Noram - Alba Disclose Clayton Valley Joint Venture Use of Proceeds
Inferred Mineral Resource of approximately 17 million metric tonnes at a grade of about 1,060 ppm Li, which equates to 96,476 metric tonnes of Li Carbonate Equivalent (“LCE”)
Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (“Noram”) (TSX - Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF and Alba Minerals Ltd. (“Alba”) (TSX - Venture: AA: AXVEF:US Frankfurt: A117RU) are pleased to announce that further to the news release of Feb 22, 2017 confirming re-negotiated terms of the Option and Joint Venture Agreement. Whereby the material change allows Alba to earn an additional 25% interest for a cash consideration of $350,000 payable to Noram/Green Energy. Noram and Alba shall then be 50:50 joint venture partners on the Clayton Valley Lithium Project and the two companies will move forward with the next phase of infill drilling and exploration fully funded (Nov 30th 2017).
$125,000 of the $350,000 will be directed toward the next phase of the exploration and drilling program.
The drilling program will consist of a total of 20 holes in three areas planned as an extension of the 46-hole Phase I drilling program completed in 2017. Four exploration holes in Area 1 adjacent to the bore hole (Photo 1) on the Hades claims and four exploration holes in Area 2 on the Zeus Extension claims. Areas 1 and 2 each received one core hole during the first round of drilling with very encouraging results and assays up to 1290 ppm lithium. The other 12 holes will be drilled in Area 3 and are designed to infill and expand upon the close spaced drilling that formed the basis of the maiden inferred resource estimate previously announced on the Zeus claim block.
The locations of these additional drill holes are not expected to require any additional pad or access road construction over and above a disturbance of 5 acres, which is the upper limit of disturbance for a BLM Notice of Intent permit. Activities are anticipated to be completed within one month following the receipt of the permit and posting of the reclamation bond. The activities are to include drilling, core logging, splitting, photography, analysis, and core hole plugging. Following core hole plugging, incidental surface reclamation will begin as soon as weather permits.
"We are pleased to be expanding our drilling program after the encouraging results from our recently published N.I. 43-101,” said Mark Ireton, CEO and President. “We are progressing well and particularly pleased with results given the small 113 acres (46 hectares) footprint explored out of a total of 12,920 contiguous acres. This is less than 1% of the total land package. The expanded exploration core drilling program will begin in Q1 2018 once we receive BLM permits.”
A recent NI 43-101 report has shown that the companies’ Clayton Valley, Nevada property has an Inferred Mineral Resource of approximately 17 million metric tonnes at a grade of about 1,060 ppm Li, which equates to 96,476 metric tonnes of LCE. Details of the inferred resource estimate can be found in the NI 43-101 report at (link to N.I. 43-101).
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 and graphite 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 that include lithium projects in the Clayton Valley in Nevada, the Arizaro East mineral claim located in the eastern portion of the Salar de Arizaro in north - western Argentina and the Jumbo graphite property in British Columbia. Noram’s long term strategy is to build a multi - national lithium - graphite dominant industrial minerals company to produce and sell lithium and graphite into the markets of Europe, North America and Asia.
For further information, please visit: www.noramventures.com
About Alba Minerals Ltd.
Alba Minerals Ltd. Is a Vancouver based junior resource company with projects in North and South America, focusing on the development of our Lithium properties. Lithium Projects are located in Clayton Valley Nevada where Alba has earned a 25% interest in the project. The second lithium project Quiron II consist of 2,421 hectares of prospective exploration property in the Pocitos Salar, Province of Salta, Argentina. The Project is located approximately 12 km northeast from the Liberty One Lithium Corp and 19 Km from Pure Energy Minerals Ltd.
Please visit our web site for further information: www.albamineralsltd.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.
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Source: Noram Ventures Inc. (TSX Venture:NRM, OTC Pink:NRVTF, FWB:N7R)
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