The company, formerly Oroplata Resources/LithiumOre, said it planned to "go full steam ahead" and drill three production wells after completing further geophysics.
"This report shows a huge and undefined reservoir in Railroad Valley that contains not only saline water but a very large potential brine pool with solid indications of lithium and other minerals," CEO Doug Cole said.
The company is hoping to tap into the anticipated demand for lithium batteries material.
It acquired the 113 acre Railroad Valley property in January and changed name in April "to better reflect the nature of the company's current and anticipated operations".
It had a working capital deficit of US$3.8 million at the end of March.
It also reported owing sums including $120,146 to its former CEO for advances to fund day-to-day operations, and $438,696 to the current CEO for accrued management fees.
Its shares rose almost 9% yesterday or 2c to close at 24.5c, capitalising it about $28 million.