Noram Provides Update on Phase 1 Drilling Program and Status of Maiden Resource for Its Clayton Valley Lithium Project
Noram is one of the largest holders of lithium claims in Nevada’s Clayton Valley
Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (TSX-Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF) ("Noram" or the "Company") is pleased to provide an update on the National Instrument (NI) 43-101 technical report (the "Technical Report") that is being prepared on its South Block (Zeus, Zeus XT and Hades) lithium claim groups in Nevada’s Clayton Valley (see Figure 1).
The Company's exploration and core drilling to date on the Clayton Valley properties has been very encouraging. The large amount of data collected is taking additional time to analyze and has resulted in additional holes being planned to augment the Phase 1 drilling. The initial portion of the Phase 1 drilling yielded lithium assays ranging from 162.5 ppm to 2380 ppm with a weighted average value of 907.8 ppm Li. The extension of the Phase I drilling program is expected to provide in-fill holes as well as some additional regional geological information about Noram’s extensive South Block claim holdings.
The Company has been advised that the Technical Report has been materially completed and is currently undergoing final review and revision. Given the positive results, the Company has been further advised that the Technical Report will include a maiden lithium carbonate resource estimate, as sufficient drilling has been completed to establish such an inferred resource.
“We are extremely pleased with the results from our Phase 1 drilling program and expect to have our initial lithium resource estimate completed shorty. We are advancing to the science stage of the project and additional expertise has been engaged to consult with Noram’s management on next steps in the lithium extraction process,” said Mark Ireton President and CEO of Noram. “The Phase 1 results will also be instrumental in planning our Phase 2 drilling program that will encompass the Spartan and Hades claims and enable us to determine the lithium potential of our entire South Block property.”
Noram has amassed one of the largest land packages in Nevada’s Clayton Valley. Its non-contiguous North and South Blocks now total 888 claims covering 17,738 acres and are positioned both north and south of Albemarle’s Silver Peak mine, North America’s only lithium producer.
Bradley Peek, MSc and CPG, who is a Qualified Person as defined under National Instrument 43-101, is currently completing the final resource estimate calculations for the Technical Report, which will then be submitted to IIROC and the TSX Venture Exchange for approval, before the final report is filed under the Company’s profile on www.sedar.com.
The technical information contained in this news release has been reviewed and approved by Bradley Peek, MSc and CPG, who is a Qualified Person as defined under National Instrument 43-101 with respect to Noram’s Clayton Valley Project.
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 properties. Current projects include lithium properties in the Clayton Valley of Nevada and the Hector Lode in San Bernardino County, California; and the Jumbo graphite property in southeastern 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.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Mark R. Ireton”
President & Director
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management's estimates or opinions change.
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.
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Source: Noram Ventures Inc. (TSX Venture:NRM, OTC Pink:NRVTF)
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