- An increase of 190% in Measured and Indicated ("M&I") lithium carbonate equivalent ("LCE") Resources from the
August 2021 Mineral Resource Estimate. - M&I Resources increased to 5.17 million tonnes ("Mt") LCE (1,034 Mt at 941 parts per million lithium ("ppm Li")) at a 400 ppm Li cut-off grade.
- Substantial Inferred Resources remain from the 2022 Phase VI drill program.
- Inferred Resources are 1.09 Mt LCE (
235 Mt at 871 ppm Li) at a 400 ppm Li cut-off grade. - Near Surface = Low Strip Ratio. The majority of the deposit occurs at or near the surface, resulting in relatively low mining costs. Results from the Preliminary Economic Study ("PEA")1 indicate that the life of mine strip ratio would be ~0.07:1 (waste:ore).
- High level of confidence in the deposit modelled given the density of the drill program with 82 holes drilled to-date. All holes were core holes for more precise sampling and stratigraphic correlations.
- High grade core (60 meters thick x 1.2 kilometers wide x 3.0 kilometers long) represents an opportunity for optimizing the mine plan. At a 1,200 ppm Li cut-off the Measured and Indicated Resources total 1.2 Mt LCE (169 Mt at 1,326 ppm Li).
"The updated mineral resource estimate, with 82 drill holes completed to-date, highlights that
Table 1. | ||
Phase VI Drilling Highlights | ||
Drill Hole No. | Thickness (m) | |
CVZ-70 | 135.0 | 1011.7 |
Including | 110.6 | 1067.9 |
Or | 67.1 | 1267.3 |
CVZ-71 | 85.3 | 1050.0 |
Including | 24.4 | 1203.1 |
CVZ-72 | 112.2 | 1120.9 |
CVZ-77 | 73.2 | 1212.1 |
CVZ-78 | 70.5 | 1157.1 |
The Phase VI drilling as shown in the table below converted a significant amount of resources from Inferred to Measured and Indicated and increased the overall size of the resource.
Table 2. | |||||
Resource Model Comparison 2021 vs 2023 | Million | Li (ppm) | Li (ppm) | LCE (MT) | LCE % |
363 | 923 | 400 | 1.78 | ||
| 1,034 | 941 | 400 | 5.17 | 190 % |
827 | 884 | 400 | 3.89 | ||
235 | 871 | 400 | 1.09 | (72 %) |
As shown in Figure 2 the Phase VI drilling provided the drill density to convert previously classed Inferred Resources into Measured and Indicated Resources. The remaining Inferred Resources shown have the potential to be converted into Measured and Indicated Resources with further drilling.
The sensitivity to varying Lithium grade cut-offs is shown in the table below.
Table 3. Zeus lithium deposit resource estimate, 2023-01 | ||||
Measured | ||||
Li Cutoff | Tonnes x |
| Contained Li | LCE (tonnes) |
400 | 116.24 | 860 | 99,917 | 531,860 |
500 | 110.98 | 879 | 97,520 | 519,100 |
1000 | 30.62 | 1161 | 35,539 | 189,178 |
1200 | 10.71 | 1295 | 13,859 | 73,773 |
Indicated | ||||
Li Cutoff | Tonnes x |
| Contained Li | LCE (tonnes) |
400 | 917.31 | 951 | 872,162 | 4,642,550 |
500 | 901.60 | 959 | 864,942 | 4,604,120 |
1000 | 372.46 | 1192 | 443,807 | 2,362,399 |
1200 | 157.97 | 1328 | 209,803 | 1,116,791 |
Measured + Indicated | ||||
Li Cutoff | Tonnes x |
| Contained Li | LCE (tonnes) |
400 | 1033.55 | 941 | 972,079 | 5,174,411 |
500 | 1012.58 | 951 | 962,462 | 5,123,220 |
1000 | 403.08 | 1189 | 479,346 | 2,551,577 |
1200 | 168.67 | 1326 | 223,663 | 1,190,564 |
Inferred | ||||
Li Cutoff | Tonnes x |
| Contained Li | LCE (tonnes) |
400 | 234.90 | 871 | 204,678 | 1,089,508 |
500 | 228.65 | 882 | 201,764 | 1,073,998 |
1000 | 65.61 | 1115 | 73,165 | 389,462 |
1200 | 10.38 | 1268 | 13,157 | 70,033 |
The Company expects to file an NI 43-101 compliant technical report on SEDAR no later than
The Mineral Resource estimate has been prepared by
To ensure reliable sample results, the Company has a rigorous QA/QC program that monitors the chain-of-custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples.
All samples were sent to ISO-17025 accredited
The technical information contained in this news release has been reviewed and approved by:
Damir Cukor ,P. Geo ., who is an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, withABH Engineering Inc. , consultants toNoram Lithium .Brad Peek ,M.Sc ., CPG, who is a Qualified Person with respect toNoram's Clayton Valley Lithium Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and also Vice President of Exploration forNoram Lithium .
CDN Maverick is a
ON BEHALF OF THE BOARD OF DIRECTORS
Founder, Chairman and Director
sandyjmacdougall@gmail.com
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This news release contains projections and forward - looking information that involve various risks and uncertainties regarding future events. Such forward - looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward- looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management's estimates or opinions change.
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