Noram Lithium Corp. (TSXV:NRM) has successfully completed holes CVZ-75 (PH-01) and CVZ-76 (PH-02) and received final assay results at the Zeus Lithim project in Nevada, USA.
The company completed core hole CVZ-75 at a depth of 99.4 m. Sampling for assays began at 14.0 m and continued to the bottom of the hole, an interval thickness of 45.7 m was intersected from 14.0 m to 59.7 m. The hole ended in mineralisation.
The company completed core hole CVZ-76 at a depth of 103.0 m. Sampling for assays began at 7.9 m and continued to the bottom of the hole, an interval thickness of 30.5 m was intersected from 7.9 m to 38.4 m.
“Holes CVZ-75 and CVZ-76 were located near the northeast end of the Phase V and Phase VI drilling. This is an area where the sediments are thinner since we are getting close to the basin margin. However, the lithium grades continue to be high. These holes are expected to continue to upgrade portions of the Zeus resource from inferred to indicated in Noram’s upcoming PFS,” VP of Exploration and geologist on all six phases of Noram’s Clayton Valley, Brad Peek, said.
Noram’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 utilising a 400 ppm Li cut-off.
In December 2021, a robust PEA indicated an After-Tax NPV 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.
For further information please visit: https://noramlithiumcorp.com/