Stocks throughout North America are coming out of the rubble of Monday and Tuesday’s heavy losses, and one Vancouver-based junior miner in particular is celebrating.
Noram Ventures Inc. (TSX-Venture:NRM) announced plans for Phase 5 drilling for the Zeus Lithium Project in Clayton Valley, Nevada, following the successful Phase 4 drill program that significantly increased the resources. Phase 4 drilling and earlier results were used for a new resource estimate: 124 million tonnes at 1,136 ppm lithium as Indicated Resources, and 77 million tonnes lithium at 1,045 ppm lithium as Inferred Resources, for a total of 201 million tonnes at 1,101 ppm lithium.
The Phase 5 drill program is slated for 1,440 metres, comprising 12 drill holes at 120 m depth each. The drill program will have both infill and step-out drill collar locations, with the intent of upgrading Indicated and Inferred Resources into Measured and Indicated Resources; and to expand the deposit to the south and east of the current resource.
Shares in NRM triumphed by noon hour EST Wednesday 3.5 cents, or 31.8%, to 14.5 cents, on volume of 593,000 shares.