Drilling Commences at the Bonnie Claire Lithium Project, Nevada

Rhea-AI Summary

Nevada Lithium Resources Inc. (CSE: NVLH, OTCQB: NVLHF) has announced the commencement of drilling at the Bonnie Claire Lithium Project in Nye County, Nevada. Partnering with Iconic Minerals, the drill program will consist of five holes, reaching depths of 2,000 feet. Core and mud/rotary samples will be sent for analysis, while one hole will be preserved as a water well for testing. The company aims to advance the project towards pre-feasibility, capitalizing on attractive investment metrics established in a recent Preliminary Economic Assessment.

Positive

• Drilling has commenced at the Bonnie Claire Lithium Project, reinforcing the company's commitment to advancing its core asset.
• The drill program consists of five holes targeting depths of 2,000 feet each, allowing for comprehensive geological assessment.
• The company recently completed a Preliminary Economic Assessment, indicating attractive investment metrics for the project.

Negative

• None.

VANCOUVER, BC, June 13, 2022 /PRNewswire/ - Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K)  ("Nevada Lithium" or the "Company") and its 50% partner in Bonnie Claire, Iconic Minerals Ltd. (TSXV: ICM) (OTC: BVTEF) (FSE: YQGB ) ("Iconic") are pleased to announce that drilling of the Bonnie Claire Lithium Project (the "Project" or "Property") has commenced.

Nevada Lithium CEO, Stephen Rentschler, comments: "We are pleased to report that our 50% partner, Iconic, who is operator of our initial joint work program, has advised us that drilling is now underway at Bonnie Claire. This drilling is additive to the metallurgical and geophysical work now advancing the Project. We firmly believe that Bonnie Claire is one of the most attractive global lithium assets remaining in junior developers' hands."

The drill program is anticipated to include five (5) holes spaced approximately one-half mile apart, with a target end-of-hole depth of 2,000 feet (610 meters) for each hole. Both, core, and mud/rotary holes will be completed. Each drill hole will be logged and chip/core samples sent to a qualified geochemical lab for assaying. One mud/rotary drill hole will be preserved as a water well and pumping tests conducted by our borehole mining consultants, Barr Engineering Company of Minneapolis, Minnesota ("Barr"). Barr will also collect core samples for extensive materials testing in preparation for a borehole mining demonstration hole.

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.

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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 Pre-Feasibility. Learn more: https://www.nvlithium.com/

ON BEHALF OF THE BOARD OF DIRECTORS:

Stephen Rentschler
CEO

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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

FAQ

What is the significance of the drilling at the Bonnie Claire Lithium Project for NVLHF?

The drilling is crucial for advancing the Bonnie Claire Lithium Project, which is expected to enhance its valuation and potential for lithium production.

How many drill holes are planned for the Bonnie Claire Lithium Project?

The drill program includes five holes, each targeting a depth of 2,000 feet.

Who is overseeing the drilling operations for the Bonnie Claire Lithium Project?

Iconic Minerals Ltd. is the operator of the drilling program at Bonnie Claire.

What recent assessment did Nevada Lithium Resources complete for the Bonnie Claire Project?

A Preliminary Economic Assessment that returned attractive investment metrics for the Bonnie Claire Lithium Project.

Where is the Bonnie Claire Lithium Project located?

The Bonnie Claire Lithium Project is located in Nye County, Nevada.