May 13, 2022
Noram Lithium Corp. (TSXV:NRM, Not Rated, Koby Kushner) has completed the 12-hole Phase VI drill program at its 100%-owned Zeus Li clay project in Nevada. Notably, all holes were completed beyond anticipated depths with a total of 1,599m drilling completed. While assays from only two holes have been received thus far (read more), encouraging grades and consistent mineralization in those holes suggest that similar results from the remaining holes could help in upgrading inferred resources to indicated. Further, four of the infill holes are expected to provide sample material for ongoing metallurgical test work. Noram has also commenced initial preparations to complete a Plan of Operations for submission to the Bureau of Land Management, which along with the results from Phase VI drilling and metallurgical testing, could help lay the blueprint for the next steps required for a subsequent DFS. The Zeus project hosts 1.8Mt LCE in M&I and 3.9Mt LCE in inferred resources, and Noram plans to upgrade about 20% of the inferred resources to the indicated category ahead of the upcoming PFS (H2/22). An increase in M&I resources should benefit the upcoming PFS, as only M&I and not inferred resources are allowed for inclusion in such a study. We highlight that the 2021 PEA only used ~20% of the resource tonnage to obtain a 40-year LOM, with robust post-tax economics, outlining an NPV8% of ~US$1.3B and 31% IRR, assuming lithium prices of US$9,500/t LCE. Read more
