Noram Ventures (TSXV:NRM) issued a statement this week saying that initial drill results from three of six drill holes completed in November 2019 on the Zeus lithium claystone property are higher than the current inferred resources.
“Drill hole 47 returned results of 29 metres at 1164 ppm Li, and drill hole 53 showed 54.9 m at 1186 ppm Li immediately below the 2019-02 inferred resource. These values are higher than the current inferred resource of 145 million tonnes at 1145 ppm Li,” the release states.
Noram’s goal is to outline a viable lithium resource that can support a mining operation that can produce 20,000 tonnes of lithium carbonate per annum for 20+ years
According to Noram’s CEO, Tucker Barrie, the company’s immediate goal is to outline a viable lithium resource that can support a mining operation that can produce 20,000 tonnes lithium carbonate per annum for 20+ years.
“We are encouraged by these Phase IV drill holes which will significantly increase our current resource. The deposit remains open to the south and east on the property where there are >2 km2 of untested ground,” Barrie said. “As well, we note the success of our neighbour Cypress Development Corp., which has a similar lithium claystone deposit and is making significant advances with extraction technology. This bodes well for the development of our Zeus deposit.”
The Zeus lithium property is located in Clayton Valley, Nevada, immediately adjacent and to the east of Albemarle’s Silver Peak lithium brine operations, currently North America’s only lithium producer.
The lithium deposit is within the non-refractory claystone of the Esmeralda Formation.