@nevadasunrise.ca Telephone: (604) 428-8028
Website: www.nevadasunrise.ca

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: the closing of the purchase and sale transaction with Dome Rock; results and outcomes of the Company's 2022-2023 exploration activities and future plans at the Gemini Lithium Project; reliance upon the results of the calculation of a NI 43-101 compliant resource estimate for the Gemini Lithium Project; 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 Nine Months Ending June 30, 2024, which is available under Company's SEDAR profile at: www.sedarplus.ca

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237370

FAQ

How much did Nevada Sunrise (NVSGF) receive for selling its non-core claims at Gemini?

Nevada Sunrise received US$300,000 in cash for selling 57 non-core claims to Dome Rock Resources.

What percentage of the Gemini Lithium Project did NVSGF sell in January 2024?

The sold claims represented approximately 20% of the total Gemini Lithium Project area.

How many new claims did NVSGF stake after the Dome Rock transaction?

Nevada Sunrise staked 33 new claims in the Lida Valley north of the Gemini claims following the transaction.

How far are the sold claims from NVSGF's main lithium resource area?

The sold claims are located approximately 2 kilometers (1.33 miles) east of Nevada Sunrise's NI 43-101-compliant lithium resource area.