Noram Lithium posts 2.98 Mt LCE indicated resources at Zeus Project, Nevada
Noram Lithium Corp. [TSXV-NRM; OTCQB-NRVTF; FSE-N7R] has completed an updated mineral resource estimate (MRE) for its 100%-owned Zeus lithium project, located in the Clayton Valley, Nevada.
The updated MRE reflects work carried out on the Project over the last year, including an updated geological model and a Phase VII drilling program completed in January 2024. The work was designed to improve upon the preliminary mine plan optimization work which delineated a significant amount of material over 50% higher grade than the mineral resource grade as a “high-grade core” of the Zeus deposit.
Updated MRE Highlights (Pit Constrained at a 525ppm lithium cut-off): Indicated Resources of 564 million tonnes grading 956 ppm lithium for 2.9 million tonnes of contained Lithium Carbonate Equivalent (LCE).
Additional Inferred Resources of 287 million tonnes at 861 ppm lithium; 1.3 million tonnes of contained LCE. Constraining pit consists of a high-grade core plus a lower grade peripheral halo.
Indicated Resources within the high-grade core zone of 166 million tonnes grading 1,121 ppm lithium.
“The additional work carried out over the last year supports our thesis that the Zeus Project contains a high-grade core which is unique compared to other central Nevada claystone deposits. The Phase VII drilling has increased the quality and quantity of data supporting the material in this high-grade core as well as increased our confidence in the deposit,” said Greg McCunn, CEO of Noram. “The high-grade core is expected to form the basis of engineering studies going forward on the Project. At nominal processing rates of 3.5 Mt/year and metallurgical recovery of 83%3, a meaningful US domestic supply of high purity lithium carbonate (~23,000 t/year) could be produced in central Nevada at Zeus.”
The updated Mineral Resource statement for the Zeus project includes the addition of 10 drillholes and their associated assay data from the Phase VII drilling program, comprehensive geological work including detailed geological mapping, review of historic drillholes and logs, review of literature regarding analogous deposits, the development of an ore deposit model and geological model to synthesize that work, and the collection of 167 density measurements as well as 32 tests of moisture content.
The MRE has been prepared by Big Rock Exploration and reviewed by Bart Stryhas, PhD, of SRK Consulting (U.S.) Inc. The company expects to file an NI 43-101 compliant technical report on SEDAR+ no later than July 19, 2024.