Nickel Rock Completes Phase One Drilling at Clayton Valley, Nevada

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Apr 08, 2021, 08:00 ET

VANCOUVER, BC, April 8, 2021 /PRNewswire/ -- Nickel Rock Resources Inc. ("the Company") (TSXV: NICL) (OTCQB: NIKLF) is pleased to announce the conclusion of an initial exploratory drilling test on their Clayton Valley Project, Esmeralda County, Nevada, USA. This strategic land package, covering approximately 2,300 acres (930 ha), directly adjoins a western portion of lithium producer Albemarle's (NYSE: ALB) evaporation ponds and is nearby Cyprus Development Corp.'s (TSXV: CYP) 5,430-acre Clayton Valley Lithium Clay Project.

The program consisted of three reverse circulation holes totaling 356 meters (1155 feet). The holes were intended to test the presence of lithium bearing clay members of the lakebed sediments. Drillhole RCV-01, drilled to a depth of 130m (425 feet), was designed to twin a geothermal gradient hole drilled by a previous explorer. Results of this hole correlated with the log of the previous hole including intervals of volcanic ash and dark green clay. Hole RCV-02, located approximately 1260 meters north of RCV-01 was drilled to a depth of 135.6m (445 ft) and penetrated a section consisting primarily of rhyolitic volcanic ash and interbedded sediments. It penetrated a 4.5-meter section of dark green clay before entering the metamorphic alluvium. Poor drilling conditions and high-water flows ended the hole before reaching the target depth but after successfully evaluating the lake sediment section. Hole RCV-03, located 3,890m (12,762 ft) north from Hole RCV-01, was designed to look for a perched section of volcanoclastic sediments beneath an alluvial fan. Previous water well logs indicated a layer of clay, ash, and silt beneath the alluvium and above the bedrock. Apparently, this hole was located too close to the pediment and encountered metamorphosed dolomite at a depth of 56 meters (185 feet) and about the projected elevation of the sedimentary section. The hole lost circulation in an apparent karst horizon at 68.5 meters (225 feet) and was terminated at 79.2 meters (260 ft) without regaining sample return.

The samples collected from holes RCV-01 and RCV-02 have been shipped for sample preparation and analysis in Sparks, Nevada. Several water samples collected during the drilling program will soon be shipped and analyzed for lithium brine.

Potential lithium bearing clays, within lake sediments and ash beds, were previously reported in rough drillers logs of historic geothermal exploration wells on file with the Nevada State Engineers office (permit #66034A). Well, GPXM2 (1994) reported "green to olive green siltstone, mudstone and clay" over a thickness of 510 ft (155.4m) from 130 ft (39.6m) to 640 ft (195m). In January of 2006, Western Geothermal partners drilled hole WGP#2 to a depth of 405 feet (123m) in the Goat Island graben. According to their reports, this hole cut interbedded zones of gravel, silt, and hot spring apron material. More importantly, "from 280ft (85.3m) to 305 ft (93m) fine grained green sand and silt logged as volcanic ash was encountered. This unit may be correlative to the Main Ash Aquifer, which is a marker bed in other areas of the Clayton Valley Basin."

Mr. Robert Setter, Company President and CEO comments "Lithium clay exploration is booming again in Clayton Valley. The recently completed reverse circulation drilling program allowed our geological team to identify various clay and ash in each drill hole completed. Now that the current exploration program is done, groundwork for a more significant exploration program will soon get under way. We are excited about this opportunity in Nevada, the reverse circulation drilling program has been helpful in identifying important geological information on the sedimentary layers which will be used assist the geos in planning future exploration on our strategically located project located next to Albemarle Inc. and near Cypress Minerals in Clayton Valley."

Mr. Alan Morris, Geological Consultant and Project QP, further comments "The clay layers encountered in the 1994 geothermal well are beneath gravel and alluvial cover and do not form obvious outcrops. This current drilling program has helped to define the clay layers, as well as, the determination of concealed faults which the Company believes to be important in the formation of lithium-bearing clays."

About Clayton Valley Lithium Project

Clayton Valley is a down-dropped closed basin formed by the Miocene age Great Basin extension and is still active due to movement along the Walker Lane structural zone. As a result, the basin has preserved multiple layers of lithium bearing volcanic ash, resulting from multiple eruptive events over the past 6 million years including eruptions from the 700,000-year-old Long Valley Caldera system and related events. These ash layers are thought to contribute to the lithium brines extracted by Albemarle and are also likely involved in the formation of the exposed lithium rich clay deposits on the east side of Clayton Valley. https://nickelrockresources.com/clayton-valley-lithium/

Qualified person

Alan Morris is a qualified person as defined by National Instrument 43-101 and has approved the technical information contained within this news release.

About Nickel Rock Resources Inc.

Nickel Rock Resources is a Canadian-based mineral exploration company with a highly focused effort on exploration for high-value battery metals required for the electric vehicle (EV) market. The company recently announced several acquisitions resulting in a significant property package prospective for awaruite, a naturally occurring nickel-iron alloy important in the manufacture of environmentally efficient batteries for the electric vehicle markets globally.

Nickel Projects

The Mount Sidney Williams Group consists of five claim blocks in four groups with a total area of 6,125.32 hectares in the area surrounding Mount Sidney Williams, both adjoining and near the Decar project of FPX Nickel Corp., located 100 kilometres northwest of Fort St. James, B.C., in the Omineca mining division. Metallic mineralization includes nickel, cobalt, and chromium. At least some of the nickel mineralization occurs as awaruite.

The Mitchell Range Group area claim consist of two contiguous claim blocks covering 3,134.70 hectares with demonstrated metallic mineralization including nickel, cobalt, and chromium. Nickel-cobalt mineralization has not been well explored, but the presence of awaruite has been documented. The company is planning detailed exploration for the upcoming exploration season.

On Behalf of the Board of Directors
"Robert Setter"
Robert Setter, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guaranteeing future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.

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Nickel Rock Resources Inc.
1220 – 789 West Pender Street

Vancouver, BC, Canada V6C 1H2

604- 428-5690

www.nickelrockresources.com

[email protected]

SOURCE Nickel Rock Resources Inc.