VANCOUVER, BC, Sept. 29,
2022 /CNW/ - Nevada Lithium Resources Inc. (CSE:
NVLH) (OTCQB: NVLHF) (FSE: 87K)
("Nevada Lithium" or the "Company") and its 50%
partner in the Bonnie Claire Lithium Project (the 'Project' or
'Property'), Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF)
(FSE: YQGB) ("Iconic"), are pleased to provide an
update on their 2022 drill program at the Property, located in
Nye County, Nevada.
Drill hole BC2201C is the deepest core hole (vertical
orientation, PQ & HQ) to be completed on the Property to date,
extending to a depth of 2,001 ft (core length). The Company is
pleased to report that this drill hole has returned the highest
grades of lithium encountered in drilling to date on the Property,
and include 3,079 ppm Li over 446.0 ft
(136 m) within a wider
interval of 1,246 ppm Li over 1,994 ft (608 m). The
high-grade interval includes a sample of 5,570 ppm Li over 3.8
ft. Strong grades were also returned near surface including
1,112 Li over 271.7 ft (107.0 ft to 378.7 ft). The core assay
results, presented in Table 1, demonstrate the potential for Bonnie
Claire to host high-grade intervals at shallow and deeper depth in
the basin.
In addition to the lithium, the drill hole also encountered
significant concentrations of boron, including 23 of the final 43
samples at the bottom of the hole assaying above the detection
limit of 10,000 ppm B. This interval also corresponded to the
highest grades of lithium in the hole. The presence of boron in
significant concentrations remains to be evaluated in other parts
of the basin/deposit; however, presents a compelling potential
opportunity as a secondary commodity of interest for the Project.
Overlimits for boron are currently being determined at the lab.
Nevada Lithium CEO, Stephen
Rentschler, commented: "We are pleased to report that our
50% partner, Iconic, who is operator of our initial joint work
program, has advised us of the receipt of core sample assays from
the first hole of our 2022 drill program (BC2201C). The high-grade
lithium intercepts, both shallow and at depth, bode well for
enhanced economics under either the large diameter bore hole mining
scenario (see Company's Preliminary Economic Assessment NI 43-101
Technical Report on the Bonnie Claire Lithium Project, Issue date
of February 25th, 2022) or
in an open pit scenario.
The discovery of significant levels of boron also introduces
the potential for further upside, in addition to the potential for
potassium fertilizer production as currently envisioned for the
Project", added Mr. Rentschler. "These strong core sample
assays are part of the initial work program, estimated to cost
$5M USD, that has been fully funded
as part of the Option Agreement, whereby the Company obtained its
50% ownership of the Project. We firmly believe that Bonnie Claire
is one of the most attractive global lithium assets remaining in
junior developers' hands".
Currently, there are two (2) core rigs and one (1) mud rotary
rig in operation on the Property. As of September 28th, 2022, the Company has
completed a total of 7,201 ft (2,195
m) of drilling – 6,601 ft (2,012
m) coring, and 600 ft (183 m)
rotary – with two (2) core holes completed, in addition to two (2)
core holes and one (1) rotary hole actively drilling. See Figures 1 and 2.
The primary objective of the drill program is to collect
geological and geotechnical data for the evaluation of borehole
mining as a lithium extraction method at Bonnie Claire, and to
improve the confidence of the mineral resource. Additionally,
vibrating wire piezometers have been set in the hole (BC2201C)
during abandonment to gain a better understanding of the
groundwater flow in the basin in support of a hydrogeological model
for the deposit area.
Quality Assurance / Quality Control (QAQC)
A Quality Assurance / Quality Control protocol was implemented
for the program by the Operator, Iconic Minerals, and included
insertion of quartz blanks and standards into sample batches. Drill
hole BC2201C was sampled from top to bottom with samples shipped to
ALS USA Inc. in Reno, Nevada, for geochemical analysis.
Once received, samples were weighted, crushed to 70% passing -2
mm, riffle split to 250 g, and pulverized to 85% passing -75 micron
ahead of analysis. Analysis was completed by ICP-MS following an
aqua regia digestion (package ME-MS41 Ultra Traces Aqua Regia
ICP-MS).
QP Disclosure
Darren L. Smith, M.Sc., P. Geo.,
Vice President of Exploration of the Company, and Qualified Person
as defined by National Instrument 43-101, supervised the
preparation of the technical information in this news release.
Bonnie Claire
Property
The Bonnie Claire Property is located within Sarcobatus Valley,
which is approximately 30 km (19 miles) long and 20 km (12 miles)
wide. Quartz-rich volcanic tuffs containing anomalous amounts
of lithium occur within and adjacent to the valley. Drill
results from the salt flat include 2,054 ppm Li over
67.1 m (220 ft) in drill hole BC-1601
as well as a 475 m (1560 ft) vertical
intercept that averaged 1153 ppm Li. Bonnie Claire is one the
largest lithium resources in North
America with a current NI 43-101 inferred mineral resource
3,407 million tonnes (Mt) grading 1,013 ppm Li for 18,372 million
kilograms of contained lithium carbonate equivalent, at a cut-off
grade of 700 ppm Li. Mineral resources are not mineral reserves as
they do not have demonstrated economic viability.
The gravity low that characterizes the valley is approximately
20 km (12 miles) long, and the current estimates of depth to
basement rocks range from 600 to 1,200 meters (2,000 to 4,000
feet). The current claim block covers an area of 74
km2 (28.6 mi2) with potential for brine
systems and further sediment resources.
About Nevada Lithium Resources
Inc.
Nevada Lithium Resources Inc. is a mineral exploration and
development company focused on shareholder value creation through
its core asset, the Bonnie Claire Lithium Project, located in
Nye County, Nevada, where it
currently holds a 50% interest. A recently completed NI 43-101
Preliminary Economic Assessment returned attractive investment
metrics and the Company is actively advancing the Project towards
Pre-Feasibility. Learn more: https://www.nvlithium.com/
ON BEHALF OF THE BOARD OF DIRECTORS:
Stephen Rentschler
CEO
Find Nevada Lithium on Social Media:
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The CSE does not accept responsibility for the adequacy or
accuracy of this release.
Cautionary
Statement
This news release contains certain forward-looking
information and forward-looking statements within the meaning of
applicable securities legislation (collectively "forward-looking
statements"). The use of any of the word "will" and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. These forward-looking statements include, but are not
limited to, the proposed exploration program, development of the
Bonnie Claire Project, and advancement of the Bonnie Claire Project
to pre-feasibility. Actual results achieved may vary from the
information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors. The Company
believes the expectations reflected in those forward-looking
statements are reasonable, but no assurance can be given that these
expectations will prove to be correct. The Company does not
undertake to update these forward-looking statements, except as
required by law.
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SOURCE Nevada Lithium Resources Inc