Noram Ventures Inc. (TSX-Venture:NRM) had big news to share with investors Wednesday.
The Vancouver-based miner broke to investors results for three remaining drill holes completed in the drill program dating back to last November, consisting of the Phase IV drill on the Zeus lithium claystone property and the extension of the Zeus Lithium Deposit.
Drill hole 51 resulted in 56.4 metres with an average of 1230 ppm Li, and drill hole 52 has 39.6 m at 1060 ppm Li immediately below the 2019-02 inferred resource. These values are expected to add significantly to the current inferred resource of 145 million tonnes at 1145 ppm Li.
CEO Tucker Barrie was particularly pleased: “These three drill holes … verify that the deposit thickens and increases in grade to the south and east, where where there is >2 km2 of untested ground on the property.
“In the near future, we will have a new resource calculation and NI43-101 report for this deposit. We aim to further define this very large lithium resource with more deep drilling, and to initiate engineering studies to determine the most effective recovery methods”
Noram's Zeus lithium property is located in Clayton Valley, Nevada, immediately adjacent and to the east of Albemarle's Silver Peak lithium brine operations, currently North America's only lithium producer.
Shares grabbed a nickel, or 55.6%, midday Wednesday EST, to 14 cents, on volume of 1.1 million shares.
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