VANCOUVER, BC / ACCESSWIRE / June 30, 2022 / S andy MacDougall, CEO of Noram Lithium Corp. (“ Noram ” or the “ Company “) (TSXV:NRM | OTCQB:NRVTF | Frankfurt:N7R) is pleased to announce the successful completion of CVZ-81 (PH-03) and release of the final assay results. The Company completed core hole CVZ-81 at a depth of 451.5 feet (137.6 m). Sampling for assay began at 55 ft (16.8 m) and continued to the bottom of the hole, an interval thickness of 416.5 ft (126.9 m) was intersected. The hole ended in mineralization and the weighted average lithium values present were as follows:
CVZ-81 was the last hole drilled in Noram’s Phase VI drilling program and had better than expected results, as did most of the holes in this in-fill drilling program. Now that the final assays are in, efforts are being focused on updating the geological/lithium grade models to be used in the upcoming PFS. The grades and thicknesses of mineralization seen in the Phase VI holes are anticipated to substantially improve the outlook for the Zeus deposit and upgrade approximately 175 million tonnes of the deposit from the inferred resource category to indicated resource.” comments Brad Peek, VP of Exploration and geologist on all six phases of Noram’s Clayton Valley exploration drilling.
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Figure 1. Comparative stratigraphy and assay results for drill hole CVZ-81 as compared to CVZ-78 and CVZ-68, which were drilled as part of the Phases V and VI programs. As can be seen on the cross section, all 3 holes had long intercepts of high-grade lithium mineralization. The histogram on the sides of the holes are the composited lithium grades in ppm Li. The cross section has a 4X vertical exaggeration.
Hole ID
Sample No.
From (ft)
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To
(ft)
From
(m)
To
(m)
Li
(ppm)
CVZ-81
1851338
35
45
10.7
13.7
960
CVZ-81
1851339
45
55
13.7
16.8
710
CVZ-81
1851340
55
65
16.8
19.8
830
CVZ-81
1851341
65
75
19.8
22.9
750
CVZ-81
1851342
75
85
22.9
25.9
950
CVZ-81
1851343
85
95
25.9
29.0
820
CVZ-81
1851344
95
107
29.0
32.6
1000
CVZ-81
1851345
107
118
32.6
36.0
800
CVZ-81
1851346
118
123
36.0
37.5
1020
CVZ-81
No Sample
123
124.5
37.5
37.9
CVZ-81
1851347
124.5
135
37.9
41.1
950
CVZ-81
1851348
135
145
41.1
44.2
1140
CVZ-81
1851349
145
155
44.2
47.2
1110
CVZ-81
1851350
155
165
47.2
50.3
1100
CVZ-81
1851351
165
175
50.3
53.3
1750
CVZ-81
1851353
175
185
53.3
56.4
1450
CVZ-81
1851354
185
195
56.4
59.4
1170
CVZ-81
1851355
195
205
59.4
62.5
1520
CVZ-81
1851356
205
215
62.5
65.5
1540
CVZ-81
1851357
215
225
65.5
68.6
1810
CVZ-81
1851358
225
235
68.6
71.6
1510
CVZ-81
1851359
235
245
71.6
74.7
1440
CVZ-81
1851361
245
255
74.7
77.7
1490
CVZ-81
1851362
255
265
77.7
80.8
1730
CVZ-81
1851363
265
275
80.8
83.8
1380
CVZ-81
1851364
275
285
83.8
86.9
1190
CVZ-81
1851365
285
295
86.9
89.9
1200
CVZ-81
1851366
295
305
89.9
93.0
1110
CVZ-81
1851367
305
315
93.0
96.0
1140
CVZ-81
1851368
315
325
96.0
99.1
1140
CVZ-81
1851369
325
335
99.1
102.1
1030
CVZ-81
1851370
335
345
102.1
105.2
930
CVZ-81
1851372
345
355
105.2
108.2
960
CVZ-81
1851373
355
365
108.2
111.3
1140
CVZ-81
1851374
365
375
111.3
114.3
660
CVZ-81
1851375
375
385
114.3
117.3
780
CVZ-81
1851376
385
395
117.3
120.4
730
CVZ-81
1851377
395
405
120.4
123.4
770
CVZ-81
1851378
405
415
123.4
126.5
820
CVZ-81
1851379
415
425
126.5
129.5
710
CVZ-81
1851380
425
435
129.5
132.6
790
CVZ-81
1851381
435
445
132.6
135.6
840
CVZ-81
1851382
445
451.5
135.6
137.6
860
Table 1 – Sample results from CVZ-81 from 35 ft to depth of 451.5 ft (10.7-137.6 m)
The samples were analyzed by the ALS laboratory in Reno, Nevada. QA/QC samples were included in the sample batch and returned values that were within their expected ranges.
Figure 2 – Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 holes completed for Phase VI. Phase VI holes are indicated in purple.
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 Lithium Corp.
Noram Lithium Corp. (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and a fully funded treasury. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.
The Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off . In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,000/tonne LCE.
Please visit our web site for further information: www.noramlithiumcorp.com .
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Chief Executive Officer and Director
C: 778.999.2159
For additional information please contact:
Peter A. Ball
President and Chief Operating Officer
[email protected]
C: 778.344.4653
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. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021)
SOURCE: Noram Lithium Corp.
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https://www.accesswire.com/707082/Noram-Receives-Results-for-CVZ-81-with-High-Grade-Long-Intercept-of-330ft-with-Weighted-Average-1169-ppm-Li-and-Li-High-of-1810-ppm