Surge Battery Metals (TSXV: NILI) has substantially improved its resource estimate at the Nevada North Lithium Project, increasing its lithium carbonate equivalent tonnes by over 113%.
The resource estimate has increased to 11.24 million inferred tonnes of lithium carbonate equivalent tonnes at an average grade of 3,010 ppm Li, based on a 1,250 ppm Li cutoff. The resource is said to have also seen a 5% improvement in grade versus the estimate produced in February 2024.
The estimate is attributable to all subsurface mineral rights holders across the project area. Inferred resources, when reduced to what is just attributable to Surge Battery Metals, falls to 8.65 Mt of LCE at an average grade of 2,955 ppm Li.
The resource estimate is based on 28 drill holes that were conducted between 2022 and 2024 across an aggregate 4,039 metres of drilling. The current geological model for the resource is said to remain open in multiple directions, presenting the potential for expansion.
“Our 2024 drilling program has delivered the highest average grades within our lithium clay mineralization to date, as clearly demonstrated by today’s results. Our team successfully added over 650,000 tonnes of inferred LCE resources per drill hole within the Surge and private land claim block. All of this has been accomplished within the limited 5-acre disturbance of our current permit. Metallurgical testing, technical and economic studies, and permitting efforts are underway, with our Inaugural PEA scheduled for Q1 2025,” commented Greg Reimer, CEO of Surge.
Surge battery Metals last traded at $0.35 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.
