Nevada Sunrise Gold secures drilling permit for Neptune lithium property in US

4 January 2016 (Last Updated January 4th, 2016 18:30)

Nevada Sunrise Gold has secured a drilling permit to explore lithium brines on the Neptune property in Clayton Valley, Nevada, US.

Nevada Sunrise Gold has secured a drilling permit to explore lithium brines on the Neptune property in Clayton Valley, Nevada, US.

Following approval of ten exploration drill hole locations by the US Bureau of Land Management (BLM), Nevada Sunrise plans to drill three to four vertical holes in the initial phase.

Each hole would be drilled 400m to 500m deep into an interpreted sub-basin.

Nevada Sunrise proposes to start the Neptune drilling programme in February 2016.

"Nevada Sunrise has an option to earn a 100% interest in Neptune."

The Neptune lithium property is located 55km south-west of Tonopah and comprises 316 unpatented 20-acre placer claims totalling about 2,557ha.

The company has acquired geophysical data collected in 2011 by a previous landholder, which has been interpreted to indicate that the property hosts a sub-basin up to 1,200m deep with the potential.

Nevada Sunrise has an option to earn a 100% interest in Neptune.

The company submitted an application to the BLM in November 2015 requesting a drilling permit to explore for lithium brines on its Neptune property.

A re-staking programme was carried out in October 2015 in the Clayton Valley, when Sunrise expanded the size of Neptune to 316 unpatented 20-acre placer claims.

Nevada Sunrise holds a 21% interest in a joint venture with Pilot Gold at Kinsley Mountain near Wendover, a 100% interest in the Golden Arrow project near Tonopah.

In addition, the company completely owns the Roulette gold property in south-eastern Carlin trend near Ely.