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Noram Ventures Inc (2)
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Noram drills 54.9 m of 1,186 ppm Li at Zeus

2020-01-15 02:27 ET - News Release

Mr. C. Tucker Barrie reports


Noram Ventures Inc. has released the results for three of six drill holes completed during the November, 2019, phase 4 drill program on the Zeus lithium claystone property.

The results for drill holes 47, 50 and 53 are given in the attached table. Drill hole 47 returned results of 29 metres at 1,164 parts per million lithium, and drill hole 53 showed 54.9 m at 1,186 ppm Li immediately below the 2019-02 inferred resource. These values are higher than the current inferred resource of 145 million tonnes at 1,145 ppm Li (900-part-per-million cut-off: Peek and Barrie, 2019).

                  PHASE 4 DRILLING RESULTS -- 47, 50 AND 53            
Deepened portions of holes (new drilling)         
                                                 Minimum       Maximum        Weighted
                From        To    Interval            Li            Li      average Li
Core hole         (m)       (m)         (m)         (ppm)         (ppm)           (ppm)

CVZ-47-RD       29.6     101.2        71.6           570         1,750           1,004
CVZ-48-RD       29.6      49.4        19.8             -             -         pending
CVZ-50-RD       29.6      64.6        35.0           215         1,080             513
CVZ-51-RD       22.9     119.5        96.6             -             -         pending
CVZ-52-RD       29.0      79.9        50.9             -             -         pending
CVZ-53-RD       29.6     107.3        77.7           438         2,040           1,070

Entire holes                                      
                                                 Minimum       Maximum        Weighted
                From        To    Interval            Li            Li      average Li
Core hole         (m)       (m)         (m)         (ppm)         (ppm)           (ppm)

CVZ-47           4.6     101.2        96.6           570         1,750           1,020
CVZ-48           0.0      49.4        49.4             -             -         pending
CVZ-50           3.0      64.6        61.6           215         1,270             713
CVZ-51           0.6     119.5       118.9             -             -         pending
CVZ-52           0.0      79.9        79.9             -             -         pending
CVZ-53           2.9     107.3       104.4           438         2,260           1,072

Noram's Zeus lithium property is located in Clayton Valley, Nevada, immediately adjacent to the east of Albemarle's Silver Peak lithium brine operations, currently North America's only lithium producer. The lithium deposit is within the non-refractory claystones of the Esmeralda formation, and has access to power, groundwater and a capable work force. Nevada is recognized as one of the most favourable jurisdictions for mineral extraction globally.

The phase 4 drill program was designed to test the Esmeralda formation claystone beneath earlier drill holes that extended only to an approximately 30-metre depth. This program indicates that the favourable claystone subunits continue to depth, and are thicker and possibly higher grade to the southeast.

The phase 4 drill program followed National Instrument 43-101 procedures for sample preparation, analyses and security as described in Peek and Barrie (2019). All samples were sent to ISO-17025 accredited ALS laboratories in Reno, Nev., for analysis. Each sample was then analyzed using ALS's ME-MS61 analytical method, which uses a four-acid digestion and MS-ICP technologies.

Noram president and chief executive officer C. Tucker Barrie commented: "Our immediate goal is to outline a viable lithium resource that can support a mining operation that can produce 20,000 tonnes lithium carbonate per annum for 20-plus years, to support the growing lithium battery and electric vehicle market. We are encouraged by these phase 4 drill holes, which will significantly increase our current resource. The deposit remains open to the south and east on the property, where there is greater than two square kilometres of untested ground. As well, we note the success of our neighbour Cypress Development Corp., which has a similar lithium claystone deposit and is making significant advances with extraction technology. This bodes well for the development of our Zeus deposit."

The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc, 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 mineral company to produce and sell lithium into the markets of Europe, North America and Asia.

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