VANCOUVER, British Columbia, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Nevada Lithium Resources Inc. (CSE: NVLH; OTCQB: NVLHF; FSE: 87K) ("Nevada Lithium” or the "Company”) is pleased to announce that it has filed on SEDAR+ an independent technical report entitled "Mineral Resource Estimate NI 43-101 Technical Report, Bonnie Claire Lithium Project, Nye County, Nevada” dated December 16, 2024, with an effective date of September 24, 2024 (the "Technical Report”). The Technical Report was prepared by Global Resource Engineering Ltd.
The Technical Report was prepared at the request of the Company. The purpose of this Technical Report is to provide updated disclosure on the Company's Bonnie Claire lithium project located in Nye County, Nevada (the "Project”) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101”).
Nevada Lithium's CEO, Stephen Rentschler, comments:
"We are excited to announce the impact of the new drilling in the Lower Zone of mineralized Lithium and Boron at Bonnie Claire. With the significantly increased tonnage and higher grades, Bonnie Claire is potentially unrivaled by other sediment hosted Lithium projects in Nevada and is amongst the largest and the highest-grade Lithium resources in the world. We have significantly Increased the size and grade of Lower Zone Inferred Mineral Resources at Bonnie Claire to 25.634 Mt LCE at 3,085 ppm Li. We have also reported Maiden Indicated Resources of 5.167 Mt LCE at 3,519 ppm Li and 2.318 Mt B at 8,404 ppm Boron.
Compared to Bonnie Claire's previous resource report, the new drilling in the Lower Zone has led to a 68% increase in LCE tonnage, at an average grade that has tripled from 1,000 ppm to over 3,000 ppm. It includes intervals where grades exceed 6,000ppm. These increases have occurred using a cut-off grade that has more than doubled to 1,800 ppm. For the first time, we are also able to report a significant high-grade Boron resource that we believe further enhances the Project's value.
I would like to offer my congratulations and thanks to Nevada Lithium's Technical Team for this tremendous success. Their dedication and vision have led to results that are of global significance and, in my opinion, will lead to future increases in shareholder value. For further details, please see the Highlights section below as excerpted from the Company's New Release, dated November 12, 2024.”
Highlights:
- The Bonnie Claire Project comprises an 18,300-acre (74.1 km2; 28.6 mi2) land package with paved highway access, located 2.5 hours by highway from Las Vegas, Nevada. The Project is 100% owned by Nevada Lithium.
- Resources for the deposit have been separated into two Zones; a Lower Zone (i.e., mineralization hosted by Lower Claystone and Lower Sandstone units) and an Upper Zone (i.e., mineralization hosted by an Upper Claystone unit). A very high-grade zone of Lithium and Boron in the Lower Zone remains open in 3 directions.
- The Lower Zone gives an Indicated Resource of 275.85 million tonnes (Mt) at 3,519 ppm lithium (5.167 Mt LCE) and 275.85 Mt at 8,404 ppm Boron (2.318 Mt B), together with an Inferred Resource of 1,561.06 Mt at 3,085ppm Lithium (25.634 Mt LCE). This base-case resource is based on a 1,800ppm Lithium cutoff, constrained by Hydraulic Borehole Mining (HBHM) parameters, and an assumed 60% recovery of the host strata.
- The Upper Zone gives an Indicated Resource of 188.08 Mt at 1,074 ppm Lithium (1.075 Mt LCE) and 152.11 Mt at 1,519 ppm Boron (0.231 Mt B), together with an Inferred Resource of 451.10 Mt at 1,106 ppm Lithium (2.655 Mt LCE) and 270.53 Mt at 1,505 ppm Boron (0.407 Mt B). This resource is calculated at a 900 ppm Lithium cut-off, within a Constraining Pit Shell, and would be mined by conventional open-pit methods
- The updated Mineral Resource Estimate includes assays from eleven (11) additional exploration and infill drill holes completed since the 2021 maiden resource estimate. 2023 & 2024 drilling intersected the lower claystone which hosts the high grade (up to 7,160ppm) Lithium, and which remains open in three directions. It is reasonably expected that the bulk of Inferred Resources can be upgraded to Indicated through additional infill drilling.
- The updated Mineral Resource Estimate will be included into ongoing work on an updated Preliminary Economic Assessment expected for completion at the end of Q1 2025.
Lower Zone
While early exploration concentrated on mineralization in the Upper Zone, the Company has shifted its focus to mineralization in the Lower Zone, hosted in the Lower Claystone and Sandstone units and containing the bulk of Lithium and Boron. This Lower Zone remains open to the NW, NE and SE. The current plan is to use an underground Hydraulic Borehole Mining method, with a higher 1,800ppm cut-off. The Mineral Resource Estimate for the Lower Zone is presented in Table 1-1 and the sensitivity of the Lower Zone to cutoff grade is presented in Table 1-2.
Table 1-1: Bonnie Claire Lower Zone Mineral Resource Estimate With 60% Hydraulic Borehole Mining Recovery
| Class | Lithium | Boron | |||||
| Mass (Million Tonnes) | ID2 Li Grade (ppm) | Li (Million Tonnes) | Li Carbonate Equivalent (Million Tonnes) | Mass (Million Tonnes) | B Grade (ppm) | B (million Tonnes) | |
| Indicated | 275.85 | 3,519 | 0.971 | 5.167 | 275.85 | 8,404 | 2.318 |
| Inferred | 1,561.06 | 3,085 | 4.816 | 25.634 | 0.00 | 0 | 0.00 |
- The effective date of the Mineral Resource is September 24, 2024.
