12 Sep 2023
Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) ("Nevada Lithium" or the "Company") is pleased to announce that drilling of the 100% owned Bonnie Claire lithium project (the "Project" or "Bonnie Claire") has commenced. The 2023 drill program is part of the overall work program designed to support a Pre-Feasibility Study ("PFS"), building upon the Company's NI 43-101 Preliminary Economic Assessment (as defined below) for Bonnie Claire. The PEA (as defined below) indicates a Net Present Value (8%) of $1.5 Billion USD and 23.8% IRR (both after tax) using a $13,400 USD per tonne LCE price1. Further details on the 2023 Exploration and Development Plan are available on the Company's news release, dated August 9, 2023.
Nevada Lithium's CEO, Stephen Rentschler, comments: "We are pleased to report that Major Drilling Group International, Inc. has advised us that the first core hole of the 2023 program is now underway at Bonnie Claire. Data from this drill program will play a pivotal role for completion of the Company's PFS. The data will also be used to optimize the Company's newly funded brine exploration program. This drilling program is additive to the ongoing metallurgical, geologic, and geophysical work now advancing the Project."
- Core drilling program designed to follow-up on the successful 2022 program which returned high grade lithium values at Bonnie Claire, including 3,201 ppm Li over 520 ft (158 m) within a wider interval of 1,315 ppm Li over 2,000 ft (610 m) (see the Company's news release dated December 7, 2022).
- Examine the potential for lithium bearing brines at Bonnie Claire through the extension of select core holes past 2,000 feet (610 meters) to the geological "basement" combined with results from planned seismic surveys.
The initial two holes of the current drill program will serve a dual function. First, they will better define the existing sediment hosted resource in support of the Company's PFS, and they will further the geologic understanding of the Project. These two holes will be drilled to a maximum depth of 3,000 feet (914 meters), or geologic basement, using PQ, and then HQ coring, to sample all geology between the surface and bedrock.
The second function of these first two core holes is to support the Company's examination of the potential for lithium bearing brines at Bonnie Claire. Upon completion of each hole, geologic and downhole geophysical logging will be used to define potential permeable brine hosts for future exploration and testing.
All further core holes for the 2023 program are designed as 2,000 feet (610 meter) deep HQ core holes to help define and expand the existing resource in support of the Company's PFS. A hole from the 2022 program is currently being recompleted to provide water for future drilling. As a result, drill water for the current program is expected to change from hauled in, to on site, within the next month.
Nevada Lithium | https://nevadalithium.com/