Business
Nevada Lithium Resources Receives Approvals to Consolidate 100% Ownership of Bonnie Claire Lithium Project, Nevada, USA
Vancouver, British Columbia--(Newsfile Corp. - June 9, 2023) - Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) ("Nevada Lithium" or the "Com
About this update from Nevada Lithium Resources, Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 9, 2023) - Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) (\"Nevada Lithium\" or the \"Company\") is pleased to announce that, at the special meeting of the Company's shareholders (\"Shareholders\") held on June 7, 2023 (the \"Meeting\"), the Shareholders overwhelmingly approved: (i) setting of the number of directors of the Company at five (5); and (ii) electing a new board of directors (described in the Company's management information circular prepared in respect of the Meeting), subject to and effective upon completion of the plan of arrangement (the \"Arrangement\") involving Nevada Lithium, Iconic Minerals Ltd. (\"Iconic\") and certain of their respective subsidiaries, pursuant to which Nevada Lithium will consolidate a 100% interest in the Bonnie Claire lithium project located in Nye County, Nevada (the \"Transaction\"). For further details on the Transaction, see the news releases of the Company dated January 9, January 23 and March 27, 2023. Nevada Lithium is also pleased to announce that Iconic's shareholders also overwhelmingly approved all matters voted on at the annual general and special meeting of the Iconic shareholders held on May 26, 2023, including the approval of the Arrangement. In addition, Nevada Lithium is pleased to announce that the Supreme Court of British Columbia has granted the final order approving the Arrangement as of May 31, 2023. Nevada Lithium announces its intention to complete an equity financing on terms to be disclosed in a subsequent news release, prior to the closing of the Transaction. About the Bonnie Claire Project The Bonnie Claire Project is located within Sarcobatus Valley, which is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Drill results from the salt flat include 2,054 ppm Li over 67.1 m (220 ft) in drill hole BC-1601 as well as a 475 m (1560 ft) vertical intercept that averaged 1153 ppm Li. Bonnie Claire is one the largest lithium resources in North America with a current NI 43-101 inferred mineral resource 3,407 million tonnes (Mt) grading 1,013 ppm Li for 18,372 million kilograms of contained lithium carbonate equivalent, at a cut-off grade of 700 ppm Li. Mineral resources are n...