Surge Battery Metals (TSXV: NILI) has released its much anticipated maiden mineral resource estimate for the Nevada North Lithium Project.
The resource, claimed to be the highest grade lithium resource in the United States, amounts to 4.67 million tonnes of inferred lithium carbonate equivalent at a grade of 2,839 ppm. The estimate is based on a 1,250 ppm cut-off and the use of an open-pit mining model.
The inferred resource estimate is based on a total of twenty drill holes conducted over the course of 2022 and 2023.
The highest grades within the resource are said to be found in the primary horizon, referred to as Cu3, and is typically the first horizon intersected during drilling. Seven lithium-enriched beds have been identified, which range in thickness from 2.5 metres to over 50 metres.
“At higher grade cutoffs, there are still very appreciable volumes of lithium that are largely contained in the clay horizons nearest surface. We will continue to derisk the NNLP through metallurgical test work, technical studies and permitting. As well, we expect to continue to expand our known resource and certainty around it through drilling,” commented Greg Reimer, CEO of Surge Battery Metals.
Moving forward, metallurgical test work is already underway, the results of which are slated for release in the current quarter. Surface exploration is also set to take place, consisting of detailed surface mapping and further soil sampling. The ability for further drilling is currently being assessed with the BLM, while a preliminary economic assessment is expected to be released in the fourth quarter.
Surge Battery Metals last traded at $0.465 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.
