logo-loader

Noram Ventures says initial Clayton Valley resource leaves huge upside potential

Last updated: 03:34 28 Jul 2017 AEST, First published: 22:34 27 Jul 2017 AEST

Nevada-road-and-mountain
Noram has amassed one of the largest land packages in Clayton Valley- a lithium hotspot.

Noram Ventures Inc (CVE:NRM) says it's "very pleased" with its initial inferred resource at the south block claims at Clayton Valley, Nevada.

The firm has published the details of an NI 43-101 report, which puts the resource at around 17mln tonnes at a grade of about 1,060 parts per million (ppm) lithium.

As previously reported, the estimate is on the Zeus, Zeus XT and Hades lithium claims.

Noram drilled 46 shallow holes into the lithium-rich sediments previously identified through surface sampling and the results are the basis of the resource.

"The model generated for the inferred resource estimate indicated a zone of higher lithium grades trending northwest-southeast through the area of the resource.

"The deposit remains open in several directions and at depth, and the drilling only tested a very small portion (113 acres) (46 hectares) of the area covered by the extensive (17,739-acre) (7,178-hectare) claim holdings.

"There is considerable upside potential for increasing the size of the deposit," the firm said.

Noram president Mark Ireton added: "We are very pleased with the results of the phase 1 drilling and the initial inferred resource estimate.

"The area of the resource covers less than 1 per cent of the total area under claim, leaving huge upside potential for this exciting project."

Previous testing has shown that extraction of the lithium from sediments is feasible using a new membrane technology.

Preliminary test results indicate that the process may recover around 90% of the lithium with a processing cost of US$2,000 plus or minus 25%, not including mining costs, to recover a tonne of lithium carbonate with the ability to recycle a major portion of the acid and water used in the process.

Testing is in progress and a more definitive statement about the results are expected in the near future.

Noram shares are unchanged in Toronto at C$0.03.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

6 hours, 48 minutes ago