Nevada Lithium Resources Inc. (CSE: NVLH; OTCQB: NVLHF; FSE: 87K)
(“
Nevada Lithium” or the
“
Company”) is pleased to announce that a new
seismic reflection survey across portions of the 100% owned Bonnie
Claire lithium project (the “
Project” or
“
Bonnie Claire”) has commenced. The survey is part
of the overall work program designed to support the investigation
for potential lithium brines within strata at Bonnie Claire.
Nevada Lithium’s CEO, Stephen Rentschler,
comments: “We are pleased to report that Hasbrouck Geophysics, Inc.
has advised us that the seismic reflection survey is now underway
at Bonnie Claire. Data from this survey will play a major role in
increasing the Company’s understanding of the stratigraphy at
Bonnie Claire and aid drill targeting in our newly funded brine
exploration program. This geophysical program complements the
ongoing metallurgical and geological work programs which are
advancing the Project towards completion of a Pre-Feasibility Study
(PFS) of Bonnie Claire.”
Join Stephen Rentschler, CEO of Nevada
Lithium for a LIVE virtual event to learn more about the
details of the Company’s seismic reflection survey, and ask
questions during the interactive Q&A.
Date and time: Wednesday, October 18th
at 12 pm ET / 9 am PT
Click here to register for the event.
Highlights:
- There will be an 11.0 line-km
two-dimensional (2D) reflection seismic survey along three lines
over a portion of the Bonnie Claire, Nevada claims. The reflection
seismic survey will map stratigraphy, bedrock topography,
structures within the sediments and bedrock, and the dip,
continuity, and extent of aquifer units.
- The survey will be a collaboration
between Hasbrouck Geophysics, Inc., Prescott, Arizona, Bird Seismic
Services, Inc., Globe, Arizona, Matrix Surveys, Inc., Denver,
Colorado and Columbia Geophysical, LLC, Englewood, Colorado.
- 2D reflection seismic data will be
acquired along three lines as shown in Figure 1 (below)
Figure 1: Proposed reflection seismic
lines
Li‐rich brine systems are common in closed
basins like Clayton Valley and Bonnie Claire, which display a salar
or salt crust. The brines exist in subsurface aquifers, comprising
alluvial gravels and sands (1). Closed-basin brine deposits are
commonly localized along active high-angle intrabasinal faults that
control the distribution of aquifers and also influence groundwater
movement patterns. These intrabasinal faults are known from
boreholes and have no surface expression (2).
The survey is intended to model the
stratigraphic package at Bonnie Claire and identify potential blind
high-angle intrabasinal faults that displace the Bonnie Claire
stratigraphic package and may focus Li-rich brine fluid flow. The
identification of these faults will guide drill targeting to
examine the potential for lithium bearing brines at Bonnie
Claire.
(1) Munk, et al. 2016, Lithium Brines: A Global
Perspective, Reviews in Economic Geology, v. 18, pp. 339–365(2)
Bradley, et al. 2013 A Preliminary Deposit Model for Lithium
Brines, USGS Open-File Report 2013–1006 File
Seismic Survey Underway
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 holds a 100% interest.
Bonnie Claire has a current NI 43-101 inferred
mineral resource of 3,407 million tonnes (Mt) grading 1,013 ppm Li
for 18.372 million tonnes (Mt) of contained lithium carbonate
equivalent (LCE), at a cut-off grade of 700 ppm Li1.
The PEA for Bonnie Claire indicates a Net
Present Value (8%) of $1.5 Billion USD (after tax) using $13,400
USD per tonne LCE and after-tax IRR of 23.8%. With an LCE price of
$30,000 USD per tonne, the Net Present Value (8%) of the Project is
$5.9 Billion USD (after tax) and an IRR of 60.3% 1.
For further information on Nevada Lithium and to
subscribe for updates about Nevada Lithium, please visit its
website at: https://nevadalithium.com/
QP Disclosure
The technical information in the above
disclosure has been reviewed and approved by the designated
Qualified Person under National Instrument 43-101, Dr. Jeff Wilson,
PhD, P.Geo, Vice President of Exploration for Nevada Lithium. Dr.
Wilson is not independent of Nevada Lithium, as he is Vice
President of Exploration for Nevada Lithium.
1See Preliminary Economic Assessment NI 43-101
Technical Report on the Bonnie Claire Lithium Project, Nye Country,
Nevada authored by Terre Lane, J. Todd Harvey, MBA, PhD, Hamid
Samari, PhD and Rick Moritz (Effective date of August 20, 2021, and
Issue date of February 25, 2022) (the “PEA” or the
“Preliminary Economic Assessment”) as summarized
in Nevada Lithium’s news release dated October 13, 2021, which are
available on Nevada Lithium’s SEDAR+ profile at www.sedarplus.ca.
