Exploration Program Progress At The Bonnie Claire Project

VANCOUVER - Nevada Lithium Resources Inc. reported on the mineral exploration and development work on its Bonnie Claire Lithium Project, located in Nye County, Nevada. The work program is designed to support a Pre-Feasibility Study (PFS), building upon the 2022 NI 43-101 Preliminary Economic Assessment for Bonnie Claire. The PEA indicates a Net Present Value (8%) of $1.5 Billion USD and 23.8% IRR (both after tax) using a $13,400 USD per tonne LCE price1.

The Core drilling program designed to follow-up on the successful 2022 program which returned high grade lithium values at Bonnie Claire, including 3,201 ppm Li over 520 ft (158 m) within a wider interval of 1,315 ppm Li over 2,000 ft (610 m). The program will expand upon the recent production of marketable battery grade lithium carbonate with the production of marketable battery grade lithium hydroxide and other marketable products. In addition the Company will examine the potential for lithium bearing brines at Bonnie Claire through the extension of select core holes past 2,000 feet (610 meters) to the geological "basement" combined with results from planned 3D seismic surveys.

CEO, Stephen Rentschler, said, "Following the success of our recently completed financings, we are excited to provide an update on the 2023 work program. The 2023 program is designed to propel the Project towards Pre-feasibility Study (PFS) completion. We will also investigate the potential for lithium bearing brines on the Project and look forward to the possibility of adding even more value for shareholders."