Noram Proceeds with the Successful Expansion & Upgrade of Resource Estimate

Rhea-AI Summary

Noram Ventures Inc. has announced it is preparing an updated NI 43-101 compliant technical report that will include recent assay results and an expanded resource estimate for its Zeus Lithium Project in Nevada. This report aims to facilitate a Preliminary Economic Assessment by year-end. The project currently has 124 million tonnes of indicated lithium resources at 1136 ppm and 77 million tonnes of inferred resources at 1045 ppm. Additionally, CEO Tucker Barrie has stepped down at the Board's request.

Positive

• Planning an updated NI 43-101 compliant technical report enhances market credibility.
• Current resource estimate includes 124 million tonnes lithium at 1136 ppm for indicated resources, indicating strong potential.
• Preparation for a Preliminary Economic Assessment indicates progress towards operational planning.

Negative

• CEO Tucker Barrie's resignation could raise concerns about leadership stability.

VANCOUVER, BC / ACCESSWIRE / April 15, 2021 / Noram Ventures Inc. ("Noram" or the "Company") (TSXV:NRM)(Frankfurt:N7R)(OTCQB:NRVTF) is pleased to announce that the Company is in receipt of the final assays and results will be announced shortly. The Company is now proceeding with an updated NI 43-101 compliant technical report (the "Report") to include the most recent results in addition to an expanded, upgraded resource estimate. This Report will also include an open pit design and allow the Company to take a significant step forward in efforts to complete a Preliminary Economic Assessment by the end of the year.

Figure 1. Zeus lithium claystone project, 2021-02-23. The current indicated and inferred resources at >900 ppm cutoff is shown in red, and the Phase 5 drill collar locations through CVZ-68 are shown. The dashed line is a hypothetical area covered by Phase 5 drilling to date. The drill spacing is similar to that used for claystone resources outlined within the Esmeralda Formation in Clayton Valley and nearby.

At the request of the Board, Mr. Tucker Barrie has stepped down as the President and Chief Executive Officer.

About Noram Ventures Inc.

Noram Ventures Inc. (TSX - Venture: NRM / Frankfurt: N7R / OTCQB: NRVTF) is a Canadian based junior exploration company, with a goal of developing lithium deposits and becoming a low - cost supplier. The Company's primary business is the Zeus Lithium Project ("Zeus") in Clayton Valley, Nevada. The Zeus Project has a current resource estimate of 124 million tonnes at 1136 ppm lithium as Indicated Resources, and 77 million tonnes lithium at 1045 ppm lithium as Inferred Resources (900 ppm Li cut-off: 1.18 million tonnes lithium carbonate equivalent - "LCE".

Noram's long term strategy is to build a multi-national lithium minerals company to produce and sell lithium into the markets of Europe, North America and Asia.

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

ON BEHALF OF THE BOARD OF DIRECTORS
/s/ "Anita Algie"
Director and CFO
Office: (604) 553-2279

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.

SOURCE: Noram Ventures Inc.

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FAQ

What is Noram Ventures Inc. known for?

Noram Ventures Inc. is focused on developing lithium deposits, primarily through its Zeus Lithium Project in Clayton Valley, Nevada.

What recent announcement did Noram Ventures make?

Noram Ventures announced it is preparing an updated NI 43-101 compliant technical report and will release recent assay results shortly.

What are the lithium resources reported by Noram Ventures?

Noram Ventures has reported 124 million tonnes of indicated resources at 1136 ppm and 77 million tonnes of inferred resources at 1045 ppm.

What stock symbol is associated with Noram Ventures?

The stock symbol for Noram Ventures is NRVTF.

What is the significance of the new technical report for Noram Ventures?

The technical report is expected to include an expanded resource estimate and prepare for a Preliminary Economic Assessment, which is crucial for future development.

Who has stepped down as CEO of Noram Ventures?

Tucker Barrie has stepped down as the President and Chief Executive Officer at the request of the Board.