Noram Receives Results for CVZ-75 & 76: High-Grade Intercept Noram Receives Results for CVZ-75 & 76: High-Grade Intercepts of 150 Ft (45.7 M) Averaging 962 PPM, & 100 Ft (30.5 M) Averaging 1163 PPM Respectively
2022-06-02 02:55:19 AM ET (ACCESSWIRE)
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.
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 hol es 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.
From (ft) To (ft) From (m) To (m) Li (ppm)
CV Z-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 11.0 132 0
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-76 No 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 1 748446 238 248 72.5 75.6 520
CVZ-76 1748447 248 258 75.6 78.6 680
CV Z-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 tec hnical 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 p pm 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
peter@noramlithiumcorp.com
C: 778.344.4653
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies o f 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 relian ce 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.