Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (“Noram”) (TSX-V: NRM / Frankfurt: N7R / OTCBB: NRVTF) is pleased to announce the signing of a definitive property option agreement (the “Option Agreement”) with Alba Minerals Ltd. (“Alba”) to acquire up to 50% of Noram’s wholly-owned subsidiary Green Energy Resources Inc., which holds lithium brine/clay claims at Clayton Valley, Nevada and the Hector Lode lithium claims in San Bernardino County, California.
Clayton Valley Lithium Project:
Green Energy has amassed one of the largest land packages in Nevada’s Clayton Valley. Its non-contiguous North and South Blocks now total 888 claims (17,738 acres) and are positioned both north and south of Albemarle Corp.’s Silver Peak mine, North America’s only lithium producer.
The perimeter of the Clayton Valley claims is located within 1 mile (1.6 kilometers) of Albemarle’s operations, where lithium is produced from deep wells that pump brines from the basin beneath the Clayton Valley playa. The plant is the only lithium producer in the United States and has been producing lithium at this location continuously since 1967.
Hector Lode Lithium Project:
The Agreement also includes the 100%-owned Hector Lode property encompassing 116 lithium mineral claims (2,320 acres) in San Bernardino County, California, where surface sampling has confirmed the presence of lithium in hectorite clays. Material is currently being mined on adjacent ground as bentonite/hectorite clays. An initial core drilling program is now under consideration for the property.
Terms of the Option Agreement:
In order to keep the Option in good standing and in force and effect, Alba shall subject to Exchange and regulatory approval:
(a) Make mandatory payments in the aggregate of CAD$255,000 to Green Energy on completion of the Phase 1 drilling program in Clayton Valley, to earn a 25% interest in the Claims. For greater certainty, this payment is an obligation and not optional and upon payment of the said amount Alba will become the owner of the said 25% interest without having to give Exercise Notice;
(b) Make a certain second payment of CAD$200,000 to Green Energy on or before March 30th, 2017 or at such time as the National Instrument 43-101 Technical Report on the Phase 1 drilling results is completed, whichever is later, to earn an additional 5% for a total 30% interest in the Claims;
(c) Make a third payment of CAD$200,000 to Green Energy on or before May 30th 2017, in order earn an additional 5% for a total 35% interest in the Claims;
(d) Make a fourth payment of CAD$289,500 to Green Energy on or before August 25th 2017, in order to earn an additional 10% for a total 45% interest in the Claims;
(e) Make a fifth payment of C$155,500 to Green Energy and issue an aggregate of 1,000,000 share capital of Alba (the “Alba Shares”) to Noram on or before November 30th 2017, in order to earn and additional 5% for a total and maximum 50% interest in the Claims;
“We are pleased to have signed this agreement with Alba, which is another significant step in establishing Noram’s role in the Green Energy Revolution through the development of our lithium assets,” said Mark Ireton, President of Noram. We are also very encouraged by the initial assay results from Phase 1 drilling on our Clayton Valley claims, where assay sample results from the first 10 holes of the 46-hole program return the highest lithium values to date ranging from 600 ppm to a high of 2,320 ppm over 1.22 meters with an interval-weighted average value of 1,087 ppm lithium (see news release of February 15).”
The technical information contained in this news release has been reviewed and approved by Bradley Peek, MSc and Certified Professional Geologist, who is a Qualified Person with respect to Noram’s Clayton Valley and Hector Lode Lithium Projects 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 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.
Please visit our web site for further information: www.noramventures.com.
