The U.S. Bureau of Land Management has approved 10 exploration drill hole locations at Neptune, and Nevada Sunrise plans to drill up to three vertical holes to depths ranging from approximately 380 to 480 metres as an initial test of the interpreted Neptune sub-basin. A member of the Company’s geological team is on site to supervise final preparations for the drilling program.
Access roads and drill pads for the first two holes have been constructed in the past few days and a third site is under construction. Drilling is expected to begin on or about March 6, 2016.
Neptune consists of 316 unpatented 20-acre placer claims totaling approximately 6,320 acres (2,557 hectares) and is located in an active area of lithium exploration and mining. The Silver Peak lithium mine operation, acquired by Albemarle Corporation (ALB) in 2015, has extracted lithium minerals from brines continuously since 1966 and is located approximately 10 miles (15 kilometres) to the north of Neptune.
Nevada Sunrise has an option to earn a 100% interest in Neptune, subject to a 3.0% gross overriding royalty (see Nevada Sunrise news release dated September 21, 2015 for further details of the Neptune option agreement).
The geologic setting within Clayton Valley with its thick sequence of clastic sediments and evaporate deposits is prospective for metal-enriched brines. Nevada Sunrise has acquired geophysical data collected in 2011 at Neptune by a previous landholder, which shows the presence of conductive zones within a faulted sub-basin exceeding 1,300 metres (4,265 feet) deep in two locations.
Nevada Sunrise is targeting the conductive zones for their potential to contain lithium-bearing brines.
Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC , Canada , that holds interests in nine mineral exploration projects in the State of Nevada, USA .
Nevada Sunrise began acquisitions of Nevada lithium properties in September 2015 , which include options to earn 100% interests in the Neptune and Clayton Northeast projects, and a 100% interest in the Aquarius Project, all located in the Clayton Valley area.
The Company also holds options to earn 100% interests in the Jackson Wash and Atlantis projects, and has a 50% participating interest in the Gemini project, each located in playas proximal to the Clayton Valley.
