Nevada
2022 Drilling Program Update on Bonnie Claire Lithium Project, Nevada
VANCOUVER, BC, Sept. 16, 2022 /PRNewswire/ – Nevada Lithium Sources Inc. (CSE: NVLH) ( OTCQB: NVLHF) (FSE: 87K) (“Nevada Lithium” or the “Firm“) and its 50% accomplice within the Bonnie Claire Lithium Undertaking (the ‘Undertaking’ or ‘Property’), Iconic Minerals Ltd. (TSX-V: ICM; OTCQB: BVTEF; FSE: YQGB) (“Iconic“) are happy to offer an replace on their 2022 mineral exploration and improvement plans for the Undertaking, positioned in Nye County, Nevada.
Nevada Lithium CEO, Stephen Rentschler, feedback: “We’re happy to report that our 50% accomplice, Iconic, who’s operator of our preliminary joint work program, has supplied an replace on the Bonnie Claire Lithium Undertaking 2022 drilling program. This preliminary work program, estimated to value $5mm USD, has been totally funded as a part of the Choice Settlement, whereby Nevada Lithium obtained its 50% possession of the Undertaking. We’re excited that the work program is offering extra information and materials that’s furthering improvement of the Undertaking. We firmly imagine that Bonnie Claire is among the most tasty world lithium belongings remaining in junior builders’ fingers.”
Drill Gap BC2201C
Core gap BC2201C reached a remaining vertical depth of 2001 ft (610 meters), which had a piezometer inserted for groundwater research. All samples not collected for engineering use had been submitted to ALS in Reno for geochemical evaluation. Logging has been accomplished and two thick zones of darkish inexperienced claystone often indicative of lithium-rich sediments, have been recognized. Preliminary assay outcomes are anticipated inside a pair weeks.
Drill Gap BC2202C
Core gap BC2202C is positioned 1,759 ft (536 meters) west of BC2201C. The outlet is additional out on the playa than BC2201C to check whether or not larger grade lithium (+1000 ppm Li) is nearer to the floor than holes close to the margins of the alluvial cowl. As of September 14th, the rig had drilled to 1,443 ft (440 meters) and can drill to a complete depth of roughly 2,000 ft (610 meters). Though not logged but, darkish inexperienced claystone was encountered inside 25 ft (7.6 meters) of the floor.
Drill Gap BC2203C
Near the completion of BC2201C, a second core rig arrived on web site and is ready up 1,840 ft (561 meters) south of BC2201C. This drill gap can be positioned additional out on the playa than BC2201C and also will take a look at whether or not larger grade lithium (+1000 ppm Li) is near the floor. The outlet has been accomplished to a complete depth of 1,998 ft (609 meters). The drill gap is at present being ready for geophysical logging. The core exhibits darkish inexperienced claystone commencing at 17 ft (5 meters) beneath the floor.
Drill Gap BC2201
This mud/rotary drill rig is on web site and has drilled to 80 ft (24 meters) and set casing. This vertical gap might be drilled to a depth of roughly 2000 ft (610 meters) and is positioned 20 ft (6 meters) from BC2201C. This gap might be geochem sampled and in contrast with assays from the adjoining core gap (BC2201C). Primarily based on earlier drilling, the Firm anticipates that the core lithium values could also be 10-15% larger than the mud/rotary gap (see Firm’s Preliminary Financial Evaluation NI 43-101 Technical Report on the Bonnie Claire Lithium Undertaking, Challenge date of February 25th, 2022). As soon as drilling is full, downhole geophysics might be carried out to find out excessive permeability zones together with different information. Water samples might be collected and analyzed, and Barr Engineering will carry out pumping assessments on the permeable zones recognized. This nicely may also be used as a water supply for future drilling.
QP Disclosure
Darren L. Smith, M.Sc., P. Geo., Vice President of Exploration of the Firm, and Certified Individual as outlined by Nationwide Instrument 43-101, supervised the preparation of the technical data on this information launch.
Bonnie Claire Property
The Bonnie Claire Property is positioned inside Sarcobatus Valley, which is roughly 30 km (19 miles) lengthy and 20 km (12 miles) vast. Quartz-rich volcanic tuffs containing anomalous quantities of lithium happen inside and adjoining to the valley. Drill outcomes from the salt flat embrace 2,054 ppm Li over 67.1 m (220 ft) in drill gap BC-1601 in addition to a 475 m (1560 ft) vertical intercept that averaged 1153 ppm Li. Bonnie Claire is one the most important lithium sources in North America with a present NI 43-101 inferred mineral useful resource 3,407 million tonnes (Mt) grading 1,013 ppm Li for 18,372 million kilograms of contained lithium carbonate equal, at a cut-off grade of 700 ppm Li. Mineral sources should not mineral reserves as they don’t have demonstrated financial viability.
The gravity low that characterizes the valley is roughly 20 km (12 miles) lengthy, and the present estimates of depth to basement rocks vary from 600 to 1,200 meters (2,000 to 4,000 ft). The present declare block covers an space of 74 km2 (28.6 mi2) with potential for brine methods and additional sediment sources.
About Nevada Lithium Sources Inc.
Nevada Lithium Sources Inc. is a mineral exploration and improvement firm targeted on shareholder worth creation via its core asset, the Bonnie Claire Lithium Undertaking, positioned in Nye County, Nevada, the place it at present holds a 50% curiosity. A lately accomplished NI 43-101 Preliminary Financial Evaluation returned engaging funding metrics and the Firm is actively advancing the Undertaking in the direction of Pre-Feasibility. Study extra: https://www.nvlithium.com/
ON BEHALF OF THE BOARD OF DIRECTORS:
Stephen Rentschler
CEO
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The CSE doesn’t settle for duty for the adequacy or accuracy of this launch.
Cautionary Assertion
This information launch incorporates sure forward-looking data and forward-looking statements throughout the that means of relevant securities laws (collectively “forward-looking statements”). The usage of any of the phrase “will” and comparable expressions are supposed to establish forward-looking statements. These statements contain recognized and unknown dangers, uncertainties and different components which will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements. These forward-looking statements embrace, however should not restricted to, the proposed exploration program, improvement of the Bonnie Claire Undertaking, and development of the Bonnie Claire Undertaking to pre-feasibility. Precise outcomes achieved could range from the knowledge supplied herein on account of quite a few recognized and unknown dangers and uncertainties and different components. The Firm believes the expectations mirrored in these forward-looking statements are cheap, however no assurance may be on condition that these expectations will show to be appropriate. The Firm doesn’t undertake to replace these forward-looking statements, besides as required by regulation.
SOURCE Nevada Lithium Sources Inc