A Canadian-based mining company that has claims across several parts of Nevada has had some deals come and go over the past few months.
Vancouver, British Columbia-based Nevada Sunrise Gold Corp. announced the execution of a nonbinding letter of intent with Emgold Mining Corp. in July. The agreement allows Emgold, under certain conditions, an option to acquire a significant portion of Nevada Sunrise’s Golden Arrow property, a gold claim 40 miles east of Tonopah.
“We are very pleased that Emgold has committed to this agreement for Golden Arrow,” said Warren Stanyer, president and CEO of Nevada Sunrise. “There are few properties in Nevada with established gold resources that have an approved plan of operations allowing significant exploration work, and Emgold has recognized that value. We look forward to Emgold executing their exploration plan at Golden Arrow.”
Not far from that property, Nevada Sunrise’s exploration partner in Esmeralda County on several lithium projects, Advantage Lithium Corp., sent a notice in August to Sunrise, stating the group’s intent to discontinue its options on several projects: Neptune, Jackson Wash, Aquarius and Gemini lithium projects.
Advantage is maintaining its option with Sunrise on its Clayton Northeast project in Clayton Valley and Triton claims, both adjacent to the Silver Peak lithium brine mine—the only producing lithium mine in North America.
Advantage Lithium also holds the water rights for Sunrise’s Clayton Valley basin water. Those rights, however, are currently a subject of judicial appeal in Nevada, Sunrise state in a news release in August.
Lithium unfounded and found
Advantage Lithium and Sunrise had success in locating a significant number of lithium-bearing brines in Clayton Valley during a drilling program in late 2016 through early 2017, Sunrise said in a news release in August.
During the spring and summer of 2017, the two companies planned on several regional drilling programs in Neptune, Jackson Wash, Aquarius and Gemini lithium projects in Esmeralda County.
Jackson Wash and Neptune both had drilling, though no lithium brines were discovered. No drilling ever occurred at the Aquarius and Gemini projects and the program was suspended in June 2017.
Exploration permits on all four projects remain active with constructed access roads and drill pads, according to a news release from Sunrise.
Nevada Sunrise began acquiring several lithium ventures in Nevada from the third quarter of 2015: It currently has interests in seven lithium projects in the state.
Gold deal specifics
Sunrise also holds interest in two gold mining claims: Golden Arrow, near Tonopah; and one at Kinsley Mountain near Wendover, where Sunrise holds 21 percent interest in a joint venture with Liberty Gold Inc.
On Sunrise’s Golden Arrow property, it currently owns 100 percent interest.
Sunrise agreed with Emgold on an option to acquire up to an 80 percent interest in the Golden Arrow project in July.
Under the terms of the agreement, Emgold must meet several terms within three years of closing to reach the threshold of one of two options. One of those options gets Emgold a 51 percent stake, and the other gets the company an 80 percent holding of Golden Arrow.
Contact reporter Jeffrey Meehan at jmeehan@pvtimes.com. On Twitter: @pvtimes