Nevada Lithium Kicks Off 2024 Drilling Program at Bonnie Claire Project

Nevada Lithium Resources Inc. has initiated exploratory drilling activities at its Bonnie Claire Lithium project, strategically situated in Nye County, Nevada. This marks a significant milestone in the company's technical advancement strategy for the project. The commencement of drilling operations underscores Nevada Lithium's commitment to unlocking the full potential of the Bonnie Claire lithium deposit.

The 2024 Drilling Program has successfully completed one deep core hole and commenced a second, both strategically placed to explore the high-grade lithium and boron mineralization identified in the 2023 drill program. Hole BC2401C, a 1,475-foot (450-meter) step-out hole, is specifically designed to assess the mineralization’s extent beyond the previously established boundary, aiming to expand the known resource and enhance the understanding of the deposit's full potential. This approach underscores the commitment to advancing exploration and optimizing resource evaluation in the project area.

Hole BC2402C, an infill hole, is strategically positioned to assess the continuity of mineralization between the existing holes BC 2301C and BC 2303C. This drilling aims to refine the understanding of the mineral deposit's consistency and distribution. Global Resource Engineering (GRE) has validated that the assays from the 2024 drilling program will be integrated into an updated resource estimate. This updated resource will be a key component of the ongoing Preliminary Economic Assessment (PEA) update, ensuring that the latest exploration data contributes to the comprehensive evaluation of the project's economic viability.

The Bonnie Claire lithium deposit is situated within an asymmetric transtensional pull-apart sedimentary basin along the Walker Lane Trend in the Basin & Range physiographic region. This basin, oriented NNW-SSE, is thought to be centered around a steep NNW-SSE fault zone on the eastern part of the property, as suggested by previous geophysical surveys. From 2016 to 2022, drilling efforts focused on delineating the extent of the lithium mineralization, which was initially understood to reach depths of up to 2,000 feet. This exploration aimed to confirm and expand the known boundaries of the lithium deposit within this geologically complex setting.

Stephen Rentschler, CEO of Nevada Lithium, announced the commencement of the 2024 Drill Program at the Bonnie Claire Lithium Project. This program aims to enhance the evaluation of high-grade lithium and boron mineralization discovered during the 2023 drilling. The upcoming results will be integral to updating the current Preliminary Economic Assessment, with the goal of refining the project's economic outlook and advancing its development. He added on the significance of the 2023 discovery of high-grade lithium and boron mineralization at the Bonnie Claire project, marking a crucial advancement in understanding its potential value. He highlighted the 2024 Drill Program as a key component of the company’s strategic response to this discovery. Saud expressed enthusiasm about the upcoming drilling results and emphasized the company's commitment to expediting efforts to maximize value for shareholders.