Vancouver, British Columbia – October 22, 2018 – Noram Ventures Inc. (“Noram” or the “Company”) (TSX - Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF is pleased to provide a corporate update. After a highly successful Phase II Drill Program, the Company plans to proceed with Phase III drilling once permitted.
Phase II Drill Program, Zeus Property, Clayton Valley, Nevada
The PHASE II drill program comprised of new core from the deepening of 9 core drill holes within the area of Noram’s previously announced inferred resource of 17 million tonnes at a grade of 1060 ppm lithium (which equates to 96,476 metric tonnes of LCE). The complete technical report disclosing the resource is available under Noram’s profile on SEDAR.
The previous drilling on which the inferred resource was based reached an average depth of 14.3 meters. The 9 holes were deepened to an average depth of 82.2 meters, which is 5.75 times the previous average depth used in the resource estimate.
Data from the Phase II drilling were summarized in Table 1 of the news release dated August 13, 2018 and available through SEDAR. The mineralization remains open in all directions and at depth. The area of the deeper drilling has tested only a small fraction of the area covered by Noram’s claim holdings.
Based on the continued success of this area, the Company has chosen to maximize value by focusing its efforts on the expansion of the existing resource. The Company has maintained the entirety of the Zeus area including both placer and lode claims, while allowing the ancillary claims comprising the extensions to lapse. All three drill programs to date have been conducted on the Zeus Property which covers an area of approximately 3,000 acres in the Clayton Valley. This area is comparable in size to the area held by Cypress Development Corp. which is comprised of 4,220 acres located immediately adjacent to the Zeus Property. Cypress recently released a Preliminary Economic Assessment on their project available for review on SEDAR or alternatively at www.cypressdevelopmentcorp.com.
Phase III Drill Program, Zeus Property, Clayton Valley, Nevada
The Company also intends to expand the Phase III drill program which is designed to develop the existing resource. The Company previously announced that 11 holes would be drilled to ~100 m depth to extend the mineralization to the south and the east of the current resource area. The Company has increased this to 17 holes drilled to this depth. Following this new drilling, it is expected that a new resource estimate will be determined, with a goal of completing an updated estimate by the end of Q1 2019.
In an effort to expedite the current legal proceedings involving trespassing on the Zeus Property, the Company has filed a notice of motion for preliminary injunction in the State of Nevada. If granted, the injunctive relief requires Centrestone Resources LLC (“Centrestone”) to refrain from (a) entering onto or upon the area delineated by the exterior boundaries of the claims for the purpose of exploring for minerals, mining, excavating, extracting, removing or carrying away any earth, rock or minerals from within the vertical planes formed by the boundaries of the claims; and (b) from constructing on the claims any equipment, improvements, infrastructure, or other installations which might delay, hinder, interfere with, or otherwise obstruct the mineral exploration, development and mining operations of Noram. A hearing time and date will be set by the Fifth Judicial district court of the State of Nevada in and for the County of Esmeralda. The Company expects that the injunction will be granted and intends to move forward aggressively and proactively to bring this issue to a close.
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc and Certified Professional Geologist 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 / OTCBB: NRVTF) is a Canadian based junior exploration company, with a goal of becoming a force in the Green Energy Revolution through the development of lithium deposits and becoming a low - cost supplier for the burgeoning lithium battery industry. 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.
For further information, please visit: www.noramventures.com
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark R. Ireton”
President & Director
Direct: (604) 761-9994
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.