VANCOUVER, British Columbia, Sept. 3, 2013 (GLOBE NEWSWIRE) -- Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSX-V:NEV) announced today that its joint venture partner Pilot Gold Inc. ("Pilot Gold") has obtained a key exploration permit for Kinsley Mountain, Nevada. The receipt of approval on August 30, 2013 from the U.S. Bureau of Land Management ("BLM") for the Plan of Operations allows Pilot Gold, the operator at Kinsley Mountain, to drill test high-priority targets within a core group of claims, including the Western Flank, Candland Canyon and extensions trending NNE and SW of the historical pits.
On August 14, 2013, Nevada Sunrise, through its subsidiary Intor Resources Corporation, gave notice to Pilot Gold that it had elected not to fund its portion of the approved $5.2-million 2013 budget for Kinsley Mountain. Pilot Gold is now funding a modified $3.4-million program in 2013 in its entirety. As a result, and further to Pilot Gold having solely-funded the required reclamation bond, Pilot Gold's interest in Kinsley has increased from 65% to approximately 78%, with Nevada Sunrise holding an approximate 22% interest.
Pilot Gold has completed 12 reverse circulation holes at Kinsley Mountain in 2013 totaling 2,858 metres using a single drill operating under a pre-existing permit. Nevada Sunrise is informed that two drills will be added in coming weeks and that Pilot Gold expects to complete 20,000 metres of drilling in this program.For a table of Kinsley Mountain drill results for holes completed prior to the current program please visit Nevada Sunrise's website at: http://www.nevadasunrise.com – Exploration - Kinsley Mountain Nevada Sunrise has also been informed that Pilot Gold plans to submit an amendment to the Plan of Operations to include additional target areas, including the entire northern portion of the Kinsley Range. Exploration work completed by Pilot Gold in 2012 delineated strong targets based on soil and rock anomalies combined with structural and stratigraphic mapping in both soil and rock sampling seven kilometres to the north of the historical pits.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts