Vancouver, British Columbia – October 17, 2023 – 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
- 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)
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.
- Munk, et al. 2016, Lithium Brines: A Global Perspective, Reviews in Economic Geology, v. 18, pp. 339–365
- Bradley, et al. 2013 A Preliminary Deposit Model for Lithium Brines, USGS Open-File Report 2013–1006 File
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/
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, CEO
For further information, please contact:
Nevada Lithium Resources Inc.
CEO and Director
Phone: (647) 254-9795
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