Noram Lithium Up 9% From Near 52-Week Lows After Updates on Zeus Lithium Project
2022-11-30 10:19:14 AM ET (MT Newswires)
10:19 AM EST, 11/30/2022 (MT Newswires) -- Noram Lithium Corp. (TSXV: NRM) on Wednesday said it intends to complete pre-feasibility study for its 100%-owned high-grade Zeus Lithium Project in Clayton Valley, Nevada in early 2023, pushing its shares 9% higher at last look from near 52-week lows.
The company also said it is fully financed through 2023 to complete a Definitive Feasibility Study after closing a US$14-million strategic financing with Waratah Capital Advisors and Lithium Royalty Corp. at a price of $0.825 per share with no warrant.
Noram said it has completed Phase VI exploration program at Zeus consisting of 12 holes on time and within budget. The focus of the program was to upgrade existing inferred resources into the measured indicated categories to be utilized in the pre-feasibility study. All drill holes intersected high-grade lithium over significant lengths, it said. Upon completion in the coming weeks, the company anticipates a "robust" sixth resource model that may align it with its peers regarding contained measured and indicated resources of lithium carbonate equivalent.
"We will end the year in a very strong cash position, with a tightly controlled share structure, debt free, fully financed to reach the final feasibility stage, and with no further dilution to our shareholders until 2024," said Sandy McDougall, CEO of Noram. "We remain confident that our pre-feasibility study will be completed in early 2023."
Price: 0.47, Change: +0.04, Percent Change: +9.30