Nevada Lithium Resources Inc (CSE:NVLH, OTCQB:NVLHF) said it has started sonic drilling across portions of its wholly-owned core asset, the Bonnie Claire lithium project in Nevada, as part of the work program that commenced in the summer, advancing the project towards a Pre-Feasibility Study in 2024.
“Optionality is one of the greatest assets of Bonnie Claire. Our land package and geology provide us with the opportunity to evaluate multiple paths to unlock shareholder value,” Nevada Lithium’s CEO, Stephen Rentschler, said in a statement.
“The initial phase of our sonic drilling field program will assess suitability of strata for open-pit mining methods, and will deepen our understanding of basin water flow, which relates to a number of different aspects of the project,” he added.
Rentschler added that the company expects assay results for its first deep core hole in the near future.
The company also said 6,600,000 incentive stock options were granted to certain directors, officers, employees, and consultants. Each option grants the holder the right to purchase one common share for $0.20 each for a period of five years from the date of issue. The options expire on November 6, 2028.
The company added that it will hold a live virtual event, hosted by CEO Stephen Rentschler, to show more about the sonic drilling program. There will also be a question and answer session.
The event will be held on Wednesday, November 8, at 11 am ET/8 am PT. Click here to register for the event.