Nevada Lithium Resources Inc (CSE:NVLH, OTCQB:NVLHF) told investors that drilling has commenced at Bonnie Claire as the company targets a pre-feasibility study (PFS) for its 100%-owned lithium project.
In a statement, the company said the 2023 drill program will build on the NI 43-101 Preliminary Economic Assessment (PEA) for Bonnie Claire, which indicated an after-tax net present value (8%) of US$1.5 billion and a 23.8% internal rate of return (IRR) using a lithium carbon equivalent (LCE) price of US$13,400 per tonne.
"Data from this drill program will play a pivotal role for completion of the company's PFS. The data will also be used to optimize the company's newly funded brine exploration program,” Nevada Lithium CEO Stephen Rentschler commented.
“This drilling program is additive to the ongoing metallurgical, geologic, and geophysical work now advancing the Project."
The company said the core drilling program is designed to follow up on the 2022 program at Bonnie Claire which returned high-grade lithium values including 3,201 parts per million (ppm) lithium over 158 meters (m) within a wider interval of 1,315 ppm lithium over 610m.
It will also examine the potential for lithium-bearing brines through the extension of select core holes past 610 meters to the geological "basement" combined with results from planned seismic surveys.
The company said CEO Stephen Rentschler will host a LIVE virtual event at 2pm ET today, September 19, to give a brief presentation on the commencement of drilling and answer questions. Interested parties can register here.
Contact the author at stephen.gunnion@proactiveinvestors.com