Results of the Preliminary Economic Assessment represent
forward-looking information. This economic assessment is, by
definition, preliminary in nature and includes inferred mineral
resources that are considered too speculative to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves. There is no certainty that the
Preliminary Economic Assessment will be realized. Mineral resources
are not mineral reserves as they do not have demonstrated economic
viability. There is no certainty that all or any part of the
Mineral Resources will be converted into Mineral Reserves.
On behalf of the Board of Directors of Nevada Lithium
Resources Inc.
“Stephen Rentschler”
Stephen Rentschler, CEO
For further information, please contact:
Nevada Lithium Resources Inc.
Stephen Rentschler, CEO and Director Phone: (647)
254-9795E-mail: sr@nvlithium.com
Media Inquiries
E-mail: email@nvlithium.com
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The Canadian Securities Exchange does not accept
responsibility for the adequacy or accuracy of this news release.
The Canadian Securities Exchange has not approved or disapproved of
the contents of this news release.
Cautionary Note Regarding
Forward-Looking Statements
This news release contains forward-looking
statements and forward-looking information (collectively,
“forward-looking statements”) within the meaning of applicable
Canadian securities legislation. These statements relate to matters
that identify future events or future performance. Often, but not
always, forward looking information can be identified by words such
as “could”, “pro forma”, “plans”, “expects”, “may”, “will”,
“should”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates”, “believes”, “potential” or variations of
such words including negative variations thereof, and phrases that
refer to certain actions, events or results that may, could, would,
might or will occur or be taken or achieved.
The forward-looking statements contained herein
include, but are not limited to, statements regarding: the
performance of the Project and results of the 2023 Exploration and
Development Plan (including, without limitation, its mineral
resources, current claims and its ability to utilize global lithium
needs); and the performance of lithium as a commodity, including
the sustained lithium demand and prices.
In making the forward looking statements in this
news release, Nevada Lithium has applied several material
assumptions, including without limitation: market fundamentals that
result in sustained lithium demand and prices; the receipt of any
necessary permits, licenses and regulatory approvals in connection
with the future development of Bonnie Claire in a timely manner;
the availability of financing on suitable terms for the
development; construction and continued operation of Bonnie Claire;
the Project containing mineral resources; and Nevada Lithium’s
ability to comply with all applicable regulations and laws,
including environmental, health and safety laws.
Investors are cautioned that forward-looking
statements are not based on historical facts but instead reflect
Nevada Lithium’s management’s expectations, estimates or
projections concerning future results or events based on the
opinions, assumptions and estimates of managements considered
reasonable at the date the statements are made. Although Nevada
Lithium believes that the expectations reflected in such forward-
looking statements are reasonable, such information involves risks
and uncertainties, and under reliance should not be placed on such
information, as unknown or unpredictable factors could have
material adverse effects on future results, performance or
achievements expressed or implied by Nevada Lithium. Among the key
risk factors that could cause actual results to differ materially
from those projected in the forward- looking statements are the
following: operating and technical difficulties in connection with
mineral exploration and development and mine development activities
at the Project; estimation or realization of mineral reserves and
mineral resources, requirements for additional capital; future
prices of precious metals and lithium; changes in general economic,
business and political conditions, including changes in the
financial markets and in the demand and market price for
commodities; possible variations in ore grade or recovery rates;
possible failures of plants, equipment or processes to operate as
anticipated; accidents, labour disputes and other risks of the
mining industry; delays or the inability of Nevada Lithium to
obtain any necessary approvals, permits, consents or
authorizations, financing or other planned activities; changes in
laws, regulations and policies affecting mining operations;
currency fluctuations, title disputes or claims limitations on
insurance coverage and the timing and possible outcome of pending
litigation, environmental issues and liabilities; risks relating to
epidemics or pandemics such as COVID-19, including the impact of
COVID-19 on Nevada Lithium’s business; as well as those factors
discussed under the heading “Risk Factors” in Nevada Lithium’s
latest Management Discussion and Analysis and other filings of
Nevada
Lithium filed with the Canadian securities authorities, copies
of which can be found under Nevada Lithium’s profile on the SEDAR+
at www.sedarplus.ca.
Should one or more of these risks or
uncertainties materialized, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, believed, estimated or expected. Although Nevada
Lithium has attempted to identify important risks, uncertainties
and factors which could cause actual results to differ materially,
there may be others that cause results not to be as anticipated,
estimated or intended. Nevada Lithium does not intend, and does not
assume any obligation, to update this forward-looking information
except as otherwise required by applicable law.
Photos accompanying this announcement are available
at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d8ef2e4-09c5-40d1-ba42-13215e7faadc
https://www.globenewswire.com/NewsRoom/AttachmentNg/ba5b7d30-3fe4-415e-86df-7f7d501eb15a
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