BC2401C’s 518 ft (158 m) of 5,105 ppm Lithium is the thickest intercept yet above 5,000 ppm Lithium and continues to indicate higher grades to the north and east. The same interval has a weighted average Boron assay of 1.61%, indicating the high-grade Boron mineralization also continues to the northeast. The highest assay in BC2401C is 6,880 ppm Lithium from 2,565 ft (782 m) to 2,585 ft (788 m).

In the upper mineralized zone, assays include 1,341 ppm Lithium over 217.5 ft (66 m) within a broader interval of 973 ppm Lithium over 420 ft (128 m) from 27 ft (8 m) depth.

Sample assays are announced herein for Hole BC2401C with results presented in Table¹

_{*Results presented in feet (ft).}

_{** Results presented in meters(m).}

_{¹Intervals presented are core length}

Results & Interpretation

Results from BC2401C confirm lateral continuity and the potential for additional high-grade Lithium and Boron intercepts of the deep mineralization first encountered in BC2301C and BC2303C. This lateral continuity is illustrated in cross-section A-A’ (Figure 1). BC2401C is the furthest hole northeast thus far and continues the trend of increasing grade in this direction.

Highlights include:

• BC2401C is the most mineralized hole drilled at Bonnie Claire to date, and the first to intersect greater than 100ft width of >6,000 ppm mineralization.

• This hole steps out from and extends the lower high-grade zone by some 1,135 ft (346m) and remains open in several directions.

• It can be anticipated that the lateral extent of the high-grade lower zone will expand from further step-out drilling.
  

Work continues towards an update of the resource and PEA incorporating this current round of drilling.

Figure 1: Cross-sectional grade shell comparison from drill holes BC2201C, BC2203C, BC2301C, BC2303C, and 2401C

Figure 2: Drill collar location map of holes BC2201C, BC2203C, BC2301C, BC2303C, and BC2401C, with section line A-A’

Quality Assurance / Quality Control (QAQC)

A Quality Assurance / Quality Control protocol following industry best practice was incorporated into the program by Nevada Lithium. Drilling was conducted by Major Drilling. Core was transported by Major from the collar location and received by Nevada lithium staff at the Company storage facility in Beatty, NV. The facility is only accessible to Nevada Lithium staff, and remains otherwise locked.

Received core was logged and cut at the Facility by Nevada Lithium staff. Logging and sampling included the systematic insertion of blanks, duplicates and certified reference material (CRM) MEG Li.10.12 and OREAS 750 into sample batches at an insertion rate of approximately 10%.

All core samples collected were transported by Company staff to ALS USA Inc.’s laboratory in Reno, NV. for sample preparation. Sample preparation comprises initial weighing (Code WEI-21), crushing QC Test (CRU-QC), pulverizing QC Test (PUL-QC), fine crushing at 70% <2mm (CRU-31), sample split using Boyd Rotary splitter ((SPL-22Y), pulverizing up to 250g 85% <75 μm (PUL-31), crush entire sample (CRU-21), Pulp Login LOG-24) and a crusher wash (final crusher wash between samples (WSH-21).

Samples were shipped to ALS Vancouver laboratory in Burnaby BC, where the samples were analyzed using 48-element four-acid ICP-MS (ME-MS61) and B/Li N₂O₂ Fusion - ICP-AES high-grade (ME-ICP82b) procedures.

Standards, duplicates and blanks in the drill results to date have been approved as acceptable. The standards performed well (100% within 95% confidence limits for lithium and boron) as did duplicates (R2 0.9705) and all blanks (average 17ppm Li, <0.02%B).

About Nevada Lithium Resources Inc.

Nevada Lithium Resources Inc. is a mineral exploration and development company focused on shareholder value creation through its core asset, the Bonnie Claire Lithium Project, located in Nye County, Nevada, where it holds a 100% interest.

