Nevada Lithium Resources Inc (CSE:NVLH, OTCQB:NVLHF) revealed positive results from the first diamond drill hole of its 2024 drilling program at the Bonnie Claire lithium project in Nevada.
One hole intersected a high-grade lithium and boron mineralized zone, marking the thickest lithium interval drilled at the site to date.
The hole was drilled to a depth of 2,807 feet (856 meters) and returned a 518-foot (158-meter) intercept with an average lithium grade of 5,105 ppm and boron grade of 1.61%, the company said in a statement.
The high-grade lithium and boron zone remains open in three directions, according to Nevada Lithium.
CEO Stephen Rentschler told shareholders that the company is confident that the Bonnie Claire deposit has more to offer.
“Our final hole of the 2023 drilling program set a very high bar for expectations, but the (new) results have clearly exceeded them,” Rentschler said in a statement.
The high-grade lithium and boron zone first identified in 2023 now extends over 3,700 ft (1,137 m), the CEO noted.
Rentschler added that the company has completed a second hole that aims to help transition the project’s resources to measured and indicated status. Assay results for that hole are expected in three to four weeks, and both holes will contribute to an updated mineral resource estimate and preliminary economic assessment.