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Noram Announces New Resource Estimate for Zeus Lithium Deposit

Mining News - Published on Thu, 13 Feb 2020

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Noram Ventures Inc announced a new resource estimate, following the Phase IV drill program on the Zeus lithium claystone property. At a 900 ppm lithium cut-off, the Zeus deposit has 124 million tonnes at 1136 ppm lithium as indicated resources, and 77 million tonnes lithium at 1045 ppm lithium as inferred resources, for a total of 201 million tonnes at 1101 ppm lithium (1.18 million tonnes lithium carbonate equivalent). This represents an increase in tonnage of 38 percent from the previous resource estimate at a 900 ppm lithium cut-off.

Noram Ventures Inc President and CEO C Tucker Barrie noted that this new resource of 1.18 million tonnes LCE is notable for several reasons.

1) The current price for lithium carbonate (99.5% pure) is $US 8.75/kg, and most long term lithium price estimates are significantly higher, given the rapid expansion of the electric vehicle industry. This is a very large and potentially very valuable ($US 10.3 billion in-situ) resource.

2) Our neighbor Cypress Development Corp has a similar lithium claystone deposit. In their 2018 Preliminary Economic Assessment report, Cypress outlined a potentially viable and very profitable operation, with all-in operating costs at less than $US 4/kg LCE. We believe our deposit is equally viable, and we aim to improve on these economics.

3) Lithium Americas Corp and Ioneer Ltd have advanced projects, and both demonstrated the viability of lithium extraction from claystone deposits, so the technology is proven.

4) Presently, the United States government is proactive in promoting and developing critical metals within the USA, including lithium. This means that there is strong support for developing projects like Zeus which is on Bureau of Land Management ground in Nevada, one of the most favorable jurisdictions for mining globally."

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Posted By : Rabi Wangkhem on Thu, 13 Feb 2020
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