Noram Lithium Corp. announced that it has completed an updated Mineral Resource Estimate for its 100% owned Zeus Lithium Project, located in the Clayton Valley, Nevada. The updated MRE reflects work carried out on the Project over the last year, including an updated geological model and a Phase VII drilling program completed in January 2024.

The work was designed to improve upon the preliminary mine plan optimization work which delineated a significant amount of material over 50% higher grade than the mineral resource grade as a high-grade core of the Zeus deposit. Updated MRE Highlights (Pit Constrained at a 525ppm lithium cut-off): Indicated Resources of 564 million tonnes grading 956 ppm lithium for 2.9 million tonnes of contained Lithium Carbonate Equivalent. Additional Inferred Resources of 287 million tonnes at 861 ppm lithium; 1.3 million tonnes of contained LCE Constraining pit consists of a high-grade core plus a lower grade peripheral halo.

Indicated Resources within the high-grade core zone of 166 million tonnes grading 1,121ppm lithium, Sufficient high/medium grade Indicated Resources to support 29 years of mine life plus a potential 18 years of processing low-grade, at a nominal processing rate of 3.5 Mt/year. The updated Mineral Resource statement for the Zeus project includes the addition of 10 drillholes and their associated assay data from the Phase VII drilling program, comprehensive geological work including detailed geological mapping, review of historic drillholes and logs, review of literature regarding analogous deposits, the development of an ore deposit model and geological model to synthesize that work, and the collection of 167 density measurements as well as 32 tests of moisture content. Resources are contained within a potentially economically minable open pit.

Open pit optimization was based on an assumed lithium carbonate equivalent sales price of USD 24,000/t (versus long term price forecast of USD 30,000/t), process recovery of lithium of 85%, mining costs of USD 1.70/wet tonne, processing cost of USD 51.52/dry tonne, G&A cost of USD 1.00/wet tonne and downstream costs of USD 90/dry tonne of refined lithium carbonate. Pit slopes were assumed to be 30°. Average moisture content of the mineralized claystone material at Zeus was measured to be 25%.

Lithium Carbonate Equivalent (?LCE?) was calculated suing 5.323 tonnes LCE per tonne of lithium.