Noram Ventures (TSXV: NRM) this morning announced that drilling is ongoing at the Zeus property, with the company now drilling out Hole #7. The hole continues to be drilled out, with 50 metres of claystone already stated to have been intersected by the drill.
The property itself is said to be situated on Esmeralda Formation playa lake bed sediments. The sediments are horizontal and laterally continuous over several kilometres, with each drill intersection said to have “a large radius of influence for resource estimates.”
Commenting on the previous hole that was conducted, CFO Anita Algie stated, “The prior hole CVZ-61, intersected approximately 298ft (91m) of lithium claystone. With a specific gravity of 1.74 g/cc for the claystone material, this corresponds to ~31 million tonnes that potentially can be added to the resources from this one intersection alone.”
Ongoing drilling at site is part of a 1,440 metre drill campaign that is to consist of a total of twelve holes. Each hole is expected to be drilled to a depth of roughly 120 metres, with the data collected to be used for an updated resource estimate. The revised estimate is expected to upgrade certain indicated resources to measured, while improving the indicated resource as well due to the expanded footprint that the company is currently drilling on.
Following an updated resource estimate, the company will look to complete an open pit design for the property, along with pushing towards a PEA. The current drill program is stated to be on schedule for completion before Christmas.
Noram Ventures last traded at $ 0.335 on the TSX Venture.
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