Impact: Positive
Noram Lithium reported assays from the final four holes of its 10-hole (2,060m) Phase VII drill program completed at its 100%-owned Zeus Li clay project in Nevada. Holes CVZ-085, -086, -090 and -091 were designed to test for a second high-grade layer at depth (read notable) and increase the drill density in the deposit’s high-grade core (read notable). All four holes encountered long intercepts of high-grade Li brines in favourable mudstone and claystone layers, expanding upon previous results (read notable). Highlights include 1,125ppm over 98m including 2,234m over 2.8m (CVZ-086). With all the results from the program now received, management is expected to update its geological model and provide an updated MRE for the project in Q3/24. These are positive results as it has almost doubled the depth of the core of the deposit and confirmed that mineralization extends continuously as a single layer from surface to depths of ~100m. With the core now traced to over 1km in width, 2.5km in length and 100m depth, we look forward to the upcoming MRE as grades continue to come in higher than the current resource grade of ~892 ppm Li.