Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) is pleased to provide the core assay results for its second diamond drill hole from the 2023 drill program at its 100% owned Bonnie Claire lithium project, located in Nye County, Nevada. BC2303C was drilled to 2,500 feet (762 m) and ended in high-grade lithium mineralization. The 680 ft (207 m) intercept is the thickest +4,000 ppm lithium zone drilled to date.

Nevada Lithium’s CEO, Stephen Rentschler, comments: “The results from BC2303C are tremendous. We have confirmed a +3,000 ppm, and now +4,000 ppm, high-grade mineralized zone that appears to increase in thickness as we move to the east, and the mineralized zone remains open in several directions. BC2303C is a step out of 1,510 ft (460 m) northeast from our previous hole (BC2301C) and is over 1540 feet (470 m) east from hole BC2201C, where the +3,000-ppm mineralized zone was first encountered.”

He continued, “The five holes that have pierced this +3,000-ppm mineralized zone are contained within the PFS resource upgrade area. However, much of this high-grade zone extends beyond the limits of the current resource. The potential for positive impact on the PFS indicates that re-analysis of the 2024 workplan is required to maximize the benefit of this latest set of assays. The Project’s PFS resource upgrade drilling locations and depths, previously adjusted to accommodate the discovery of high-grade mineralization, may need to be adjusted once again. It appears that Bonnie Claire has yet to reveal her best to us, and we believe that this world class asset continues to increase in value.”

Highlights:

• Deeper drilling continues to find higher grade mineralization. The lower mineralized zone averages 2,575 ppm Li over 1440 ft (439 m) at (1060 to 2500 ft / 323 to 762m), including a subinterval of 680 ft (207m) at 4,154 ppm Li (1820 to 2500 ft / 555 to 762m). BC2303C is the first hole to contain over 100 continuous feet (30 meters) averaging over 5,000 ppm lithium.
• Hole BC2303C was a 1,510 ft (460m) step out and confirms the deep mineralization discovered by BC-2301C, which remains open in several directions. Five holes have now intersected strata with +3,000 ppm mineralization varying from 60 feet (18 meters) in BC2202C, the furthest west intercept, to 1,340 feet (354 meters) in BC2303C, the furthest east intercept. It is thought that the lateral extent of this +3,000 ppm mineralized zone will be expanded with further drilling.
• The upper mineralized zone averages 967 ppm over 420 ft (128 m) from 20 ft (6 m) depth. Work is continuing to evaluate the potential for open-pit mining at the upper mineralized zone at Bonnie Claire. Concurrently, work on the Pre-Feasibility Study will incorporate the most up to date work on the proposed bore-hole mining method.

BC2303C’s 680 ft (207 m) of 4154 ppm lithium is the thickest intercept yet above 4,000 ppm lithium and may indicate higher grades to the north and east. The highest assay in BC2303C is 5840 ppm lithium from 2440 ft (744 m) to 2460 ft (750 m).

In the upper mineralized zone, assays include 1282 ppm Li over 240 ft (73 m) within a broader interval of 967 ppm Li over 420 ft (128 m) from 20 ft (6 m) depth.

Sample assays are announced herein for Hole BC2303C with results presented in Table 1

Table 1: Core assay¹ summary for drill hole BC2303C

*Results presented in feet (ft).

** Results presented in meters(m).
¹Intervals presented are core length

Results & Interpretation

Results from BC2303C confirm the potential of laterally extensive high-grade lithium mineralization that was first intersected in BC2203C and examined more fully in hole BC2301C. This lateral continuity is illustrated in cross-section A-A’ (Figure 1). BC2203C finished in mineralization at grades of greater than 3000 ppm lithium (announced in the Company’s News Release December 7, 2022). BC2303C ended in material grading higher than 4,000 ppm lithium.

Highlights include:

• BC2303C is perhaps the strongest hole at Bonnie Claire to date, and the first to intersect greater than 100ft width of >5000ppm mineralization.
• This hole steps out from and extends lower high-grade zone by some 450m and remains open in several directions.
• It is anticipated that the lateral extent of the high-grade lower zone will expand from further step-out drilling.

Work continues towards a planned preliminary feasibility study (PFS). Completion of the PFS is expected by late 2024 or early 2025, according to technical developments and other considerations.

Quality Assurance / Quality Control

A Quality Assurance / Quality Control protocol following industry best practice was incorporated into the program by Nevada Lithium. Drilling was conducted by Major Drilling. Core was transported by Major from the collar location and received by Nevada lithium staff at the Company storage facility in Beatty, NV. The facility is only accessible to Nevada Lithium staff and remains otherwise locked.

Received core was logged and cut at the Facility by Nevada Lithium staff. Logging and sampling included the systematic insertion of blanks, duplicates, and certified reference material (CRM) OREAS 750 into sample batches at an insertion rate of approximately 10%.

All core samples collected were transported by Company staff to ALS USA Inc.’s laboratory in Reno, NV. for sample preparation. Preparation method comprise includes initial weighing (Code WEI-21), disposal of R/B split after analysis (DIS-REJ21), crushing QC Test (PUL-CRU), pulverizing QC Test (PYUL-QC), fine crushing at 70% <2mm (CRU-31), splitting by Boyd rotary splitter (SPL-22Y , pulverizing up to 250g 85% <75 µm (PUL-31) and a final crusher wash between samples (WSH-21). Samples were shipped to ALS Vancouver laboratory in Burnaby BC, where the samples were analyzed using complete characterization method ME-MS61, involving a four-acid digestion followed by ICP-MS measurement.

Standards, duplicates, and blanks in the drill results to date have been approved as acceptable. The standards performed well (90% <2SD), as did duplicates (R2 0.9966) and most blanks. Two blanks inserted into the lower high-grade zone assayed anomalous Li, resulting from a 0.5% potential crushing preparation carryover. While this is within ALS method expectations new samples were prepared with a final crusher wash between samples (WSH-21). Reanalysis brought blank analyses down to <50 ppm Li. The resulting reanalysis had negligible impact on the overall grade, with an R^2 value of 0.9962 between the original and new analyses.

Figure 1: Cross-sectional grade shell comparison from drill holes BC2201C, BC2203C, BC2301C, and BC2303C

Figure 2: Drill collar location map of holes BC2201C, BC2203C, BC2301C, and BC2303C, 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%.