Nevada Lithium Resources Inc (CSE:NVLH, OTCQB:NVLHF) has announced an updated mineral resource estimate (MRE) for its Bonnie Claire lithium project located in Nevada.
Shares of the company were boosted by the news, with its Toronto-listed stock up 16% while its US-listed shares added almost 5%.
The updated MRE included assays from 11 additional exploration and infill drill holes completed since the 2021 maiden resource estimate.
Notably, the size and grade of the Lower Zone has been “significantly increased” with an indicated resource of 275.85 million tons at 3,519 parts per million (ppm) lithium (5.167 million tons lithium carbonate equivalent (LCE)) and 275.85 million tons at 8,404 ppm boron (2.318 million tons boron), plus an inferred resource of 1,561.06 million tons at 3,085 ppm lithium (25.634 million tons LCE).
The Upper Zone has an indicated resource of 188.08 million tons at 1,074 ppm lithium (1.075 million tons LCE) and 152.11 million tons at 1,519 ppm boron (0.231 million tons boron), together with an inferred resource of 451.10 million tons at 1,106 ppm lithium (2.655 million tons LCE) and 270.53 million tons at 1,505 ppm boron (0.407 million tons boron).
Stephen Rentschler, Nevada Lithium CEO, commented that compared to Bonnie Claire’s previous resource report, new drilling in the Lower Zone has led to a 68% increase in LCE tonnage, at an average grade that has tripled from 1,000 ppm to over 3,000 ppm.
“It includes intervals where grades exceed 6,000ppm. These increases have occurred using a cut-off grade that has more than doubled to 1,800 ppm,” he said.
“For the first time, we are also able to report a significant high-grade boron resource that we believe further enhances the project’s value.”
He added that the Lower Zone remains open to the northwest, northeast and southeast for future resource expansion.
“Furthermore, the new infill drilling has resulted in an indicated resource classification,” the CEO said.
“We are confident that the continuity of the mineralization will allow us to easily upgrade additional resources from the inferred classification into indicated resources and add new inferred resources.”
The updated MRE will inform an updated Preliminary Economic Assessment, expected at the end of the first quarter of 2025.
“This PEA will reflect the increased tonnages and grades reported today,” Rentschler added.
“With the significantly increased tonnage and higher grades, Bonnie Claire is potentially unrivaled by other sediment hosted lithium projects in Nevada and is now amongst the largest lithium resources in the world and amongst the highest-grade in Nevada.”
- Updated with share price movement -