Nevada Sunrise Metals (TSXV: NEV) is the latest explorer with a maiden resource in hand for a lithium deposit.
The company this morning released its initial resource estimate for the Gemini Lithium Project, found in Nevada. The estimate is said to be based on geochemical analysis conducted on samples of material from five drill holes conducted at the property in 2022 and 2023.
The estimate amounted to 1.3 million tonnes of lithium, or 7.1 million tonnes lithium carbonate equivalent, which is found at an average grade of 1,130 ppm lithium. The estimate is based on a cut-off of 400 ppm lithium, with the resource covering approximately 844 acres, or 15% of the land mass of the project.
“With only five holes drilled to date in just 15% of the project area, Gemini has emerged as one of the world’s largest lithium resources, and the fourth largest in the United States. We look forward to additional exploration at the Project to effectively expand the size of the resource, leading to the production of a preliminary economic assessment,” commented CEO Warren Stanyer on the results.
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A technical report for the estimate is slated to be published within the next 45 days.
Nevada Sunrise last traded at $0.05 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
