Nevada Lithium Resources Inc (OTCMKTS:NVLHF) Stock Gains After 2022 Drilling Program Update

Due to its massive demand in the electric vehicle battery manufacturing industry, companies which are involved in lithium exploration have come on to the radars of investors in a big way in recent times. This past Friday, the Nevada Lithium Resources Inc (OTCMKTS:NVLHF) stock was in focus among investors and ended the day with gains of as much as 6% amidst significant interest.

Trading Data

On Friday, NVLHF stock surged 5.63% to $0.1029 with 62.14K shares, compared to volume of 79.24K shares. The stock moved within a range of $0.0917 – 0.1030 after opening trade at $0.0995.

2022 Drilling Program Update on Bonnie Claire Lithium Project, Nevada

At the company, the company and Iconic Minerals Ltd, its partners in the Bonnie Claire Lithium Project, issued an update. The update was with regards to the plant for development and exploration of the project in 2022. The project in question is situated in Nye County in Nevada.

The update had actually been provided by the company’s partner Iconic Minerals. The preliminary work on the exploration program, which is supposed to cost around $5 million, had already been funded fully as part of an options agreement.

That had been obtained when Nevada Lithium had acquired half of the project. Stephen Rentschler, who is the Chief Executive Officer of the company provided these details in a statement. He went on to note that the project is one of the more exciting lithium assets in the world at this point in time.

Key Quote

Nevada Lithium CEO, Stephen Rentschler, comments: “We are pleased to report that our 50% partner, Iconic, who is operator of our initial joint work program, has provided an update on the Bonnie Claire Lithium Project 2022 drilling program. This initial work program, estimated to cost $5mm USD, has been fully funded as part of the Option Agreement, whereby Nevada Lithium obtained its 50% ownership of the Project. We are excited that the work program is providing additional data and material that is furthering development of the Project. We firmly believe that Bonnie Claire is one of the most attractive global lithium assets remaining in junior developers’ hands.”