Noram Lithium Engages Ausenco To Complete the Pre-Feasiblity Study for the Zeus Lithium Project

Rhea-AI Summary

Noram Lithium Corp. (TSXV:NRM, OTCQB:NRVTF) has engaged Ausenco Engineering Canada Inc. to lead the Pre-Feasibility Study (PFS) for its 100% owned Zeus Lithium Project in Clayton Valley, Nevada. This collaboration follows previous work with SRK Consulting to optimize the mine plan and Kemetco Research for metallurgical testing. The PFS will be conducted in two phases: the first will assess the updated business case and trade-off studies, while the second will develop a technical report compliant with NI 43-101. Noram's CEO highlighted the significance of this milestone, noting Ausenco's strong industry reputation. The Zeus Project boasts a Measured and Indicated Resource estimate of 5.2 million tons Lithium Carbonate Equivalent (LCE), positioning Noram for growth in the electric vehicle and energy storage markets.

Positive

• Engagement of Ausenco for the PFS indicates strong project progression.
• Zeus Lithium Project has substantial resources with 5.2 million tons LCE.
• Company is well-funded with approximately CAD$14 million cash and no debt.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / April 12, 2023 / Noram Lithium Corp. ("Noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) announces it has engaged Ausenco Engineering Canada Inc. ("Ausenco") to lead the Pre-Feasibility Study ("PFS") of its 100% owned Zeus Lithium Project ("Zeus" or the "Project") in Clayton Valley, Nevada.

The Company recently engaged SRK Consulting Inc ("SRK") to produce an optimized mine plan for Zeus (see news release dated February 7, 2023) and initiated a further round of metallurgical testing with Kemetco Research Inc ("Kemetco") to confirm and refine the process design for the Project (see news release dated February 14, 2023). Both of these ongoing work streams will form the basis of the PFS, now being managed by Ausenco.

The PFS will consist of two phases of work, as follows:

• Phase 1: Complete an updated business case assessment and series of trade off studies to incorporate the latest metallurgical test work and key flowsheet decisions in the Project. These include beneficiation, leaching optimization and acid plant optimization.
• Phase 2: Develop a PFS technical report in accordance with NI 43-101 for an open-pit mine and hydrometallurgical processing facility producing battery grade lithium carbonate at the Project site in Nevada.

"We are pleased to be partnering with Ausenco to continue to advance and de-risk the Zeus Lithium Project," stated Greg McCunn, Noram's CEO. "The appointment of Ausenco marks a key milestone in the development of the project as we move Zeus, one of the largest lithium resources in North America, towards commercial production. Ausenco has a strong reputation in the global mining sector with a proven track record of delivering rigorous technical studies and executing successful projects."

About Ausenco
Ausenco is a global engineering consulting firm with its team based across 26 offices in 14 countries, with completed projects in over 80 locations worldwide. Combining a deep technical expertise with a 30-year track record, Ausenco provides innovative, value-add consulting and engineering studies and project delivery, asset operations and maintenance solutions to the mining & metals, oil & gas and industrial sectors.

About Noram Lithium Corp.
Noram Lithium Corp. (TSXV:NRM) | (OTCQB:NRVTF) | (Frankfurt:N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital and is well-funded with approximately CAD$14 million in cash on December 31, 2022 and no debt.

About the Zeus Project (100% Noram)
The Zeus Lithium Project contains a Measured and Indicated Resource estimate of 5.2 Mt Lithium Carbonate Equivalent ("LCE", 1034 Mt at 941 ppm lithium), and an additional Inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off¹.

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

Qualified Person
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 by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and also Vice President of Exploration for Noram.

ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder and Executive Chairman
C: 778.999.2159

For additional information please contact:
Greg McCunn
Chief Executive Officer
greg@noramlithiumcorp.com
C: 778.991.3798

Footnote
¹ Updated Resource Estimate Zeus Project, ABH Engineering (December 2022).

Cautionary Statement Regarding Forward Looking Information
^{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 results from this round of test work will confirm the Company's ability to recover high-purity lithium carbonate from Zeus mineralized material. 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.}

^{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.}

SOURCE: Noram Lithium Corp.

View source version on accesswire.com:
https://www.accesswire.com/748699/Noram-Lithium-Engages-Ausenco-To-Complete-the-Pre-Feasiblity-Study-for-the-Zeus-Lithium-Project

FAQ

What is the recent development for Noram Lithium Corp. regarding the Zeus Project?

Noram Lithium Corp. announced the engagement of Ausenco to lead the Pre-Feasibility Study for its Zeus Lithium Project in Clayton Valley, Nevada.

What is the significance of the Pre-Feasibility Study for NRVTF?

The Pre-Feasibility Study is crucial for assessing the project's viability and potential for commercial production of lithium carbonate.

What resources does the Zeus Lithium Project have?

The Zeus Lithium Project contains a Measured and Indicated Resource estimate of 5.2 million tons Lithium Carbonate Equivalent (LCE).

How much cash does Noram Lithium Corp. have?

As of December 31, 2022, Noram Lithium Corp. had approximately CAD$14 million in cash and no debt.

When was the announcement made regarding the engagement of Ausenco?

The announcement was made on April 12, 2023.