Nevada Lithium Resources Inc. provided the first core assay results for its initial diamond drill hole from the 2023 drill program at its 100% owned Bonnie Claire lithium project (the ?Project? or ?Bonnie Claire?), located in Nye County, Nevada. BC2301C was drilled to the geological basement, intersected at 2950 ft (899 m), and is the deepest hole drilled to date at Bonnie Claire.

High Grade Lower mineralized zone includes 1100 ft (335 m) at 3076 ppm Li (1360 to 2460 ft/415 to 750m), including a subinterval of 360 ft (110m) at 4291 ppm Li (1940 to 2300 ft/591 to 701m). Samples such as 5390 ppm from 2180 ft (664 m) to 2200 ft (671 m), at 2180 ft and 5080 ppm from 2240 ft (683 m) to 2260 ft (689 m) at 2240 ft, are amongst the highest grades encountered to date. Potential for high-grade mineralization beyond the current resource confirmed.

Upper mineralized zone includes 370 ft (113 m) at 969 ppm from 30 ft (9.1m) depth. Existing stratigraphy and mineralization pattern confirmed to aid in future resource upgrade and exploration drill planning. Additional results from the 2023 Diamond Drill program will be announced as results are received and interpreted.

BC2301C is the first hole ever drilled beyond 2000 ft at Bonnie Claire and extends the previously encountered high-grade zone by over 400 ft (122 m) in depth. The hole also identifies the potential for significant additional high-grade mineralization which has not been drill-tested to date. Assay results from BC2301C include 3076 ppm Lithium (?Li?) over 1100 ft (335 m) from 1360 ft (415 m) depth in the lower mineralized zone, within a broader zone of 2219 ppm Li over 1740 ft (530 m) from 1040 ft (317 m).

These results include samples that have returned amongst the highest grades to date at the Bonnie Claire project of 5390 ppm Li from 2180 ft (664 m) to 2200 ft (671 m), and 5080 ppm Li from 2240 ft (683 m) to 2260 ft (689 m). In the upper mineralized zone, assays include 1171 ppm Li over 180 ft (55 m) within a broader interval of 969 ppm Li over 370 ft (113 m) from 30 ft (9.1 m) depth. BC2301C Results & Interpretation: Hole BC2301C was planned as part of the PFS infill program to increase grade confidence.

However, it also demonstrates the potential for deeper mineralization at Bonnie Claire and allows greater understanding of the deep basin geology. This newly identified potential is illustrated in a cross-sectional grade comparison from hole BC2301C to BC2201C (Figure 1). BC2201C finished in mineralization at grades of greater than 3000 Li ppm (announced in the Company?s News Release September 29, 2022).

The lithium grades of this drill hole ? BC2301C ? demonstrate a very similar lithology and grade-depth profile to that of existing holes in the area (announced in the Company?s News Release dated September 29, 2022) passing from an upper mineralized claystone horizon, through a barren sandstone horizon, into a lower mineralized claystone horizon (Figure 1).

In contrast with previous holes, BC2301C was extended to basement, which was encountered at 2,950 feet (899 m) depth, allowing a more fulsome examination of the lower mineralized zone. BC2301C contains strong lithium grades near-surface (average 969 ppm Li) to a depth of approximately 400 ft (122 m), a low-grade central section, and a wide high-grade section from 1040 ft (317 m) to 2780 ft (847 m) with 2219 ppm Li over 1740 ft (530 m). The lower Zone includes high grade intervals of 3076 ppm Li over 1100 ft (335 m) and 4291 ppm Li over 360 ft (110 m).

The highest-grade samples returned at BC2301C include 5390 Li ppm and 5080 Li ppm at 2180 ft (664 m) and 2240 ft (683 m) depth respectively, and represent amongst the highest-grade mineralization encountered to date, at depths greater than previously drilled on the Project. Additional diamond drilling is currently underway at Bonnie Claire. with results to be announced in due course as assays are received and interpreted.