Nevada Sunrise Announces Agreement to Purchase a 100% Interest in the Past-Producing Griffon Gold Mine Project, Nevada

Core Viewpoint - Nevada Sunrise Metals Corporation has signed a mining lease purchase agreement to acquire a 100% interest in the Griffon Gold Mine Project, which is located in a historically rich gold mining area of Nevada, presenting significant potential for additional gold resources [1][2]. Company Overview - Nevada Sunrise is a junior mineral exploration company based in Vancouver, Canada, focusing on lithium, gold, and copper projects in Nevada [18]. - The company holds interests in several projects, including the Griffon Gold Mine Project, which is approximately 50 kilometers southwest of Ely, Nevada [18][19]. Project Details - The Griffon Gold Mine Project consists of 89 unpatented mineral claims covering approximately 1,780 acres and is situated in the Battle Mountain-Eureka gold trend, known for its past-producing and operating gold mines [1][2]. - Historical production at Griffon occurred from 1998 to 1999, yielding 62,661 ounces of oxide gold before its closure [1][8]. Exploration Potential - The Griffon property has been underexplored for nearly three decades, and the company plans to utilize modern exploration technologies to identify new gold resources [2][10]. - Recent drilling by Fremont Gold Ltd. in 2020 indicated significant gold values, with one hole intersecting 1.05 grams/tonne gold over 50.3 meters [10][11]. Acquisition Agreement - The mining lease agreement allows Nevada Sunrise to purchase a 100% interest in the Griffon project, subject to a 2.0% net smelter returns royalty [12]. - The agreement includes a structured payment plan, with cash payments of $25,000 due annually and escalating minimum exploration expenditures starting at$150,000 in the first year [15][16]. Historical Context - The Griffon area has a history of exploration dating back to the late 1980s, with various companies having previously explored the site [6][7]. - The project has seen limited activity since gold production ceased in 1999, highlighting the potential for new discoveries with modern techniques [9][12].