Vancouver, British Columbia – April 16, 2024 – Nevada Lithium Resources Inc. (CSE: NVLH; OTCQB: NVLHF; FSE: 87K) (“Nevada Lithium” or the “Company”) is pleased to provide an update on the proposed Hydraulic Borehole Mining (“HBHM”) mining method proposed to extract high-grade mineralized material at its 100% owned Bonnie Claire lithium project (the “Project” or “Bonnie Claire”), located in Nye County, Nevada. The Company is also pleased to announce the commencement of an updated Preliminary Economic Assessment (“PEA”) on the Project.

Nevada Lithium’s CEO, Stephen Rentschler, commented: “Nevada Lithium has received an updated assessment of the Hydraulic Borehole Mining (HBHM) method from an internationally recognized leader in the HBHM mining technique, Kinley Exploration LLC. We are delighted that Kinley has concluded that accessing depths to 3,000 ft, where we have recently confirmed the existence of an open-ended, mineralized high grade lithium zone, is achievable.”

He continued, “As we continue the work towards Pre-Feasibility Study (PFS), we have also contracted Global Resource Engineering, Ltd. to update our existing Preliminary Economic Assessment (PEA). This update will incorporate the latest information on metallurgy, the proposed HBHM scenario outlined in the Kinley update, long-term lithium prices, and calculate a new mineral resource estimate incorporating drill results from the past two seasons.”

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Highlights:
Kinley Exploration LLC (“Kinley”) has provided a working model based on HBHM that successfully extracts mineralized slurry between 1500ft and 2500 ft at Bonnie Claire
Model focuses on extraction of previously intersected high-grade mineralization, illustrated by Hole BC2303C, which intersected 4,154 ppm Li over 680ft (see the Company’s news release dated February 27, 2024), and currently open in several directions
Operating production cost estimated to be USD $ 14.28/ton, based on continuous mining rate of 100 tons per hour per mining unit
Confidence that HBHM can access depths greater than 2,500 feet, as high-grade mineralization has been intersected below this depth
Economics to be incorporated in updated PEA to be released summer 2024
Background.
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https://nevadalithium.com/news-release/nevada-lithium-provides-positive-update-on-hydraulic-borehole-mining-method-and-commences-updated-preliminary-economic-assessment-for-bonnie-claire-lithium-project-nevada/