Atlantis is comprised of unpatented placer association claims totaling 1,262 acres (510 hectares) located approximately 25 miles (38 kilometres) northwest of the Silver Peak lithium brine mine operated by Albemarle Corporation (ALB:NYSE), the only operating lithium mine in North America.

Details of the Option Agreement for Atlantis

For an option to purchase a 100% interest in Atlantis, Nevada Sunrise has agreed to pay a total of 500,000 common shares of the Company to the vendor upon signing a definitive agreement (the "Agreement") for the Property, and on subsequent anniversaries of the Agreement, as follows:

– On signing the Agreement: 100,000 common shares
– 1st Anniversary: 150,000 common shares
– 2nd Anniversary: 250,000 common shares

A 1.5 mile (2.25 kilometer) area of interest applies to the Property. Atlantis is subject to a 3.0% gross overriding royalty ("GOR"). On the 3rd anniversary of the signing of the Agreement for Atlantis, Nevada Sunrise would have the right to purchase 1.0% of the GOR for US$1.0 million.

The interim letter agreement for Atlantis provides Nevada Sunrise with an exclusive 30-day due diligence period and is subject to certain conditions, including approval by the Board of Directors of the Company, execution of a definitive option agreement, and acceptance of the Agreement by the TSX Venture Exchange.


Nevada Sunrise has adopted an exploration strategy targeting desert basins, or playas, that exhibit similar geological and geophysical characteristics to the Clayton Valley basin where lithium brines are known to accumulate in faulted sub-basins, or "traps".

Nevada Sunrise made the decision to acquire Atlantis after a review of geological mapping that shows the presence of lithium-bearing rocks in the ranges draining into the Property, and historical ground gravity data that shows a distinct gravity low in the heart of the Atlantis claims. Nevada Sunrise believes that the interpreted gravity low indicates the presence of a deep, sub-basin that could host lithium-bearing brines.

Geophysical exploration at Atlantis in the form of detailed gravity and CSAMT surveys would assist in determining if conductive brines are present at depth, followed by exploratory drilling of interpreted geophysical targets.

As part of a regional lithium exploration program, the United States Geological Survey ("USGS") reported in Open-File Report 81-962 (1981) that historical drill hole FL-11a is located outside the eastern boundary of the Property, approximately 3 miles (4.5 kilometres) east of the centre of the interpreted sub-basin.

Hole FL-11a was drilled to a depth of 450 feet (147 metres) and encountered lithium values in sediments ranging from 10 parts per million ("ppm") to 115 ppm and averaging 61.7 ppm for 67 samples analyzed. Lithium in sampled ground water ranged from trace at the end of the hole to 21 ppm at a depth of 55 feet (18 metres).

Nevada Sunrise believes that drilling deeper holes at Atlantis within the area of the interpreted sub-basin could intersect aquifers potentially hosting trapped brines with higher contents of lithium than were encountered in the relatively shallow USGS hole drilled to the east of the gravity low anomaly. Also reported in USGS Open File Report 77-54 (1977) were the collection of 10 surface brine samples with lithium contents ranging 37 – 350 mg/l (ppm), and averaging 159 mg/l (ppm) to the north of the sub-basin.