Noram Ventures (TSXV: NRM) is continuing its search for additional lithium resources at its Zeus project, located in the Clayton Valley of Nevada. The company announced this morning that it has received drill permits for Phase V drilling at the project, with the drill team now being mobilized to site.
Drilling conducted on site is expected to be performed around the clock, with two drill teams being mobilized to the project to enable the program to run 24 hours a day until drilling is complete. Currently, the project is slated to include 12 drill holes, each dropped to a depth of 120 metres as the company looks to expand the existing resource while also expanding known mineralization to the south of the current resource estimate.
The fifth phase of drilling follows the successful fourth phase that was conducted on the property. That program resulted in the announcement this past February that the resource on the property had been expanded to 124 million tonnes of indicated lithium at 1136 ppm, and 77 million tonnes of inferred lithium at 1045 ppm. Combined, the resource amounts to 201 million tonnes of lithium at 1101 ppm, or 1.18 million tonnes lithium carbonate equivalent.
Once completed, the fifth phase of drilling will see the results analyzed and an updated resource estimate issued for the Zeus Lithium property. This updated estimate is expected to be released by the end of Q1 2021.
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Noram Ventures last traded at $0.13 on the TSX Venture.
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