- The Qualified Person for the estimate is Terre Lane of GRE.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- Mineral Resources are reported at an 1,800 ppm Li cutoff, an assumed lithium carbonate (Li2CO3) price of $20,000/tonne, 5.323 tonnes of Li2CO3 per tonne Li.
- Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
| Cutoff Grade (ppm) | Lithium | Boron | |||||
| Mass (Million Tonnes) | ID2 Li Grade (ppm) | Li (Million Tonnes) | Li Carbonate Equivalent (Million Tonnes) | Mass (Million Tonnes) | B Grade (ppm) | B (Million Tonnes) | |
| Indicated | |||||||
| 900 | 344.52 | 3,074 | 1.059 | 5.637 | 344.52 | 7,031 | 2.422 |
| 1200 | 316.39 | 3,255 | 1.030 | 5.482 | 316.39 | 7,588 | 2.401 |
| 1500 | 292.14 | 3,414 | 0.997 | 5.309 | 292.14 | 8,086 | 2.362 |
| 1800 | 275.85 | 3,519 | 0.971 | 5.167 | 275.85 | 8,404 | 2.318 |
| 2100 | 262.84 | 3,597 | 0.945 | 5.032 | 262.84 | 8,635 | 2.270 |
| 2400 | 249.11 | 3,671 | 0.915 | 4.868 | 249.11 | 8,847 | 2.204 |
| 2700 | 229.37 | 3,766 | 0.864 | 4.598 | 229.37 | 9,092 | 2.085 |
| Inferred | |||||||
| 900 | 3,504.76 | 2,043 | 7.161 | 38.116 | 0.00 | 0 | 0.00 |
| 1200 | 2,367.38 | 2,527 | 5.982 | 31.843 | 0.00 | 0 | 0.00 |
| 1500 | 1,859.91 | 2,852 | 5.304 | 28.234 | 0.00 | 0 | 0.00 |
| 1800 | 1,561.06 | 3,085 | 4.816 | 25.634 | 0.00 | 0 | 0.00 |
| 2100 | 1,346.94 | 3,267 | 4.400 | 23.423 | 0.00 | 0 | 0.00 |
| 2400 | 1,175.89 | 3,415 | 4.016 | 21.378 | 0.00 | 0 | 0.00 |
| 2700 | 997.06 | 3,571 | 3.560 | 18.952 | 0.00 | 0 | 0.00 |
Upper Zone
The Upper Zone extends from surface to about 425ft (130m) depth and would be mined by conventional open-pit methods, reflected in a lower 900 ppm cutoff. The Mineral Resource Estimate for the Upper Zone is presented in Table 1-3, and the Upper Zone sensitivity to cutoff grade is presented in Table 1.4
Table 1-3: Bonnie Claire Upper Zone Mineral Resource Estimate Within a Constraining Pit Shell
| Class | Lithium | Boron | |||||
| Mass (Million Tonnes) | ID2 Li Grade (ppm) | Li (Million Tonnes) | Li Carbonate Equivalent (Million Tonnes) | Mass (Million Tonnes) | B Grade (ppm) | B (Million Tonnes) | |
| Indicated | 188.08 | 1,074 | 0.202 | 1.075 | 152.11 | 1,519 | 0.231 |
| Inferred | 451.10 | 1,106 | 0.499 | 2.655 | 270.53 | 1,505 | 0.407 |
- The effective date of the Mineral Resource is September 24, 2024.
- The Qualified Person for the estimate is Terre Lane of GRE.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- Mineral Resources are reported at a 900 ppm Li cutoff, an assumed lithium carbonate (Li2CO3) price of $20,000/tonne, 5.323 tonnes of Li2CO3 per tonne Li, 75% recovery, a slope angle of 18 degrees, no royalty, processing and G&A cost of $26.52/tonne, mining cost of $3.52/tonne, and selling costs of $100/tonne Li2CO3.
- Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
| Cutoff Grade (ppm) | Lithium | Boron | |||||
| Mass (Million Tonnes) | ID2 Li Grade (ppm) | Li (Million Tonnes) | Li Carbonate Equivalent (Million Tonnes) | Mass (Million Tonnes) | B Grade (ppm) | B (Million Tonnes) | |
| Indicated | |||||||
| 400 | 393.27 | 859 | 0.338 | 1.799 | 339.24 | 1,576 | 0.535 |
| 600 | 317.20 | 944 | 0.300 | 1.595 | 271.49 | 1,556 | 0.422 |
| 900 | 188.08 | 1,074 | 0.202 | 1.075 | 152.11 | 1,519 | 0.231 |
| 1200 | 25.54 | 1,314 | 0.034 | 0.179 | 12.24 | 1,665 | 0.020 |
| 1500 | 1.17 | 1,561 | 0.0018 | 0.0097 | 1.11 | 1,547 | 0.0017 |
| Inferred | |||||||
| 400 | 2,466.72 | 681 | 1.681 | 8.945 | 1,007.76 | 2,041 | 2.057 |
| 600 | 1,260.72 | 865 | 1.090 | 5.804 | 666.80 | 1,960 | 1.307 |
| 900 | 451.10 | 1,106 | 0.499 | 2.655 | 270.53 | 1,505 | 0.407 |
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