Noram Provides Phase V Drill Program Overview and Summary: Successful Expansion & Upgrade of Resource Estimate Forthcoming
Noram Ventures Inc. (OTCQB: NRVTF) announces progress on its Phase 5 drill program, completing 8 of 12 planned holes at a depth of 500 ft. High-grade lithium claystone was encountered, indicating positive results for the upcoming resource estimate. The average lithium grade from recent drillings is 1116 ppm over a thickness of 71.1m. The company expects to add approximately 4 km² to its resources, fueled by rising global lithium prices and anticipated demand for lithium-ion batteries. An updated resource estimate and a Preliminary Economic Assessment is planned for 2021.
- Successful completion of 8 out of 12 drill holes, indicating progress.
- Encountered high-grade lithium claystone with grades averaging 1116 ppm.
- Expected addition of approximately 4 km² to lithium resources.
- Positive market conditions with rising global lithium prices.
- Plans for an updated resource estimate and Preliminary Economic Assessment in 2021.
- None.
VANCOUVER, BC / ACCESSWIRE / March 4, 2021 / Noram Ventures Inc. ("Noram" or the "Company") (TSXV:NRM)(FSE:N7R)(OTCQB:NRVTF) is pleased to announce the successful completion of two-thirds (8 holes) of the proposed 12-hole drill program, permitted to a depth of 500 ft (152.4 m). "The Company is exceptionally pleased with the progress to date, which includes a number of holes ending in what appears to be consistent with high-grade lithium claystone at 500ft. This will have an incredible impact on our next resource estimate," stated Anita Algie, CFO and Director.
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.
Drillhole No. | Thickness (m) | Li Grade(ppm) |
CVZ-61 | 79.2 | 1130 |
CVZ-62 | 88.4 | 1113 |
CVZ-63 | 36.6 | 1121 |
CVZ-64 | 73.2 | 1086 |
CVZ-65 | 82.3 | 1124 |
CVZ-66 | 67.1 | 1124 |
CVZ-67* | ?82.3* | in lab |
CVZ-68* | ?92.2* | processing |
Average CVZ-61 to -66 | 71.1 | 1116 |
*Intervals for 67 and 68 based on core and not confirmed by assays.
Table 2. Phase 5 drill intersections at >900 ppm Li, 2021-03-04
C. Tucker Barrie comments that: "we are making steady progress with our Phase 5 drill program. Already we have added perhaps 4 km2 to our >900 ppm lithium resources, and so far the intervals average over 70 meters. Given a specific gravity of 1.74 g/cc, we expect to add significant tonnage to our current resources; and we still have several drill collars left to be tested.
Given the recent sharp rise in global lithium prices and projected strong demand for lithium ion batteries for electric vehicles, there is enthusiasm for developing lithium claystone deposits, particularly in Nevada. Lithium Americas recently closed a $US 400 million financing in part to develop their Thacker Pass project1, and our neighbor in Clayton Valley, Cypress Development Corp., announced a $CAD 17 million financing for their claystone deposit 2. Noram management feels strongly that the Zeus lithium claystone project will continue on a successful path with an updated, pit-constrained resource estimate and a Preliminary Economic Assessment in 2021."
1 www.lithiumamericas.com/news/lithium-americas-closes-us400-million-underwritten-public-offering
2 www.cypressdevelopmentcorp.com/news/2021/cypress-development-announces-upsize-to-previously-announced-bought-deal-offering-to-c-17-million/
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 Ventures Inc.
Noram Ventures Inc. (TSXV:NRM)(FSE: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 Resource, and 77 million tonnes lithium at 1045 ppm lithium as Inferred Resource (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 website for further information.
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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