Noram Lithium's Zeus at 2.98 Mt LCE indicated
2024-06-12 09:21 ET - News Release
Mr. Cyrus Driver reports
NORAM LITHIUM ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE FOR ZEUS PROJECT
Noram Lithium Corp. has completed an updated mineral resource estimate (MRE) for its 100-per-cent-owned Zeus lithium project, located in the Clayton Valley, Nevada. The updated MRE reflects work carried out on the Project over the last year, including an updated geological model and a Phase VII drilling program completed in January 2024. The work was designed to improve upon the preliminary mine plan optimization work1 which delineated a significant amount of material over 50% higher grade than the mineral resource grade as a "high-grade core" of the Zeus deposit.
Updated MRE Highlights (Pit Constrained at a 525ppm lithium cut-off):
- Indicated Resources2 of 564 million tonnes grading 956 ppm lithium for 2.9 million tonnes of contained Lithium Carbonate Equivalent ("LCE").
- Additional Inferred Resources2 of 287 million tonnes at 861 ppm lithium; 1.3 million tonnes of contained LCE
- Constraining pit consists of a high-grade core plus a lower grade peripheral halo.
- Indicated Resources2 within the high-grade core zone of 166 million tonnes grading 1,121ppm lithium, as follows:
"The additional work carried out over the last year supports our thesis that the Zeus Project contains a high-grade core which is unique compared to other central Nevada claystone deposits. The Phase VII drilling has increased the quality and quantity of data supporting the material in this high-grade core as well as increased our confidence in the deposit" said Greg McCunn, CEO of Noram. "The high-grade core is expected to form the basis of engineering studies going forward on the Project. At nominal processing rates of 3.5 Mt/year and metallurgical recovery of 83%3, a meaningful US domestic supply of high purity lithium carbonate (~23,000 t/year) could be produced in central Nevada at Zeus."
Mineral Resource Estimate
The updated Mineral Resource statement for the Zeus project shown in Table 1 includes the addition of 10 drillholes and their associated assay data from the Phase VII drilling program, comprehensive geological work including detailed geological mapping, review of historic drillholes and logs, review of literature regarding analogous deposits, the development of an ore deposit model and geological model to synthesize that work, and the collection of 167 density measurements as well as 32 tests of moisture content.
As of May 2014, the CIM Standing Committee on Reserve Definitions has defined a Mineral Resource as: A concentration or occurrence of solid material of economic interest in or on the earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
The MRE has been prepared by Big Rock Exploration and reviewed by Bart Stryhas, PhD, of SRK Consulting (U.S.) Inc. in conformity with CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines and is reported in accordance with the Canadian Securities Administrators NI 43-101.
The Company expects to file an NI 43-101 compliant technical report on SEDAR+ no later than July 19, 2024.
QA/QC
To ensure reliable sample results, the Company has a rigorous QA/QC program that monitors the chain-of-custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples.
All samples were sent to ISO-17025 accredited ALS Laboratories in Reno, Nevada and North Vancouver, BC for analysis. ALS is a public company listed on the Australian Securities Exchange and is entirely independent of Noram. All samples were prepared using ALS' PREP-31 sample preparation process, which is presented in the ALS Fee Schedule as: "Crush to 70% less than 2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns." Each sample was then analyzed using ALS' ME-MS61 analytical method which uses a Four Acid Digestion and MS-ICP technologies. All samples were analyzed for 48 elements. Samples were kept secure until shipped to the ALS lab in Reno, picked up by the ALS lab in Reno or shipped via FedEx to ALS in North Vancouver.
Qualified Persons
The technical information contained in this news release has been reviewed and approved by Bart Stryhas, PhD., who is an Independent Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, with SRK Consulting (U.S.) Inc., consultants to Noram.Figure 1 Plan view of surface expression of estimated lithium grades in the Zeus block model and constraining pit shell for the Mineral Resource Estimate. Figure 2 Cross section A- A' looking northeast of estimated lithium grades, 3-meter sample composite grades and constraining pit shell used for the Mineral Resource Estimate.
Notes:See news release titled "Noram Lithium Provides Update on Zeus Lithium Project Mine Plan Optimization Work" dated September 6, 2023.Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any Mineral Resource will be converted into Mineral Reserve. The Company expects to file an NI 43-101 Technical Report on SEDAR+ no later than July 19, 2024. This news release should be read in conjunction with the Technical Report.See news release titled "Noram Lithium Provides Update on Zeus Lithium Project Process Development and Laboratory Testing" dated September 13, 2023.
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About Noram Lithium Corp.
Noram Lithium Corp. (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital.