Vancouver, British Columbia – January 29, 2020 – Noram Ventures Inc. (“Noram”) (TSX - Venture: NRM / Frankfurt: N7R / OTCPINK: NRVTF) is pleased to announce the results for three remaining drill holes completed in the November 2019 Phase IV drill program on the Zeus lithium claystone property and the extension of the Zeus Lithium Deposit. The first three drill holes of this program were reported in a news release dated January 15, 2020.
Results for drill holes 48, 51 and 52 are reported in Table 1 below and shown in simplified drill logs in Figure 2. Drill hole 51 resulted in 56.4 meters with an average of 1230 ppm Li, and drill hole 52 has 39.6 m at 1060 ppm Li immediately below the 2019-02 inferred resource. These values are expected to add significantly to the current inferred resource of 145 million tonnes at 1145 ppm Li (900 ppm cutoff: Peek and Barrie, 2019, see www.noramventures.com).
Figure 1. Google Earth image of Zeus lithium property, Clayton Valley, Nevada, adjacent to Albemarle’s lithium brine operations to west (see evaporation pond to upper left). The Esmeralda Formation lithium claystone is under a thin (0-5 m-thick) veneer of alluvium shed off of high hills to the east. The contours represent the 300 ppm, 600 ppm and 900 ppm cutoff lines for the NI43-101 resource estimate which included 145 million tonnes @1145 ppm Li (900 ppm cut-off, = 0.88 million tonnes lithium carbonate equivalent (Peek and Barrie, 2019; see www.noramventures.com).
Figure 2a. Summary log for drill hole CVZ-48, with lithium values.
Figure 2b. Summary log for drill hole CVZ-51, with lithium values.
Figure 2c. Summary log for drill hle CVZ-52, with lithium values.
Noram President and CEO C. Tucker Barrie comments: “ These three drill holes will add significantly to our current inferred resources, and they verify that the deposit thickens and increases in grade to the south and east, where where there is >2 km2 of untested ground on the property. In the near future, we will have a new resource calculation and NI43-101 report for this deposit. We aim to further define this very large lithium resource with more deep drilling, and to initiate engineering studies to determine the most effective recovery methods. ”
Noram’s Zeus lithium property is located in Clayton Valley, Nevada, immediately adjacent and to the east of Albemarle’s Silver Peak lithium brine operations, currently North America’s only lithium producer. The Phase IV drill program was designed to test the Esmeralda Formation claystone beneath earlier drill holes that extended only to ~30 meters depth (Figure 1).
The Phase IV drill program followed NI 43-101 procedures for sample preparation, analyses and security as described in Peek and Barrie (2019). All samples were sent to ISO-17025 accredited ALS Laboratories in Reno, Nevada for analysis. Each sample was then analyzed using ALS’ ME-MS61 analytical method which uses a Four Acid Digestion and MS-ICP technologies.
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 / OTCPINK: 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/ “C. Tucker Barrie, Ph.D., P. Geo.”
President and CEO
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.