Noram Ventures Inc. [NRM-TSXV; NRVTF-OTC] has completed CVZ-63 at a depth of 322 feet (98.1 metres). Mineralization was intersected at only 22 feet (6.7 m) below surface at its Zeus Lithium Project in the Clayton Valley of Nevada. This is the most superficial (near-surface mineralization) intersection Noram has drilled to date during the Phase 5 drilling campaign.
“CVZ-63 has a thinner section of good lithium grades since it is on the eastern edge of the basin, but it is interesting to note that the high-grade mineralization starts almost at surface. This result is very significant for our resource model as it also shows that the higher-grade lithium mineralization also extends to the margin of the basin. The tan mudstone/claystone present in CVZ-63 is apparently equivalent to the olive mudstone/claystone seen in other parts of the project and is also equivalent in lithium grade,” commented Brad Peek, consulting geologist and qualified person for this and all four of the previous drilling phases of Noram’s Zeus lithium property. The intersection of 120 feet (36.6 m) of high-grade (1,121 parts per million lithium) mineralization between 22 feet and 142 feet (6.7 to 43.3 m) is considered to be a very significant addition to the project’s resource base.
The company’s primary business is the Zeus lithium project that has a current resource estimate of 124 million tonnes at 1,136 ppm lithium as indicated resource, and 77 million tonnes lithium at 1,045 ppm lithium as inferred resource (900 ppm Li cut-off: 1.18 million tonnes lithium carbonate equivalent (LCE)).
Noram’s long-term strategy is to build a multinational lithium mineral company to produce and sell lithium into the markets of Europe, North America and Asia.