VANCOUVER, BC, Dec. 7, 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
drill program at the Property, located in Nye County, Nevada.
As of November 30th,
2022, a total of 9,880 ft (3,011 m)
has been completed over one (1) mud rotary drill hole and four (4)
core drill holes. Core sample assays are announced herein for an
additional core hole completed at Bonnie Claire – BC2203C – with
preliminary1 results presented in Table 1.
The lithium grades of the BC2203C core hole have a very similar
grade-depth profile as that of the previously reported core hole
BC2201C, located approximately 0.5 miles away (see news release
dated September 29th,
2022, as well as Figure 1). Both drill holes display a strong
lithium grade near-surface (~900 – 1,100 ppm Li) to a depth of
approximately 400 ft to 450 ft, and a lower-grade central section
followed by a high-grade bottom half of the drill hole where
lithium grade increases with increasing depth through to the
end-of-hole at 2,000 ft (~2,100 ppm Li)1.
Nevada Lithium CEO, Stephen
Rentschler, commented: "The core drilling this year at
Bonnie Claire continues to demonstrate that high grades of lithium
are present, both near surface and at depth. We look forward to the
next set of results from our 50% partner, Iconic Minerals."
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 BC2203C 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).
- The Company notes that it has relied on the internal QAQC of
ALS laboratory in Reno, Nevada,
for the results reported herein, and that the Project Operator has
submitted check assays to a secondary lab to reaffirm. Therefore,
results presented herein should be viewed as preliminary in
nature.
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
Prefeasibility. Learn more: https://www.nvlithium.com/
ON BEHALF OF THE BOARD OF DIRECTORS:
Stephen Rentschler
CEO
Find Nevada Lithium on Social Media:
on Instagram and Twitter
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
