VANCOUVER, BC / ACCESSWIRE / June 2, 2022 / Sandy 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-75 (PH-01) and CVZ-76 (PH-02) and release of the final assay results. The Company completed core hole CVZ-75 at a depth of 326 feet (99.4 m). Sampling for assays began at 46 ft (14.0 m) and continued to the bottom of the hole, an interval thickness of 150 ft (45.7 m) was intersected from 46 ft (14.0 m) to 196 ft (59.7 m). The hole ended in mineralization and the weighted average lithium values present are summarized below. The Company completed core hole CVZ-76 at a depth of 338 feet (103.0 m). Sampling for assays began at 26 ft (7.9 m) and continued to the bottom of the hole, an interval thickness of 100 ft (30.5 m) was intersected from 26 ft (7.9 m) to 126 ft (38.4 m). The hole ended in mineralization and the weighted average lithium values present are summarized below.
Figure 1 – Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 proposed holes for Phase V1. Phase VI holes are indicated in purple.
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Figure 2 – Comparative stratigraphy and assay results for drill holes CVZ-76 and CVZ-75 as compared to CVZ-63 which was drilled as part of a prior program. The histogram on the sides of the holes are the composited lithium grades in ppm Li. The cross section has a 4X vertical exaggeration.
“Holes CVZ-75 and CVZ-76 were located near the northeast end of the Phase V and Phase VI drilling. This is an area where the sediments are thinner since we are getting close to the basin margin. However, the lithium grades continue to be high. These holes are expected to continue to upgrade portions of the Zeus resource from inferred to indicated in Noram’s upcoming PFS.” comments Brad Peek, VP of Exploration and geologist on all six phases of Noram’s Clayton Valley exploration drilling.
Hole ID
Sample No.
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From (ft)
To (ft)
From (m)
To (m)
Li (ppm)
CVZ-75
1748394
46
56
14.0
17.1
1690
CVZ-75
1748395
56
66
17.1
20.1
890
CVZ-75
1748396
66
76
20.1
23.2
840
CVZ-75
1748397
76
86
23.2
26.2
910
CVZ-75
1748398
86
96
26.2
29.3
1420
CVZ-75
1748399
96
106
29.3
32.3
1160
CVZ-75
1748400
106
116
32.3
35.4
1010
CVZ-75
1748401
116
126
35.4
38.4
900
CVZ-75
1748402
126
136
38.4
41.5
870
CVZ-75
1748404
136
146
41.5
44.5
850
CVZ-75
1748405
146
156
44.5
47.5
820
CVZ-75
1748406
156
166
47.5
50.6
810
CVZ-75
1748407
166
176
50.6
53.6
620
CVZ-75
1748408
176
186
53.6
56.7
510
CVZ-75
1748409
186
196
56.7
59.7
1130
CVZ-75
1748410
196
206
59.7
62.8
800
CVZ-75
1748411
206
216
62.8
65.8
560
CVZ-75
1748412
216
226
65.8
68.9
650
CVZ-75
1748413
226
236
68.9
71.9
680
CVZ-75
1748414
236
246
71.9
75.0
510
CVZ-75
1748415
246
256
75.0
78.0
650
CVZ-75
1748416
256
266
78.0
81.1
570
CVZ-75
1748417
266
276
81.1
84.1
770
CVZ-75
1748418
276
286
84.1
87.2
570
CVZ-75
1748419
286
296
87.2
90.2
510
CVZ-75
1748420
296
306
90.2
93.3
770
CVZ-75
1748421
306
316
93.3
96.3
470
CVZ-75
1748422
316
326
96.3
99.4
600
Table 1 – Sample results from CVZ-75 from 46 ft (14.0 m) to depth of 326 ft (99.4 m).
Hole ID
Sample No.
From (ft)
To (ft)
From (m)
To (m)
Li (ppm)
CVZ-76
1748426
26
36
7.9
11.0
1320
CVZ-76
1748427
36
46
11.0
14.0
1620
CVZ-76
1748428
46
56
14.0
17.1
1620
CVZ-76
1748429
56
66
17.1
20.1
970
CVZ-76
1748430
66
76
20.1
23.2
830
CVZ-76
1748431
76
86
23.2
26.2
910
CVZ-76
1748432
86
96
26.2
29.3
1460
CVZ-76
1748433
96
106
29.3
32.3
1070
CVZ-76
1748434
106
116
32.3
35.4
930
CVZ-76
1748435
116
126
35.4
38.4
900
CVZ-76
1748436
126
136
38.4
41.5
780
CVZ-76
1748437
136
146
41.5
44.5
710
CVZ-76
1748438
146
156
44.5
47.5
670
CVZ-76
1748439
156
168
47.5
51.2
720
CVZ-76No Sample
168
178
51.2
54.3
CVZ-76
1748440
178
188
54.3
57.3
460
CVZ-76
1748441
188
198
57.3
60.4
840
CVZ-76
1748442
198
208
60.4
63.4
700
CVZ-76
1748443
208
218
63.4
66.4
740
CVZ-76
1748444
218
228
66.4
69.5
720
CVZ-76
1748445
228
238
69.5
72.5
710
CVZ-76
1748446
238
248
72.5
75.6
520
CVZ-76
1748447
248
258
75.6
78.6
680
CVZ-76
1748448
258
268
78.6
81.7
640
CVZ-76
1748449
268
278
81.7
84.7
640
CVZ-76
1748450
278
288
84.7
87.8
590
CVZ-76
1748451
288
298
87.8
90.8
590
CVZ-76
1748452
298
308
90.8
93.9
449
CVZ-76
1748453
308
318
93.9
96.9
610
CVZ-76
1748454
318
328
96.9
100.0
560
CVZ-76
1748455
328
338
100.0
103.0
470
Table 2 – Sample results from CVZ-76 from 26 ft (7.9 m) to depth of 338 ft (103.0 m).
All 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.
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 Ventures Inc.
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