Noram Ventures Inc.: Drilling Underway on Zeus Property, Clayton Valley
TSX VENTURE: NRM
VANCOUVER, BC / ACCESSWIRE / November 20, 2018 / Noram Ventures Inc. ("Noram") (TSX - Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF) is pleased to announce that the Company has received final permit approval from the U. S. Bureau of Land Management (BLM) and drill crews have been mobilized to Noram's Zeus property in the Clayton Valley, Nevada, USA.
Noram's NI 43-101 Inferred Resource & Phase II, Zeus Property
In 2017, Noram announced a NI 43-101 compliant inferred resource of 17 million tonnes at a grade of 1060 ppm lithium in clays (which equates to 96,476 metric tonnes of LCE) based on a Phase I drill program that involved the completion of 46 holes to an average depth of 47 feet (14.3 metres). The Zeus claim block consists of 140 claims at 20 acres each, or 2800 acres. The resource polygon for the 17 million tonnes covered 113 acres, or 4%. While the Phase I drilling was more extensive than just the resource polygon, it didn't fully evaluate the areas covered because the holes were so shallow. The complete NI 43-101 Technical Report is available on SEDAR.
Phase II was successfully completed in May 2018. In Phase II, 9 of the original 29 core holes used in the maiden resource estimate were deepened to approximately 300 feet (100 metres). The 9 holes drilled in Spring 2018 deepened existing holes to an average depth of 270 feet (82.2 metres), which is 5.75 times the previous average depth used in the resource estimate. Results of the Phase II drilling were announced in an August 10, 2018 release.
Phase III Drill Program, Zeus Property
This will be the third round of core drilling on the Zeus property and is expected to significantly expand the previously announced NI 43-101 inferred resource. The Phase III drilling is intended to evaluate 1380 acres, or 49% of the Zeus claims. This Phase III program will involve the drilling of 17 additional core holes, each to a depth of approximately 100 feet (30 meters).
While the 17 Phase III holes will be relatively shallow (100 feet/30metres), they have been permitted to depths of 400 feet (120 meters) so that they can be deepened at a later time if results continue to be encouraging. The drill hole locations have been selected to the north, south, east and west of the inferred resource area and include step-outs of 1000 feet (300 meters) to 2000 feet (600 meters). The larger step-outs are based on deposit knowledge gained from previous Noram drilling and from drilling by Cypress Development whose property lies directly west and south of Noram's Zeus claims and who recently filed a positive Preliminary Economic Assessment on a portion of their deposit.
Geologists for both Noram and Cypress believe that the deposit is part of the Clayton Valley playa lakebed that has been uplifted to surface by faulting. With that in mind, the deposit is considered to be a blanket-like layer that is 200 – 300 feet (60 – 100 meters) thick that extends across the property boundary between Noram and Cypress and has yet to be fully defined. Noram's Phase III drilling is intended to delineate a very large area of the Zeus claims that have not been fully tested but have the lithium-rich clays exposed at or near the surface.
"We look forward to initiating our third phase of drilling and expanding our current Inferred Resource Estimate. Now having a 100% ownership of the property, we are confident that Noram can move forward aggressively on the Zeus Property and shareholder value will be enhanced" reported Mark Ireton, President of Noram.
Following this Phase III, a new resource estimate will be determined utilizing the additional data garnered from both the Phase II and Phase III drill programs. Noram expects to complete an update NI 43-101 compliant resource estimate report by the end of Q1 2019.
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek Msc. and Certified Professional Geologist who is a Qualified Person with respect to Noram's Clayton Valley Lithium Project 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 developing lithium deposits and becoming a low - cost supplier for the burgeoning lithium industry. The Company's primary business focus since formation has been the exploration of mineral projects. Noram's long term strategy is to build a multi-national lithium minerals company to produce and sell lithium into the markets of Europe, North America and Asia.
For further information, please visit: www.noramventures.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Mark R. Ireton"
President & Director
Direct: (604) 761-9994
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.