Nevada Sunrise shares jump on lengthy lithium intercepts at Gemini  

Shares of Nevada Sunrise Gold (TSXV: NEV) reached a new 52-week high as the company reported intersecting lithium mineralization “over significant widths” in its inaugural two-hole drilling program at its 100%-owned Gemini Lithium project in Nevada. 

Highlights of the drilling, which began last month, included 61 metres grading 950.57 parts per million (ppm) lithium starting from 97.6 metres in drillhole GEM22-01 and 39.6 metres grading 775.9 ppm lithium starting from 118.9 metres.  

“The initial analytical results from boreholes GEM22-01 and GEM22-02 suggest that the lithium-bearing clay layers at Gemini may be widespread,” the company said in a press release. “Additional drilling is planned following receipt of an amendment to the current Bureau of Land Management drilling permit, which will… cover the company’s newly expanded land position.” 

Located in the Lida Valley basin in Esmeralda County, about 10 km east of the town of Lida, Gemini consists of 387 unpatented placer and lode claims. Nevada Sunrise acquired the property in 2015 and expanded the size of the project in March by staking 80 new unpatented claims, and 268 additional unpatented claims in April.  

Through its exploration program, the company aims to test the conductive zones for lithium brines at depth and analyze drill cuttings for lithium –in sediments.  

In borehole GEM22-01, the company observed the presence of a clay layer similar to clay encountered in its 2016-2017 exploration drilling in the Clayton Valley that had carried values of up to 1,400 ppm lithium. Samples taken from the Gemini clay layer returned a weighted-average value of 1,177.6 ppm lithium over 42.7 metres.  

“This initial result represents a new discovery of lithium-bearing sediments in the western Lida Valley, which has not been historically drill tested for lithium mineralization,” the company said.  

At mid-day in Toronto, Nevada Sunrise Gold’s shares were trading at 14¢, up 81.25% or 6.5¢. Previously the company had a 52-week high of 10.5¢. The company has 78.5 million common shares outstanding for a market cap of $10.9 million.