Noram Receives Permits for Zeus Fall Phase V Drill Campaign and Commences Drilling
Noram Ventures Inc. has received permits for Phase V drilling at the Zeus Lithium Project in Clayton Valley, Nevada. Following the successful Phase IV drill program, which increased resource estimates to 124 million tonnes at 1136 ppm lithium (Indicated) and 77 million tonnes at 1045 ppm lithium (Inferred), the company is set to expand mineralization. With drilling expected to continue 24/7, a new resource estimate is anticipated by the end of Q1 2021. The BLM has initially approved 7 holes, and reclamation efforts for the remaining 5 are underway.
- Received permits for Phase V drilling at Zeus Lithium Project.
- Successful Phase IV drill program significantly increased resource estimates to 201 million tonnes at 1101 ppm lithium.
- Drilling expected to operate 24 hours a day, enhancing exploration potential.
- None.
VANCOUVER, BC / ACCESSWIRE / November 10, 2020 / Noram Ventures Inc. ("Noram") (TSXV:NRM)(Frankfurt:N7R)(OTCQB:NRVTF) is pleased to announce the receipt of permits for Phase V drilling of the Zeus Lithium Project in Clayton Valley Nevada, following the successful Phase IV drill program that significantly increased the resource estimates. Phase IV drilling and earlier results were used for a new resource estimate: 124 million tonnes at 1136 ppm lithium as Indicated Resources, and 77 million tonnes lithium at 1045 ppm lithium as Inferred Resources, for a total of 201 million tonnes at 1101 ppm lithium (900 ppm Li cut-off: 1.18 million tonnes lithium carbonate equivalent - "LCE" ; see Noram Ventures press release of February 5, 2020).
A CAT drill is onsite and currently operating. In the forthcoming days of the program, the Company intends to run with 2 drill teams, drilling 24 hours a day, until the program has been completed. All 12 holes will be drilled to an approximate depth of 120m (393ft). The lithium claystone is known to extend to 120 m (393 ft) depth across much of the property. This phase of drilling is designed to expand the existing resource and extend the mineralization to the south and east of the current resource area, which will significantly increase the area of exploration on the Property. The BLM has initially approved 7 holes, which will keep the amount of disturbed acreage under 5 acres. The required reclamation to expand this to 12 is almost completed, and the BLM will allow the expansion of the permitting to include the remaining 5 holes once finished.
Figure 1. Zeus property map showing: a) location of current Indicated and Inferred resources at >900 ppm Li cut-off; b) West-East cross-section shown in figure 2; and c) location of proposed drill holes for Fall 2020 campaign
Figure 2. West-East cross-section across known mineralization within Esmeralda Formation lithium claystones, categorized by grade. Note that the terrain rises to the East, and the grade and thickness are highest in this direction.
Geologists for both Noram and Cypress believe that the deposit is part of the Clayton Valley playa lakebed that has been uplifted to surface by faulting. With that in mind, the deposit is considered to be a blanket- like layer that is 200 - 300 feet (60 - 100 meters) thick that extends across the property boundary between Noram and Cypress and has yet to be fully defined. Noram's drilling is intended to delineate a very large area of the Zeus claims that have not been fully tested but have the lithium-rich clays exposed at or near the surface.
Following Phase V, a new resource estimate will be determined utilizing the additional data garnered from this phase of drilling. Noram expects to complete an updated NI 43-101 compliant resource estimate report by the end of Q1 2021.
The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., P. Geo., 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. (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 are the resource estimates from Phase IV drilling at Noram Ventures?
When is the new resource estimate from Noram Ventures expected?
What is the current status of drilling at the Zeus Lithium Project?
How deep will the drill holes for Phase V reach?
Which regulatory body approved drilling at the Zeus Lithium Project?
