Nevada Sunrise Metals Corp (NEV)

[Tommy]

$NVSGF - Pilot Gold provides exploration update and reports third quarter financial results

http://www.pilotgold.com/news/pilot-gold-provides-exploration-update-and-reports-third-quarter-financial-results

... "Kinsley Mountain:

In mid-September, the Company concluded an 11,864 metre drill program focused on expanding the mineralized footprint around the historic open pits on Kinsley Mountain and testing targets located 600 metres to the northwest of the historic operation. Through September 30, 2012, we had capitalized $3.31 million (year-ended December 31, 2011: $1.13 million) in expenditures at Kinsley, compared to a revised budget of $2.9 million for the year. Capitalized costs include values attributable to stock-based compensation, share issuances and other non-cash items directly relating to the advancement of the property that are not eligible toward earn-in.

Highlights to date include:

2.30 g/t gold over 19.8 metres in PK057, extending mineralization over a 2.2-kilometre trend length
6.03 g/t gold over 13.7 metres in PK061, 600 metres northwest of the nearest historic pit
5.48 g/t gold over 20.4 metres in PK014C
Staked 41 additional claims, consolidating our land position
Submitted a Plan of Operations for expanded exploration activities



The 2012 program identified a north-trending zone of higher-grade mineralization measuring at least 400 metres by 100 metres. This north-trending zone remains open in all directions in the Western Flank area. Drilling has also intercepted high grades at deeper stratigraphic levels than previously encountered and identified a new zone of mineralization, Candland Canyon on the northeast side of the mine trend.

During Q2 2012, Pilot Gold submitted a Plan of Operations for 100 acres of disturbance to the Bureau of Land Management (“BLM”) that will allow for expanded exploration activities. The Company has a permit in place for additional drilling at the Western Flank target. Pilot Gold plans to apply for an additional Notice of Intent permit for drilling the northern claim blocks.

In September 2012, Pilot Gold added significantly to the property position at Kinsley by staking 41 unpatented lode mining claims underlain by highly prospective geology on BLM-administered ground held prior to that point by another company. The majority (36) of the new claims are located between two previously separate claim blocks at Kinsley, creating a contiguous property and consolidating access to the main mineralized trends to the north. The additional staking brings the total to 332 claims. Surface work including mapping and rock and soil sampling are underway on the newly added ground.

Pilot Gold completed an earn-in to an initial 51% interest at Kinsley during the second quarter of 2012, and elected to exercise an option to earn a further 14% interest in the property. The Company has already incurred approximately 90% of the expenditure requirement to attain that 65% interest, and anticipates completing earn-in in early 2013. A subsidiary of Nevada Sunrise Gold Corporation is our joint venture partner at Kinsley." ...