Impact: Positive
Noram Lithium reported assays from an additional three holes from the 10-hole (~2,200m) Phase VII drill program completed at its 100%-owned Zeus Li clay project in Nevada. Holes CVZ-087, -088 and -089, 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 three holes intersected favourable claystone and mudstone layers, with highlight intercepts of 1,153 ppm Li over 66.3m including 1,783 ppm Li over 6.8m (CVZ-087). These are positive results, as the holes have extended the near-surface, high-grade zone at Zeus to the SW, and at depth. Results continue to return grades well above the average resource grade (892 ppm Li), boding well for the upcoming mineral resource estimate (H1/24). While this is a positive update, we remain focused on the results from four additional holes (CVZ-085, -086, -090 and -091) completed as part of this program, as it seeks to confirm the presence of a second high-grade zone, beneath the existing core of the deposit, which would significantly improve project economics.