Commodities

Nevada Lithium Discovers High-Grade Boron in Bonnie Claire Project

By Mike Dunn

May 22, 2024

114

Vancouver, British Columbia, May 22, 2024 (GLOBE NEWSWIRE): Nevada Lithium Resources Inc. (CSE: NVLH; OTCQB: NVLHF; FSE: 87K), a mineral exploration and development company focused on the Bonnie Claire Lithium Project in Nye County, Nevada, is pleased to announce the discovery of high-grade boron mineralization at its site. The company has initiated work to examine any potential effects on metallurgy for the project. 
 
Nevada Lithium's primary focus is identifying and developing substantial lithium mineralization at Bonnie Claire. The drill program in 2023 confirmed two mineralized zones: a lower-grade upper zone and a higher-grade lower zone with impressive lithium intercepts hosted within claystone host rocks. 
 
The company also discovered elevated boron assays during their drilling program launched in 2022 but did not consider them substantial enough for extraction until now. After switching to the four-acid digestion sample preparation method that provides more reliable lithium assays, they reanalyzed the original pulps from previous drill holes using sodium hydroxide fusion, which allows for high-grade boron analysis by ICP-AES. This reanalysis returned significantly higher boron grades across longer intercepts than before, which could potentially be exploited along with the existing lithium reserves. 
 
This new finding was corroborated by Hazen Research Inc.'s quantitative X-ray diffraction (XRD) analysis results, which indicate that searlesite, a relatively rare sodium borosilicate mineral often associated with altering volcanic ash, constitutes about 38% of the rock in the high-grade lithium zone. 
 
Initial metallurgical work by Hazen Labs Inc. suggests this significant presence of searlesite affects the physical behavior of claystones hosting high-grade lithium mineralization, prompting Nevada Lithium to engage Global Resource Engineering Ltd. ("GRE") alongside Hazen Labs to evaluate this behavior further and investigate any modifications required in the existing metallurgical circuit. 
 
In light of this discovery, Nevada Lithium has requested that GRE consider incorporating boron into its ongoing estimation for a new lithium mineral resource estimate. As Hazen continues with metallurgical work on the extraction of both lithium and boron from high-grade lower zones, the company is also proceeding with plans to publish an updated preliminary economic assessment (PEA). 
 
Boron is a critical material utilized in everyday applications such as permanent magnets, electric vehicles, wind turbines, and solar panels, among others. Demand for high-quality boron is estimated to be growing above 4% annually, making it a valuable asset alongside lithium. 
 
Nevada Lithium Resources Inc.'s focus is shareholder value creation through its core asset, the Bonnie Claire Lithium Project, in which it holds 100% interest. The PEA for Bonnie Claire indicates a net present value (8%) of $1.5 billion USD using $13,400 USD per ton LCE and an after-tax IRR of 23.8%. 
 
Dr. Jeff Wilson, PhD, Geo Vice President of Exploration for Nevada Lithium, reviewed and approved the technical information provided here under National Instrument 43-101 regulations. 
 
This news release contains forward-looking statements subject to applicable Canadian securities legislation relating to future events or performance, including but not limited to matters concerning market fundamentals that result in sustained lithium demand and prices, the receipt of necessary permits, licenses, regulatory approvals, etc., availability of financing on suitable terms, development construction, and continued operation at Bonnie Claire containing mineral resources, among other factors. 
 
Investors are cautioned that forward-looking statements involve risks, uncertainties, unknowns, and unpredictable factors that could have material adverse effects on future results, performance achievements expressed or implied by these forward-looking statements.


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