Drilling has resumed at Noram Ventures (TSXV: NRM) flagship Zeus lithium project located in the Clayton Valley of Nevada. The resumption follows the approval of expanded permitting by the Bureau of Land Management at the tail end of 2020.
The expanded permitting will enable the company to finish off the phase 5 drill program being conducted on the property. The revised permitting will enable the company to drill all twelve of the originally planned holes, with drilling now being approved to proceed to a depth of up to 500 feet, representing the deepest drilling to date on the property.
The current drill program has seen a total of three drill holes completed thus far, with rushed assays having already been received for two of the three holes, with results pointing to favourable clays at depths below 400 feet.
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The company this morning also highlighted that its nearby neighbour Albermarle, whom currently operates the only production site of lithium within North America, intends to conduct a program that “commences exploration of clays for the commercial production of lithium as well as evaluate technology that could accelerate the viability of lithium production from clay resources in the region.” Given the close proximity to Zeus and the favourable results returned to date on the property, this news is a positive for Noram.
“The recent announcements by Tesla, Albemarle and Cypress have been well received by investors. The lithium industry continues to make headlines in spite of the uncertainly brought about by the pandemic. Analysts predict a better price environment ahead for lithium; indeed we are seeing the price for lithium carbonate (99.5% pure) rising in China over the past month. And the impending change in administration in the United States bodes well for the future of green energy in the USA and for Noram.”
Anita Algie, CFO and Director
Noram Ventures last traded at $0.64 on the TSX Venture.
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