Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (TSX-V: NRM Frankfurt: N7R) (“Noram” or the “Company”) is pleased to announce it has entered into an arms length agreement to acquire 116 lithium mineral claims comprising 2,320 acres in San Bernadino County, California (Figure 1). The contiguous claim group (the “Hector Lode Claims”) is located in the same geological formation as the Hector Bentonite Mine No. 1.
Subject to TSX Venture Exchange and other regulatory approvals, Noram will pay USD $100,000 to the vendor for reimbursement of staking and BLM fees paid to date, plus the issuance of 10,000,000 common shares as consideration for the transfer of the 116 mineral claims to Noram’s wholly owned subsidiary Green Energy Resources Inc. The definitive agreement and transfer of tenure is expected to be completed in 15 days.
Hector Lode Project Overview:
- The project is situated in the Mojave Desert of Southern California, 35 miles (56 km) southeast of the city of Barstow in San Bernardino County, and Interstate Highway 40 runs through the southern portion of the claim group. The area of interest has seen a long history of mining for bentonite clays dating back to 1931. The sedimentary sequence at the Hector Mine can be seen in outcrop to the north on the Hector Lode Claims.
- Two references were found in the literature which provided analyses of the Hector clays. One was Ames, et al (1958) which yielded a Li2O value of 1.14% from the Hector Mine area. The other reference was Foshag and Woodward (1936) which gave Li2O values of 1.12% and 0.60%, also from the Mmine area. These analyses are both from the southern area of the claim group.
- Proven presence of lithium in Hectorite clays;
- Published reports indicate lithium values greater than 1% Li2O (10,000 ppm);
- Material is currently being mined on adjacent ground as bentonite/hectorite clays;
- Close to infrastructure (power, transportation and labor);
- Stable political environment;
- Surface grab sample taken during staking and sent to ALS laboratories in Reno for analysis.
Noram’s President Mark Ireton said, “This acquisition adds to our large land position in the Clayton Valley and will provide additional high-grade lithum production opportunities, near term. With lithium prices having risen significantly since 2015 and demand for lithium and graphite expected to continue to expand, Noram is well positioned to play a significant role in the Green Energy Revolution. Our focus is not only on finding and developing lithium and graphite deposits, but also on sourcing and supporting new, environmentally-friendly, processing techniques to produce our lithium and graphite products.”
The technical information contained in this news release has been reviewed and approved by Michael Collins, P.Geo., who is a Qualified Person with respect to the Hectors Lode Claims as defined under NI 43-101.
About Noram Ventures Inc.
Noram Ventures Inc. (TSX-V: NRM Frankfurt: N7R) 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 the Clayton Valley lithium project in Nevada 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.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “Mark Ireton”
President & Director
Direct: (604) 761-9994
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.
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