Noram Signs LOI to Acquire 100% Interest in Amazing Grace Property in British Columbia where Historical Grab Samples Returned High Grade Gold Values up to 1000 grams per tonne (29 oz/ton)
The widely-spaced gold occurrences and multiple mineralization types suggest potential for a large mineralizing system
Vancouver, British Columbia – May 22, 2013 – Noram Ventures Inc. (TSX-V: NRM) (“Noram” or the “Company”) is pleased to report it has signed a Letter of Intent (“LOI”) to enter into an option agreement with provisions to acquire a 100% interest in the Amazing Grace property in southeast British Columbia. The Property consists of 17 claims totaling 4,918 hectares and is located approximately 12 kilometers (km) southeast of the city of Castlegar in the Nelson and Trail Mining Divisions.
This region of British Columbia hosts abundant gold deposits with past producer
status in a similar geological setting to the Amazing Grace property (see map below). Exploration activity on the Property dates back to 1896. In 1900, roughly 157m of underground workings were driven and a stamp mill (right) installed at the Maude S
showing. The latest work on the Property, conducted by Swift Resources in 2011, identified 17 widely-spaced mineral occurrences within a 5km square area, many
with significant gold content (see map upper right). Several rock grab samples from these showings contained tens of grams of gold per tonne (g/t), and one sample from
the BW occurrence contained over 1000 g/t gold (29 ounces per ton).
(Cautionary note: Grab samples are selective, and may not be representative of the
mineralization on the Property. Widths of the mineralized structures sampled are unknown.
Noram has not conducted any re-sampling to date to confirm these numbers.)
Although the primary target on the Property is gold in quartz veins, the potential for other commodities and mineralization types includes: base metals in a volcanogenic massive sulphide setting at the Cordierite occurrence, copper-tungsten in a skarn at the Curt Gold/Scheelite occurrence, and palladium in mafic intrusions at the Pal occurrence.
The Company is conducting a compilation study of all historical data on the Property, and has commenced a program of field work. This program will initially consist of a detailed examination of all occurrences to assess how effective previous work has been in testing intended targets, and to determine if other mineralized structures and horizons are worthy of continued or expanded exploration. It is hoped that field work will identify priority targets that can be drill tested later this season.
The Property is a 20 minute drive from Castlegar (a transportation and commercial services hub for the region) and a 35 minute drive from Teck’s Smelter Operations in Trail. Access to the Property is provided by a network of well-maintained logging roads which connect to BC Hwy 3 approximately 2km south of the southern claim boundary. Power and water are readily available on the Property to support exploration and mining activities.
“The agreement on the Amazing Grace property is in keeping with our project
generator business model and will in no way detract from the exploration and development effort on our flake graphite projects,” stated Dave Rees, President
of Noram. “The property is located in the same regional area as our other
projects and represents an excellent, discovery-stage exploration opportunity.”
Gordon Allen, B.Sc., P.Geo., and Qualified Person as defined in National Instrument
43-101, has reviewed and verified the technical content of this news release on
behalf of the Company.
About Noram Ventures Inc.:
Noram Ventures Inc. (TSX-V: NRM) is a Canadian based mineral exploration company with a project generator business model. The Company’s strategy is to identify and acquire early-stage properties that offer large-scale resource potential, and create value through the initial drilling and discovery phase. Noram’s current portfolio includes four properties in the central Kootenay region of southern British Columbia: the Amazing Grace gold property, the Jumbo flake-graphite property, the Kokanee flake-graphite property and the Silver Hill molybdenum-galena property.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “David W. Rees”
President & Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding exploration work on the properties and the completion of the Offering. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company’s property interests, (5) the risk that the Company does not execute its business plan, (6) inability to finance operations and growth, and (7) other factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.