Impact: Positive
Noram Lithium reported initial assays from its 10-hole (~2,200m) Phase VII drill program, completed at its 100%-owned Zeus Li clay project in Nevada. The assays provided are from two step out holes completed to test the W-NW extensions of the Zeus deposit, located ~2km to the west of the current core of the Zeus deposit. Highlight intercepts include: 1,108 ppm Li over 47.7m (CVZ-082) and 966 ppm Li over 85.1m (CVZ-083). We view these results positively, as the step out holes have demonstrated the potential to expand the Zeus deposit, and have returned grades higher than the average resource grade (892 ppm Li), boding well for future resource estimates (H1/24). While this is a positive update, we remain focused on the results from the infill holes 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 the economics of the project.