(Kitco News) - Noram Lithium (TSXV: NRM) today announced a “significant” increase in its estimated mineral resources at the Zeus lithium project, following the completion of the Phase VI drill program during the second quarter of 2022.
In a statement, the company said that updated measured and indicated lithium carbonate equivalent ("LCE") resources increased by 190% from the August 2021 mineral resource estimate and amounted to 5.17 million tonnes LCE (1,034 million tonnes at 941 parts per million lithium ("ppm Li")) at a 400 ppm Li cut-off grade.
Noram also noted that substantial inferred resources remain from the 2022 Phase VI drill program and amounted to 1.09 Mt LCE (235 Mt at 871 ppm Li) at a 400 ppm Li cut-off grade.
Importantly, the company said that the majority of the deposit occurs at or near the surface, resulting in relatively low mining costs.
"The updated mineral resource estimate, with 82 drill holes completed to-date, highlights that Noram's Zeus lithium project is exceptionally well positioned in the United States amongst its peer deposits in terms of grade and contained lithium carbonate equivalent," stated CEO Greg McCunn.
"The high-grade core of the deposit outcropping at surface provides a significant opportunity to optimize the project mine plan and enhance value. With a strong treasury and a strengthened technical team, we are expecting to move aggressively in 2023 to further de-risk the project with continued metallurgical testing and completion of a prefeasibility study," he added.
Noram Lithium is focusing on advancing its 100%-owned Zeus lithium project located in Clayton Valley, Nevada, which is an emerging lithium hub within the United States. In December 2021, the project’s preliminary economic assessment indicated an after-tax NPV(8) of US$1.3 billion and IRR of 31% using US$9,500/tonne LCE.
|
| The world's largest gold producing countries in 2022 - report |
