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Noram Ventures Inc (2)
Symbol NRM
Shares Issued 45,891,802
Close 2020-07-29 C$ 0.16
Market Cap C$ 7,342,688
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Noram plans two-stage drilling at Zeus in fall

2020-07-30 02:15 ET - News Release

Dr. C. Tucker Barrie reports

NORAM INITIATES PERMITTING FOR FALL DRILL PROGRAM ON ZEUS LITHIUM CLAYSTONE PROPERTY, CLAYTON VALLEY, NEVADA

Noram Ventures Inc. is preparing to permit with the Bureau of Land Management (BLM) in Nevada for a fall drill program on the Zeus lithium claystone property.

Noram plans on a two-stage drill program of 2,500 metres in total, with eight to 12 diamond drill holes in early fall and eight to 12 drill holes in late fall. The deposit is within subhorizontal claystones of the mid-Miocene to mid-Pliocene Esmeralda formation, which is present at surface or under a thin alluvial cover. Previous drilling has outlined, at a 900-part-per-million-lithium cut-off, 124 million tonnes at 1,136 ppm lithium as indicated resources, and 77 million tonnes lithium at 1,045 ppm lithium as inferred resources (750,000 and 430,000 tonnes lithium carbonate equivalent (LCE), respectively; see Noram press release dated Feb. 5, 2020, and Peek and Barrie, 2019 (1)). There are over two square kilometres of fertile ground yet to be drill tested on the Zeus property.

Noram management believes that this drilling will significantly expand the resource, as there is evidence for claystone at or near surface everywhere on the property.

C. Tucker Barrie, president and chief executive officer of Noram Ventures, commented: "Drill testing the thick, nearly horizontal strata of the Esmeralda formation will be a straightforward exercise. So far, our deposit is 60 to 120 metres thick, and thickens to the east and south, where much of the drilling will take place. In eastern Clayton Valley, there are known listric normal faults that step down toward the west, and this program should determine if these faults are significant on the property. Our drilling will allow us to produce an updated resource calculation with measured, indicated and inferred resources.

"In addition, we are planning engineering and economic studies toward a preliminary economic assessment in 2020 (PEA). We will also contract out studies on: (1) mineral processing and metallurgical testing; (2) pit design, schedule and mining; and (3) details about processing costs and economics.

"Regarding mineral processing, we aim to analyze preprocessing of the claystone material using hydrocyclones to separate non-lithium-bearing material (e.g., quartz and feldspar sand and gravel) from the lithium-bearing clay minerals, as well as to conduct detailed testing with sulphuric acid at low and high concentrations, and with variable temperature. We believe there are alternative processes that may streamline the extraction and concentration of lithium once it is in a low pH solution, and we aim to incorporate such studies into the PEA."

(1) B.C. Peek and C.T. Barrie, 2019, National Instrument 43-101 technical report -- updated resource estimate, Zeus project, Clayton Valley, Esmeralda county, Nevada, United States, 70 pages.

The technical information contained in this news release has been reviewed and approved by C. Tucker Barrie, PhD, PGeo, 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 is a Canadian-based junior exploration company, with a goal of developing lithium deposits and becoming a low-cost supplier. The company's primary business focus since formation has been the exploration of mineral projects. Noram's long-term strategy is to build a multinational lithium mineral company to produce and sell lithium into the markets of Europe, North America and Asia.

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