Vancouver, British Columbia – February 2, 2021 – Noram Ventures Inc. (“Noram” or the “Company”) (TSX - Venture: NRM / Frankfurt: N7R / OTCQB: NRVTF) is pleased to announce the completion of CVZ-63 at a depth of 322 ft (98.1 m). Mineralization was intersected at only 22 ft (6.7 m) below surface. This is the most superficial (near surface mineralization) intersection Noram has drilled to date during the Phase V drilling campaign.
“CVZ-63 has a thinner section of good lithium grades since it is on the eastern edge of the basin, but it is interesting to note that the high-grade mineralization starts almost at surface. This result is very significant for our resource model, as it also shows that the higher-grade lithium mineralization also extends to the margin of the basin. The tan mudstone/claystone present in CVZ-63 is apparently equivalent to the olive mudstone/claystone seen in other parts of the project and is also equivalent in lithium grade” commented Brad Peek, consulting geologist and Qualified Person for this and all 4 of the previous drilling phases of Noram’s Zeus lithium property. The intersection of 120 ft (36.6 m) of high grade (1121 ppm Li) mineralization between 22 ft and 142 ft (6.7m-43.3m) is considered to be a very significant addition to the project’s resource base.
Figure 1a) Strip Log of CVZ-63 outlining the various claystone types encountered at depth from the surface to 322 ft (98.1m) b) Zeus Property map showing a) location of current Indicated and Inferred resources at >900ppm Li cut-off; b) location of drill sites completed or in progress (seen in green) to date for the Phase V 2020/2021 program. Proposed drill sites not yet explored indicated in white.
|From (m)||To (m)||Lithology|
|54.9||58.5||Sandy Blue Mudstone|
|62.2||65.5||Sandy Blue Mudstone|
|71.9||98.1||Lower Brown Mudstone|
Table 1 – Summary of Figure 1a Strip Log, describing the lithologies of CVZ-63 from surface to depth of 462ft.
|Hole ID||Sample No.||From (ft)||To (ft)||Depth to Top||Depth to Base||Li (ppm)|
Table 2 – Summary of assays for CVZ-63
Samples were sent to ALS Labs in North Vancouver on a rush basis and assays are displayed in graphical form on the strip log. These lakebed sediments have shown very uniform lithologies and lithium grades over large areas of Clayton Valley.
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 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 is the Zeus Lithium Project (“Zeus”) in Clayton Valley, Nevada. The Zeus Project has a current resource estimate of 124 million tonnes at 1136 ppm lithium as Indicated Resource, and 77 million tonnes lithium at 1045 ppm lithium as Inferred Resource (900 ppm Li cut-off: 1.18 million tonnes lithium carbonate equivalent – “LCE”.
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.