Noram Receives Results for CVZ-71: High-Grade Intercept of 280.0 ft (85.3 m) Averaging 1050 ppm & High of 1560 ppm

Rhea-AI Summary

Noram Lithium Corp. has successfully completed drill hole CVZ-71 at 453.5 feet, revealing significant lithium mineralization. Key findings include an interval of 280 feet averaging 1050 ppm lithium, peaking at 1560 ppm. These results support the company's ongoing Pre-Feasibility Study (PFS) for the Zeus Project, expected to complete by October 2022. Noram’s resource estimates indicate 363 million tonnes grading 923 ppm lithium. The project shows a promising NPV of approximately US$2.6 billion under long-term lithium forecasts.

Positive

• Successful completion of drill hole CVZ-71 with a high-grade lithium intercept of 280 ft averaging 1050 ppm.
• Results expected to upgrade a significant portion of the deposit to indicated resource status.
• Zeus Project holds a measured and indicated resource of 363 million tonnes at 923 ppm lithium.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / May 26, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. ("Noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce the successful completion of CVZ-71 (PH-10) and release of the final assay results. The Company completed core hole CVZ-71 at a depth of 453.5 feet (138.2 m). Sampling for assay began at 30 ft (9.1 m) and continued to the bottom of the hole. An interval thickness of 280 ft (85.3 m) was intersected from 140 ft (42.7 m) to 420 ft (128.0 m). The hole ended in mineralization and the weighted average lithium values present were as follows:

FIGURE 1 - Example of core from CVZ-71, the first hole drilled using PQ core. PQ-sized core has a larger diameter to provide more material for ongoing metallurgical testing. This particular section shows the transition from olive claystones to the blue reduced claystones. As a general rule, demonstrated by previous programs, the blue claystones tend to have higher lithium values.

Figure 2. Comparative stratigraphy and assay results for drill hole CVZ-71 as compared to previously drilled holes CVZ-51 and CVZ-70. CVZ-51 and CVZ-70 both had long intercepts of high-grade lithium mineralization. The histogram on the sides of the holes are the composited lithium grades in ppm Li. The cross section has a 4X vertical exaggeration.

"As Noram moves toward completion of the Zeus property's PFS, now on schedule for completion in October 2022, the assay results from CVZ-71 provide another long, high-grade intercept to the list of drillholes that is expected to upgrade a major portion of the deposit from an inferred resource to the indicated resource category" comments Brad Peek, VP of Exploration and geologist on all six phases of Noram's Clayton Valley exploration drilling.

Table 1 - Sample results from CVZ-71 from 30 ft (9.1 m) to depth of 453.5 ft (138.2 m).

The samples were analyzed by the ALS laboratory in Reno, Nevada. Certified reference standard samples were included in the sample batch and returned values that were within their expected ranges.

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$14,000/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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FAQ

What are the assay results of Noram Lithium Corp.'s CVZ-71 drill hole?

The assay results from drill hole CVZ-71 show a significant intercept of 280 feet averaging 1050 ppm lithium, peaking at 1560 ppm.

When is the Pre-Feasibility Study for the Zeus Project expected to be completed?

The Pre-Feasibility Study for the Zeus Project is expected to be completed by October 2022.

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

The Zeus Project has a current measured and indicated resource estimate of 363 million tonnes grading 923 ppm lithium.

What is the projected NPV of the Zeus Project based on long-term lithium prices?

The projected NPV of the Zeus Project is approximately US$2.6 billion based on a long-term lithium carbonate equivalent price forecast of US$14,000 per tonne.

What was the depth of drill hole CVZ-71 completed by Noram Lithium Corp.?

Drill hole CVZ-71 was completed at a depth of 453.5 feet (138.2 meters).