Noram Completes CVZ-73 at 458.0 ft (140.0 M) with Visually Rich Clays Near Surface to 369 feet (112.5 M); Another Long Interval of Potentially High-Grade Lithium Clays

Rhea-AI Summary

Noram Lithium Corp. has completed drill hole CVZ-73 at its Zeus lithium clay deposit in Nevada, reaching a depth of 458 ft (140 m). Visual inspections revealed high lithium-grade clays near the surface, with a total drilled interval of 438 ft (133.5 m). This marks the third hole in the Phase VI drilling program, aimed at upgrading 175 million tonnes of inferred resources to indicated status. Assay results are pending, which will impact the upcoming Pre-Feasibility Study. The Zeus Project hosts significant lithium resources, reinforcing its development potential.

Positive

• Completion of drill hole CVZ-73 extends lithium-rich clay intervals to 438 ft (133.5 m), indicating potential for high lithium grades.
• Phase VI drilling aims to upgrade approximately 175 million tonnes of current inferred resource.
• Zeus Project contains an estimated 363 million tonnes grading 923 ppm lithium, enhancing development potential.
• Robust Preliminary Economic Assessment indicated an attractive NPV of US$2.6 billion at long-term lithium prices.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / April 21, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. ("Noram" or the "Company") (TSXV:NRM | OTCQB:NRVTF | Frankfurt:N7R) is pleased to report that the Company has completed hole CVZ-73 (PH-08) on its Zeus lithium clay deposit in Nevada to a total depth of 458.0ft (140.0m). Visual inspection of the core confirmed that clays previously shown to be high in lithium grades appeared near surface (20.0ft/6.1m) and, with some possible lower grade zones near the bottom of the hole, extended down to total depth of 458.0ft (140.0m) for a total drilled intersection of 438.0ft (133.5m).

Figure 1 - A photograph of the Titan Drilling Co. LF-70 drill rig onsite while drilling CVZ-73.

Figure 2 - Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 proposed holes for Phase V1 currently underway. Phase VI holes are indicated in purple.

"This is an impressive interval for the Zeus Project. While we have encountered numerous longer intervals to date, CVZ-73 appears to compare favorably to them; with visually rich clays that typically hosted high levels of lithium in prior programs. Intervals such as these will continue to have a favorable impact on the PFS" commented Brad Peek M.Sc. CPG., VP of Exploration and Qualified Person for this and all 5 of the previous drilling phases of Noram's Zeus lithium property.

Figure 3. Comparative lithology for drill holes CVZ-73 as compared to CVZ-51 and CVZ-53, which were drilled as part of the Phase V program. CVZ-51 and CVZ-53 had long intercepts of high grade lithium. All of the lithology units except the brown mudstones have relatively high lithium concentrations in previous drill holes on the property. The histogram on the sides of CVZ-51 and CVZ-53 are the 5m composited lithium grades in ppm Li. The section has a 4X vertical exaggeration.

CVZ-73 is the third of the 12-hole Phase VI drilling program which is expected to upgrade approximately 175 million tonnes of the current 827 million tonne Inferred Resource to the Indicated category. Core samples from CVZ-73 have been shipped to ALS Laboratory in Reno, Nevada for assay processing. Assay results are pending.

The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram's Clayton Valley Lithium Project as defined under National Instrument 43-101.

About Noram Lithium Corp.

Noram Lithium Corp. (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and a fully funded treasury. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.

The Company's flagship asset is the Zeus Lithium Project ("Zeus"), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,250/tonne LCE.

Please visit our web site for further information: www.noramlithiumcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Sandy MacDougall
Chief Executive Officer and Director
C: 778.999.2159

For additional information please contact:
Peter A. Ball
President and Chief Operating Officer
peter@noramlithiumcorp.com
C: 778.344.4653

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).

SOURCE: Noram Lithium Corp.

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https://www.accesswire.com/698222/Noram-Completes-CVZ-73-at-4580-ft-1400-M-with-Visually-Rich-Clays-Near-Surface-to-369-feet-1125-M-Another-Long-Interval-of-Potentially-High-Grade-Lithium-Clays

FAQ

What are the results from Noram Lithium's drill hole CVZ-73?

The drill hole CVZ-73 at the Zeus lithium clay deposit reached a depth of 458 ft, revealing lithium-rich clays near the surface and a total drilled interval of 438 ft.

What is the significance of the Phase VI drilling program for Noram Lithium?

The Phase VI drilling program aims to upgrade approximately 175 million tonnes of the current 827 million tonne inferred resource to an indicated category.

What is the current resource estimate for Noram Lithium's Zeus Project?

The Zeus Project has a measured and indicated resource estimate of 363 million tonnes grading 923 ppm lithium and an inferred resource of 827 million tonnes grading 884 ppm.

What was indicated by Noram Lithium's Preliminary Economic Assessment (PEA)?

The PEA indicated an after-tax NPV of US$2.6 billion and an IRR of 52% using a long-term lithium carbonate equivalent price of US$14,250/tonne.

When can we expect assay results from drill hole CVZ-73?

Assay results from drill hole CVZ-73 have been shipped for processing, and they are pending.