Mr. C. Tucker Barrie reports
NORAM RECOGNIZES POSITIVE ECONOMICS FOR NEIGHBOR IN CLAYTON VALLEY, NEVADA, AND PLANS FOR PEA STUDY
Noram Ventures Inc. recognizes the accomplishments of neighbour Cypress Development Corp. with its recently released prefeasibility study on its lithium claystone deposit, which is adjacent to Noram's Zeus lithium claystone property in Clayton Valley, Nevada.
On May 19, 2020, Cypress announced the results of the study: 15,000-tonne-per-day production rate; 27,400 lithium carbonate equivalent (LCE) annual production over 40 years; capital expenditures of $493-million (U.S.), including sulphuric acid plant on site; operating expenditures of $3,392 (U.S.)/tonne LCE; production based on a probable mineral reserve of 222 million tonnes averaging 1,141 parts per million Li (1,353,000 tonnes LCE); and an after-tax net present value minus 8 per cent of $1,052-million (U.S.) and internal rate of return of 25.8 per cent.
This study is directly relevant to Noram's Zeus lithium claystone deposit. The Zeus lithium claystone deposit is within the same Esmeralda formation paleo-playa lake bottom units and has nearly identical mineral and geological characteristics to that of the Cypress deposit. The favourable lithium units are effectively horizontal layers and have lateral continuity in grade for many hundreds of metres to kilometers. National Instrument 43-101 standards require stating that mineralization on one property is not necessarily indicative of mineralization on an adjacent property.
Both deposits are immediately east of Albemarle's Silver Peak lithium brine operations, which remains the only domestic supply of lithium in the United States. The two deposits share the same access to infrastructure and have similar topography. The Esmeralda formation lithium claystone units are unlithified, so mining will not require blasting.
In February, Noram announced a new resource estimate for the Zeus deposit, which are given in the attached table. At a 900 ppm lithium cut-off, the Zeus deposit has 124 million tonnes averaging 1,136 ppm lithium (749,000 tonnes LCE) as indicated resources, and 77 million tonnes averaging 1,045 ppm lithium (428,000 tonnes LCE) as inferred resources.
C. Tucker Barrie, president and chief executive officer of Noram Ventures, comments on the Cypress Development PFS study: "We commend the Cypress team on their excellent work for their prefeasibility study. They have paid close attention to metallurgical processing studies. Their testing on processing the lithium claystone in vats considers relatively low acid consumption and moderate temperatures, and they have achieved 86.5-per-cent extraction of lithium into solution (Cypress news release May 19, 2020). They are confident of producing a marketable lithium product from their concentrated lithium in solution, using membrane and ion filtration."
He continues: "Presently, the United States government is pro-active in promoting and developing critical metals within the USA, including lithium. This means there is strong support for developing projects like Zeus which is on Bureau of Land Management ground in Nevada, one of the most favourable jurisdictions for mining globally.
"We look forward to further derisking our Zeus lithium project by closer delineation and expansion of the resources with further drilling, beginning a preliminary economic assessment study in 2020. There are other methods to extract lithium that may be cost competitive, and these are currently under consideration."
ZEUS LITHIUM DEPOSIT RESOURCE ESTIMATE*,
Indicated mineral resource at 900 ppm cut-off
Grade 1,136 ppm Li
Contained lithium 140,789,264 kg
Lithium carbonate equivalent 749,421 tonnes
Inferred mineral resource at 900 ppm cut-off
Grade 1,045 ppm Li
Contained lithium 80,340,620 kg
Lithium carbonate equivalent 427,653 tonnes
* Calculations are by Bradley C. Peek, with
methodology described in: Peek and Barrie,
2018, NI 43-101 report on Zeus Lithium
Deposit for Noram Ventures. See the company's
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 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 minerals company to produce and sell lithium into the markets of Europe, North America and Asia.
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