Noram Lithium drills 1,169 ppm lithium over 100.6 metres at Zeus project, Nevada
Noram Lithium Corp. [NRM-TSXV; NEVTF-OTC] successfully completed drill hole CVZ-81 (PH-03) and has released the final assay results from the Zeus lithium project, in the Clayton Valley, Nevada. The company completed core hole CVZ-81 at a depth of 451.5 feet (137.6 m). Sampling for assay began at 55 feet (16.8 m) and continued to the bottom of the hole, an interval thickness of 416.5 feet (126.9 m) was intersected. The hole ended in mineralization and the weighted average lithium values present were 1,086.o parts per million (ppm) over 416.5 feet (126.9 metres), including 1,169.0 ppm over 330.0 feet (100.6 metres.
“CVZ-81 was the last hole drilled in Noram’s Phase VI drilling program and had better than expected results, as did most of the holes in this in-fill drilling program. Now that the final assays are in, efforts are being focused on updating the geological/lithium grade models to be used in the upcoming PFS. The grades and thicknesses of mineralization seen in the Phase VI holes are anticipated to substantially improve the outlook for the Zeus deposit and upgrade approximately 175 million tonnes of the deposit from the inferred resource category to indicated resource,” commented Brad Peek, VP of Exploration and geologist on all six phases of Noram’s Clayton Valley exploration drilling.
Noram Lithium is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and a fully funded treasury. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.
The Company’s flagship asset is the Zeus Lithium Project, located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 Measured and Indicated resource estimate of 363 million tonnes grading 923 ppm lithium, and an Inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off . In December 2021, a robust PEA indicated an After-Tax NPV(8%) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,000/tonne LCE.