Bonnie Claire has a current NI 43-101 inferred mineral resource of 3,407 million tonnes (Mt) grading 1,013 ppm Li for 18.372 million tonnes (Mt) of contained lithium carbonate equivalent (LCE), at a cut-off grade of 700 ppm Li2

The PEA for Bonnie Claire indicates a Net Present Value (8%) of $1.5 Billion USD (after tax) using $13,400 USD per tonne LCE and after-tax IRR of 23.8%. With an LCE price of $30,000 USD per tonne, the Net Present Value (8%) of the Project is $5.9 Billion USD (after tax) and an IRR of 60.3%2.

For further information on Nevada Lithium and to subscribe for updates about Nevada Lithium, please visit its website at: https://nevadalithium.com/

QP Disclosure

The technical information in the above disclosure has been reviewed and approved by the designated Qualified Person under National Instrument 43-101, Dr. Jeff Wilson, PhD, P.Geo, Vice President of Exploration for Nevada Lithium. Dr. Wilson is not independent of Nevada Lithium, as he is Vice President of Exploration for Nevada Lithium.

_{²See Preliminary Economic Assessment NI 43-101 Technical Report on the Bonnie Claire Lithium Project, Nye Country, Nevada authored by Terre Lane, J. Todd Harvey, MBA, PhD, Hamid Samari, PhD and Rick Moritz (Effective date of August 20, 2021, and Issue date of February 25, 2022) (the “PEA” or the “Preliminary Economic Assessment”) as summarized in Nevada Lithium’s news release dated October 13, 2021, which are available on Nevada Lithium’s SEDAR+ profile at www.sedarplus.ca. Results of the Preliminary Economic Assessment represent forward-looking information. This economic assessment is, by definition, preliminary in nature and includes inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the Preliminary Economic Assessment will be realized. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.}

On behalf of the Board of Directors of Nevada Lithium Resources Inc.

“Stephen Rentschler”
Stephen Rentschler, CEO

For further information, please contact:
Nevada Lithium Resources Inc.
Stephen Rentschler CEO and Director
Phone: (647) 254-9795
E-mail: [email protected]

Media Inquiries:
E-mail: [email protected]

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The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release. The Canadian Securities Exchange has not approved or disapproved of the contents of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. These statements relate to matters that identify future events or future performance. Often, but not always, forward looking information can be identified by words such as “could”, “pro forma”, “plans”, “expects”, “may”, “will”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.

The forward-looking statements contained herein include, but are not limited to, statements regarding: the performance of the Project and results of the 2023 Exploration and Development Plan (including, without limitation, its mineral resources, current claims and its ability to utilize global lithium needs); and the performance of lithium as a commodity, including the sustained lithium demand and prices.

In making the forward looking statements in this news release, Nevada Lithium has applied several material assumptions, including without limitation: market fundamentals that result in sustained lithium demand and prices; the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of Bonnie Claire in a timely manner; the availability of financing on suitable terms for the development; construction and continued operation of Bonnie Claire; the Project containing mineral resources; and Nevada Lithium’s ability to comply with all applicable regulations and laws, including environmental, health and safety laws.

Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Nevada Lithium’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of managements considered reasonable at the date the statements are made. Although Nevada Lithium believes that the expectations reflected in such forward- looking statements are reasonable, such information involves risks and uncertainties, and under reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements expressed or implied by Nevada Lithium. Among the key risk factors that could cause actual results to differ materially from those projected in the forward- looking statements are the following: operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Project; estimation or realization of mineral reserves and mineral resources, requirements for additional capital; future prices of precious metals and lithium; changes in general economic, business and political conditions, including changes in the financial markets and in the demand and market price for commodities; possible variations in ore grade or recovery rates; possible failures of plants, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays or the inability of Nevada Lithium to obtain any necessary approvals, permits, consents or authorizations, financing or other planned activities; changes in laws, regulations and policies affecting mining operations; currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities; risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on Nevada Lithium’s business; as well as those factors discussed under the heading “Risk Factors” in Nevada Lithium’s latest Management Discussion and Analysis and other filings of Nevada Lithium filed with the Canadian securities authorities, copies of which can be found under Nevada Lithium’s profile on the SEDAR+ at www.sedarplus.ca.

Should one or more of these risks or uncertainties materialized, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Nevada Lithium has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Nevada Lithium does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.