Nevada Lithium Resources Inc. (CSE: NVLH; OTCQB: NVLHF; FSE: 87K)
(“
Nevada Lithium” or the
“
Company”) is pleased to announce the commencement
of a sonic drilling program across portions of its 100% owned
Bonnie Claire lithium project (the “
Project” or
“
Bonnie Claire”). The drilling is part of the
current work program that commenced in the summer of 2023
(“
2023 Exploration and Development Plan”),
advancing the Project towards an expected Pre-Feasibility Study in
2024.
Nevada Lithium’s CEO,
Stephen Rentschler, comments: “Optionality is one of the
greatest assets of Bonnie Claire. Our land package and geology
provide us with the opportunity to evaluate multiple paths to
unlock shareholder value. The initial phase of our sonic drilling
field program will assess suitability of strata for open-pit mining
methods, and will deepen our understanding of basin water flow,
which relates to a number of different aspects of the Project. In
addition, the current seismic program (announced in the Company’s
news release dated October 17, 2023) is helping our understanding
of the potential for lithium brines at Bonnie Claire. We anticipate
assay results for our first deep core hole in the near future, and
we look forward to sharing our conclusions about all these
initiatives with the market over the following
months.”
Join Stephen Rentschler, CEO of Nevada Lithium for a
LIVE virtual event to learn more about the details of
the Company’s sonic drilling program, and ask questions during the
interactive Q&A.Date and time: Wednesday,
November 8th at 11 am ET / 8 am PT
Click here to register for the event >
Highlights:
- Two initial vertical holes up to 700 feet in depth.
- Drilling conducted by Harris Exploration Drilling and
Associates Inc. using a Boart Longyear LX60 track-mounted sonic
drill.
- Hydrogeological services conducted by Barr Engineering Co.
- Borehole geophysical data collected and processed by COLOG
Geophysical Services.
The overall work program is designed to
investigate geotechnical rock properties and basin fluid flow
within strata at Bonnie Claire. The primary focus of the work is
aquifer testing and geotechnical characterisation from drill
logging and borehole geophysical procedures to identify suitable
intervals for straddle-packer pumping testing. Pumping tests will
in turn measure hydraulic connections within strata and measure
production rates of groundwater for chosen intervals. This
geotechnical engineering work will build on a 2022 study and is
expected to advance understanding relating to open pit stability
evaluation, underground stability for borehole mining, and surface
infrastructure foundation on the Property.
Geotechnical EngineeringA
geotechnical investigation completed in 2022 (“the 2022 Program”)
evaluated borehole mining at depths of up to 2,000 feet and found
that materials less than 500 feet deep were less consolidated than
those at greater depth. The supplemental investigation currently
being undertaken is intended to evaluate the suitability of upper
materials for a potential open pit mine, support of a mill &
other operational equipment, and tailings storage.
Site hydrology/hydrogeologyThe
assessment of site hydrogeology in the 2023 Exploration and
Development Plan will also build on the 2022 Program. Data from
2022 Program with respect to drilling, geophysical logging, and
packer-testing provided estimates of hydraulic connectivity at one
location. The additional sonic drilling work being completed as
part of the 2023 Exploration and Development Plan will provide a
broader understanding of groundwater flow and hydraulic
conductivity across the Property. Initial holes will address
aquifer testing down to 700 feet in depth to support potential open
pit design. Later holes will investigate deeper water related to
the borehole mining method.
Issuance of OptionsThe Company
also announces that 6,600,000 incentive stock options (the
“Options”) were granted to certain directors,
officers, employees, and consultants of the Company in accordance
with the Company’s stock option plan (the “Option
Plan“). Each Option grants the holder the right to
purchase one common share of the Company (each a “Common Share”) at
a purchase price of $0.20 per Common Share for a period of 5 years
from the date of issue unless terminated pursuant to the terms of
the Option Plan. Accordingly, the Options expire November 6, 2028.
The Options and any Common Shares issued upon exercise thereof will
be subject to a hold period of four months and one day from the
date of grant.
The Options shall vest according to the
following vesting schedule: 33% shall vest immediately upon issue;
33% shall vest upon the date that is 1 year from the date of issue
and the remaining 34% shall vest upon the date that is 2 years from
the date of issue.
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 PEA¹ 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 DisclosureThe 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,
CEOFor further information, please
contact:Nevada Lithium Resources
Inc.Stephen RentschlerCEO and DirectorPhone: (647)
254-9795E-mail: sr@nvlithium.comMedia
InquiriesE-mail: email@nvlithium.comFind
Nevada Lithium on Twitter
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.
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