VANCOUVER, BC, Dec. 20,
2022 /CNW/ - Nevada Lithium Resources Inc. (CSE:
NVLH; OTCQB: NVLHF; FSE: 87K)
("Nevada Lithium" or the "Company") and its 50%
partner in the Bonnie Claire Lithium Project (the 'Project' or
'Property'), Iconic Minerals Ltd. (TSX-V: ICM; OTCQB: BVTEF;
FSE: YQGB) ("Iconic"), are pleased to provide core
assay results for an additional two drill holes completed at the
Property, located in Nye County,
Nevada.
Sample assays are announced herein for two (2) additional core
holes completed at Bonnie Claire – BC2202C and BC2204C – with
preliminary1 results presented in Table 1.
Table 1: Core assay1 summary for drill holes BC2202C
and BC2204C
|
Drill
Hole
|
From
(ft)
|
To
(ft)
|
Interval
(ft)
|
Li
(ppm)
|
Comments
|
|
BC2202C
|
0
|
1,970
|
1,970
|
1,157
|
Entire hole
|
|
Including
|
20
|
420
|
400
|
753
|
Near surface
zone
|
|
Including
|
980
|
1960
|
980
|
1,882
|
At depth
zone
|
|
|
|
|
|
|
|
Drill
Hole
|
From
(ft)
|
To
(ft)
|
Interval
(ft)
|
Li
(ppm)
|
Comments
|
|
BC2204C
|
0
|
1,884
|
1,884
|
663
|
Entire hole
|
|
Including
|
18
|
440
|
422
|
977
|
Near surface
zone
|
|
Including
|
820
|
1,440
|
620
|
1,043
|
At depth
zone
|
|
|
|
|
|
|
|
1. Intervals
presented are core length
|
|
2. A total of 9 ft
in drill hole BC2202C and 15 ft in BC2204C were not sampled and
therefore a 0 ppm Li value has been sued for these intervals to
allow calculation of
length weighted grade over width
|
The lithium grades of these two drill holes – BC2202C and
BC2204C – demonstrate a very similar lithology- and grade-depth
profile as that of the previously reported core holes BC2201C and
BC2203C (see news releases dated September
29th, and December
7th, 2022). Drill hole locations are presented in
Figure 1. Each of the drill holes contains a strong lithium grade
near-surface (~750 to 1,100 ppm Li) to a depth of approximately 380
ft to 450 ft, a low-grade central section, and a high-grade section
at depth (~1,000 to 2,200 ppm Li) over an interval of approximately
650 to 1,000 ft, and ending in strong mineralization in some
holes1. The mineralized intervals at depth include some
individual sample grades exceeding 4,000 ppm Li, including
wide and high-grade intervals highlighted by drill hole BC2203C
with 3,201 ppm Li over 520 ft.
Nevada Lithium CEO, Stephen
Rentschler, commented: "We have been excited by the
results of the core drilling this year at Bonnie Claire. This
drilling continues to demonstrate that high grades of lithium are
present, both near surface and at depth. We firmly believe that
Bonnie Claire is one of the most attractive global lithium assets
remaining in junior developers' hands."
A plan map, geology section, and section with lithium values is
presented Figure 2. Three holes form a nearly east-west section
with the last path of the section nearly north-south. The geology
section interprets a continuous, nearly flat sediment layer in all
four (4) holes. Lithium-rich fine-grained sediments, consisting of
mudstone and claystone, are separated by relatively unmineralized
sandstone. A second, deeper sandstone unit is intersected in the
two western-most holes and is underlain by conglomerate. The
lithium value section presents all +600 ppm Li core assay results.
The sections illustrate a good correlation between both logged
lithology and lithium grade between holes.
The Operator, Iconic Minerals, is currently completing the
drilling of BC2205C located one-half mile east of BC2203C. The
current core hole is expected to be completed and in for assay
before the end of the year.
Quality Assurance / Quality Control (QAQC)
A Quality Assurance / Quality Control protocol was implemented
for the program by the Operator, Iconic Minerals, and included
insertion of quartz blanks and standards into sample batches. Core
samples were shipped to ALS USA
Inc. in Reno, Nevada, for
geochemical analysis.
Once received, samples were weighted, crushed to 70% passing -2
mm, riffle split to 250 g, and pulverized to 85% passing -75 micron
ahead of analysis. Analysis was completed by ICP-MS following an
aqua regia digestion (package ME-MS41 Ultra Traces Aqua Regia
ICP-MS).
- The Company notes that it has relied on the internal QAQC of
ALS laboratory in Reno, Nevada,
for the results reported herein, and that the Project Operator has
submitted check assays to a secondary lab to reaffirm. Therefore,
results presented herein should be viewed as preliminary in
nature.
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.
Bonnie Claire Property
The Bonnie Claire Property is located within Sarcobatus Valley,
which is approximately 30 km (19 miles) long and 20 km (12 miles)
wide. Quartz-rich volcanic tuffs containing anomalous amounts of
lithium occur within and adjacent to the valley. Drill
results from the salt flat include 2,054 ppm Li over
67.1 m (220 ft) in drill hole BC-1601
as well as a 475 m (1560 ft) vertical
intercept that averaged 1153 ppm Li. Bonnie Claire is one the
largest lithium resources in North
America with a current NI 43-101 inferred mineral resource
3,407 million tonnes (Mt) grading 1,013 ppm Li for 18,372 million
kilograms of contained lithium carbonate equivalent, at a cut-off
grade of 700 ppm Li. Mineral resources are not mineral reserves as
they do not have demonstrated economic viability.
The gravity low that characterizes the valley is approximately
20 km (12 miles) long, and the current estimates of depth to
basement rocks range from 600 to 1,200 meters (2,000 to 4,000
feet). The current claim block covers an area of 74 km2 (28.6
mi2) with potential for brine systems and further sediment
resources.
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
Prefeasibility. Learn more: https://www.nvlithium.com/
ON BEHALF OF THE BOARD OF DIRECTORS:
Stephen Rentschler
CEO
Find Nevada Lithium on Social Media:
on Instagram and Twitter
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