Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) is pleased to provide the first core assay results for its initial diamond drill hole from the 2023 drill program at its 100% owned Bonnie Claire lithium project, located in Nye County, Nevada. BC2301C was drilled to the geological basement, intersected at 2950 ft (899 m), and is the deepest hole drilled to date at Bonnie Claire.

Nevada Lithium’s CEO, Stephen Rentschler, comments: “2301C is the first drill hole within our Pre-Feasibility Study resource upgrade area, and we are delighted with these assay results. Core Hole 2301C is the deepest hole drilled to date, returned amongst the highest grades intercepted on the project to date, and confirms the potential for additional high-grade mineralization. The extension of this core hole to basement, revealing significant lengths of additional continuous high grade mineralization, is an excellent example of the Company’s progress in quickly showing the potential for increased value at Bonnie Claire.”

He continued, “Optionality is one of the greatest assets of Bonnie Claire. We believe that our extensive land package and geology provide us with the opportunity to add to the remarkable value indicated by our Preliminary Economic Assessment of $1.5 Billion USD (ATAX 8%) using LCE prices of $13,400 tonne². The wide intercepts of high grade mineralization reported today are tremendously encouraging and are only one part of our ambitious examination of Bonnie Claire. In addition to our core hole drilling program, our current sonic drilling field program is, among other things, assessing suitability of strata for open-pit mining methods. We are also expanding our understanding of the potential for lithium brines at Bonnie Claire with a seismic program, and we look forward to sharing our conclusions about all these initiatives with the market over the following months.”

Highlights:

• High Grade Lower mineralized zone includes 1100 ft (335 m) at 3076 ppm Li (1360 to 2460 ft/ 415 to 750m), including a subinterval of 360 ft (110m) at 4291 ppm Li (1940 to 2300 ft/ 591 to 701m). Samples such as 5390 ppm from 2180 ft (664 m) to 2200 ft (671 m), at 2180 ft and 5080 ppm from 2240 ft (683 m) to 2260 ft (689 m) at 2240 ft, are amongst the highest grades encountered to date.
• Potential for high-grade mineralization beyond the current resource confirmed.
• Upper mineralized zone includes 370 ft (113 m) at 969 ppm from 30 ft (9.1m) depth.
• Existing stratigraphy and mineralization pattern confirmed to aid in future resource upgrade and exploration drill planning.
• Additional results from the 2023 Diamond Drill program will be announced as results are received and interpreted.

BC2301C is the first hole ever drilled beyond 2000 ft at Bonnie Claire and extends the previously encountered high-grade zone by over 400 ft (122 m) in depth. The hole also identifies the potential for significant additional high-grade mineralization which has not been drill-tested to date.

Assay results from BC2301C include 3076 ppm Lithium over 1100 ft (335 m) from 1360 ft (415 m) depth in the lower mineralized zone, within a broader zone of 2219 ppm Li over 1740 ft (530 m) from 1040 ft (317 m). These results include samples that have returned amongst the highest grades to date at the Bonnie Claire project of 5390 ppm Li from 2180 ft (664 m) to 2200 ft (671 m), and 5080 ppm Li from 2240 ft (683 m) to 2260 ft (689 m).

In the upper mineralized zone, assays include 1171 ppm Li over 180 ft (55 m) within a broader interval of 969 ppm Li over 370 ft (113 m) from 30 ft (9.1 m) depth.

Sample assays are announced herein for Hole BC2301C with results presented in Table 1

Table 1: Core assay¹ summary for drill hole BC2301C

BC2301C Results & Interpretation

Hole BC2301C was planned as part of the PFS infill program to increase grade confidence. However, it also demonstrates the potential for deeper mineralization at Bonnie Claire and allows greater understanding of the deep basin geology. This newly identified potential is illustrated in a cross-sectional grade comparison from hole BC2301C to BC2201C (Figure 1). BC2201C finished in mineralization at grades of greater than 3000 Li ppm (announced in the Company’s News Release September 29, 2022).

The lithium grades of this drill hole – BC2301C – demonstrate a very similar lithology and grade-depth profile to that of existing holes in the area (announced in the Company’s News Release dated September 29, 2022) passing from an upper mineralized claystone horizon, through a barren sandstone horizon, into a lower mineralized claystone horizon (Figure 1). In contrast with previous holes, BC2301C was extended to basement, which was encountered at 2,950 feet (899 m) depth, allowing a more fulsome examination of the lower mineralized zone.

BC2301C contains strong lithium grades near-surface (average 969 ppm Li) to a depth of approximately 400 ft (122 m), a low-grade central section, and a wide high-grade section from 1040 ft (317 m) to 2780 ft (847 m) with 2219 ppm Li over 1740 ft (530 m). The lower Zone includes high grade intervals of 3076 ppm Li over 1100 ft (335 m) and 4291 ppm Li over 360 ft (110 m).

The highest-grade samples returned at BC2301C include 5390 Li ppm and 5080 Li ppm at 2180 ft (664 m) and 2240 ft (683 m) depth respectively, and represent amongst the highest-grade mineralization encountered to date, at depths greater than previously drilled on the Project.

Additional diamond drilling is currently underway at Bonnie Claire. with results to be announced in due course as assays are received and interpreted.

Any capitalized terms not defined herein have the meaning given to such term in the Company’s PEA (as defined below) technical report available on the Company’s profile on SEDAR+.

Figure 1: Cross-section grade comparison from drill hole BC2201C and BC2301C

 Figure 2: Drill collar location map of holes BC2201C and BC2301C, with section line A-A

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 holds a 100% interest.

Bonnie Claire has a current NI 43-101 inferred mineral resource of 3,407 million tonnes (Mt) grading 1,013 ppm Li for 18.372 million tonnes (Mt) of contained lithium carbonate equivalent (LCE), at a cut-off grade of 700 ppm Li²

The PEA for Bonnie Claire indicates a Net Present Value (8%) of $1.5 Billion USD (after tax) using $13,400 USD per tonne LCE and after-tax IRR of 23.8%. With an LCE price of $30,000 USD per tonne, the Net Present Value (8%) of the Project is $5.9 Billion USD (after tax) and an IRR of 60.3%².

QP Disclosure

The technical information in the above disclosure has been reviewed and approved by the designated Qualified Person under National Instrument 43-101, Dr. Jeff Wilson, PhD, P.Geo, Vice President of Exploration for Nevada Lithium. Dr. Wilson is not independent of Nevada Lithium, as he is Vice President of Exploration for Nevada Lithium.

²See Preliminary Economic Assessment NI 43-101 Technical Report on the Bonnie Claire Lithium Project, Nye Country, Nevada authored by Terre Lane, J. Todd Harvey, MBA, PhD, Hamid Samari, PhD and Rick Moritz (Effective date of August 20, 2021, and Issue date of February 25, 2022)  as summarized in Nevada Lithium’s news release dated October 13, 2021, which are available on Nevada Lithium’s SEDAR+ profile at www.sedarplus.ca. Results of the Preliminary Economic Assessment represent forward-looking information. This economic assessment is, by definition, preliminary in nature and includes inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the Preliminary Economic Assessment will be realized. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.