Noram Moves Forward with Efforts to Upgrade the Resource - Successfully Drilling Clay and Expediting Sample Assays
Noram Ventures Inc. has initiated its Phase V drill program, successfully drilling Hole #1 to a depth of 227ft (69m) yielding visual lithium clay samples. Assaying is underway with results expected soon. The program aims for a total of 1440 meters over 12 holes at 120m each to enhance resource classification from Inferred to Measured and Indicated. This upgrade is critical for mine planning and economic evaluation, potentially boosting shareholder value. An updated NI43-101 report will follow upon completion, highlighting strong resource economics.
- Initiation of Phase V drill program with successful sampling.
- Potential upgrade of mineral resource from Inferred to Measured/Indicated, enhancing confidence and economic viability.
- Upcoming NI43-101 compliant report expected to detail upgraded resource estimate.
- None.
VANCOUVER, BC / ACCESSWIRE / November 12, 2020 / Noram Ventures Inc. ("Noram") (TSXV:NRM)(Frankfurt:N7R)(OTCQB: NRVTF) is pleased to announce the successful start to its Phase V drill program. Hole #1 (as shown below) has been drilled to a depth of approximately 227ft (69m) and yielded visual lithium hosted clay samples, as shown below, which will be sent in for assaying on a rush basis. The Company anticipates receipt of the initial results within the next few weeks.
Figure 1 and 2 - photos of drill core derived from Hole #1. Currently at approximately 227ft (69m) in depth and continuing to drill.
The Company intends to move a second drill onto the property next week. The Phase V drill program is slated for 1440 meters, comprising 12 drill holes at 120 m (393ft) depth each. The lithium claystone is known to extend to 120 m (393 ft) depth across much of the property. The drill program will have both infill and step-out drill collar locations, with the intent of upgrading Indicated and Inferred Resources into Measured and Indicated Resources; and to expand the deposit to the south and east of the current resource. Consistent with National Instrument 43-101, resources are divided into "inferred," "indicated" and "measured" based on the level of geological confidence in the mineralization, and reserves, into "probable" and "proven" upon at least a pre-feasibility study having been undertaken on the indicated and measured resources. Measured and indicated resources are inclusive of proven and probable reserves.
This is significant for shareholders because an upgrade to the mineral resource from Inferred to Indicated or Measured would reflect a greater level of confidence in the quantity, grade or quality, densities, shape and physical characteristics of the deposit such that modifying factors can be applied in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. A Measured Resource is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.
Upon completion of Phase V, the updated NI43-101 compliant technical report will provide the upgraded resource estimate and an open pit design. "Noram will accomplish some notable milestones over the next year. The Company is working aggressively towards the completion of a PEA outlining the strong economics of the resource and its potential to generate significant cash flow to the benefit of its shareholders" commented Dr. Tucker Barrie, President and CEO.
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 focus since formation has been the exploration of mineral projects. 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 the significance of the Phase V drill program for NRVTFR?
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