Nevada Lithium Resources Inc (CSE:NVLH, OTCQB:NVLHF) shares climbed Monday after it filed an updated technical report highlighting a maiden indicated resource and a new high-grade boron resource for the Bonnie Claire lithium project.
The independent technical report reflects a 68% increase in lithium carbonate equivalent (LCE) tonnage in the Lower Zone compared to a previous estimate.
The Nevada Lithium team significantly increased the size and grade of Lower Zone Inferred Mineral Resources at Bonnie Claire to 25.634 million tonnes LCE at 3,085 parts per million (ppm) lithium and outlined maiden Indicated Resources of 5.167 Mt LCE at 3,519 ppm lithium and 2.318 Mt boron at 8,404 ppm.
Canadian-listed shares of Nevada Lithium closed 18.8% higher at C$0.19.
Stephen Rentschler, CEO of Nevada Lithium, noted that the updated estimate positions Bonnie Claire as one of the world’s largest and highest-grade lithium resources.
“With the significantly increased tonnage and higher grades, Bonnie Claire is potentially unrivaled by other sediment hosted lithium projects in Nevada and is amongst the largest and the highest-grade lithium resources in the world,” Rentschler said in a statement.
“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.”
The updated resource includes data from 11 additional exploration and infill drill holes, with the lower claystone unit hosting high-grade lithium mineralization, including grades exceeding 6,000 ppm.
Bonnie Claire spans 18,300 acres with highway access.
A high-grade zone of lithium and boron in the Lower Zone remains open in three directions, offering potential for further resource expansion.
Nevada Lithium said the updated resource estimate will inform ongoing work on a revised Preliminary Economic Assessment, expected by the end of the first quarter of 2025.
--Updates for share price--