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 further to the news release of (Jan 11, 2018) confirming renegotiated terms of the Option and Joint Venture Agreement. The material change allows Alba to earn an additional 25% interest for a cash consideration of $350,000 payable to Noram/Green Energy by March 1, 2018. Noram and Alba shall then be 50:50 joint venture partners on the Clayton Valley Lithium Project. A sum of $225,000 of the $350,000 cash consideration will be used to move forward with the collection and testing of a 10 tonne sample. The bulk sample is to be tested utilizing the Membrane Development Specialists LLC (MDS) proprietary lithium extraction process on the lithium-rich clay samples from its Clayton Valley Project. The proposed bulk sampling and recently reported (N.I. 43-101) follow the successful drilling results from its Zeus and Hades claim groups. The renegotiated Option and Joint Venture Agreement allow the proposed programs to proceed on a fully funded basis.
MDS is a leader in membrane technology applications and has extensive experience designing, building, commissioning and operating nanofiltration systems for the mining and oil & gas industries.
The focus of the bulk testing is to assess the economics and substantiate the recovery yield of lithium carbonate directly from the mineralized clays using MDS’s environmentally friendly process. The process captures almost all reagents and nearly all of the water used in the process for reuse.
Prior to the bulk testing the samples will be assayed by SGS Labs, using a 3-Acid Digestion / ICP method. The samples will then be sent to MDS’s lab in Escondido, California, where the samples will be mixed with acid to simulate a Vat Leach process. The resulting samples will be processed by MDS to remove unwanted elements, such as magnesium and calcium thereby isolating the lithium carbonate. The lithium carbonate will then be assayed by SGS Labs for purity.
Noram’s independent technical consultant, Bradley Peek, MSc and CPG, will be supervising the 10 tonne clay sampling; one 5 tonne sample from the drilling spoils pile surrounding the Hades bore hole (See Photo) and one 5 tonne sample from the location where vertical chip samples ZS-2-029, ZS-2-030 and ZS-2-031 (See Table) were taken through a 12 foot (3.66 meters) stratigraphic section in the central area of the Zeus claims.
“We expect the results of the MDS bulk testing will add significantly to our knowledge base as to the most effective method of recovery and help define the process model and plant design for further development of the lithium clays on our Clayton Valley Project. Our research indicates the MDS process could be the most effective to negate lithium extraction challenges particular to the Clayton Valley," said Noram’s President, Mark Ireton.
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 currently holds a 25% interest and can earn an addition 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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