Vancouver, British Columbia – October 17, 2019 – Noram Ventures Inc. (“Noram”) (TSX - Venture: NRM / Frankfurt: N7R / OTCPINK: NRVTF) is pleased to announce that it has closed a financing for gross proceeds of $210,500 by issuing 3,827,273 units at a price of $0.055 per unit. Each unit consists of one common share and one transferrable share purchase warrant exercisable for $0.07 for 5 years from the date of closing. All warrants will be subject to a statutory hold period of 4 months plus a day from the date of closing.
Insiders of the Company purchased 2,227,273 units for gross proceeds of $122,500. The balance of units were subscribed for by existing shareholders of the Company. TSX Venture Exchange approval was received on October 16, 2019. Proceeds from the placement will be used for general working capital and to initiate the next phase of drilling on the Zeus Property.
NI 43-101 Compliant Inferred Mineral Resource Estimate
On March 28, 2019, the Company filed a NI 43-101 Technical Report: “Updated Inferred Lithium Mineral Resouce Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA” (the “Report”) on its SEDAR Issuer Profile page.
The Report incorporates the results of three phases of drilling from 2016 to 2018, including sixty drill holes. The reported Inferred Mineral Resource estimate indicates zones with higher lithium contents continue from the resource to the south and east and that the higher grade parts of the deposit remain open at depth. Drilling only tested approximately one third of the area covered by the Zeus claim block.
The model resource estimate has an Inferred Mineral Resource of approximately 330 million metric tonnes at a grade of 858 ppm Li, or 1.5 million tonnes of lithium carbonate equivalent. The deposit has a very low stripping ratio of 0.1:1, and constitutes unconsolidated to poorly consolidated material at surface that does not require blasting. Sensitivity analyses for the modeled deposit are listed in Table 1.
The sensitivity analysis for a 900 ppm Li cutoff yields 145 million metric tonnes at a grade of 1145 ppm Li in a contiguous volume in the northwest part of the claim block.
Drills Mobilized and Phase IV Drill Program Initiated
The Company is already permitted to drill the Zeus Property and is actively drilling a fourth phase of exploratory holes. This drill program will include the drilling of 7 core holes to approximate depths of 300 ft per hole. To date, Noram has drilled the majority of the 60 holes to depths not beyond approximately 100 ft. Each of the locations were carefully selected based on high grade mineralization present at the bottom of existing neighbouring holes. The Company expects to increase the size of the current inferred mineral resource once this phase is succussefully completed.
Results from Phase IV will be integrated into the drill data for a future Preliminary Economic Assessment that will also address lithium extraction methodology and mining-related economics. Initial leaching tests conducted in 2018 determined that the Zeus lithium clays are non-refractory and yield >80% of their lithium at moderate temperatures and moderate amounts of sulfuric acid.
Noram management notes that the pilot plant studies for other Nevada lithium clay deposits are advancing well at Thacker Pass (Lithium Americas Corp.) and at Rhyolite Ridge (Ioneer Ltd.). In Clayton Valley, Noram’s neighbor Cypress Development Corp. has published operating costs for processing lithium clays at $US3,983/tonne lithium carbonate, with current prices of lithium carbonate (99.5% pure) at $11,000/tonne.
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 Inc. (TSX - Venture: NRM / Frankfurt: N7R / OTCPINK: NRVTF) 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 multi-national lithium minerals company to produce and sell lithium into the markets of Europe, North America and Asia.
Please visit our web site for further information: www.noramventures.com
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Anita Algie”
Chief Financial Officer
Direct: (604) 553-2279
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of 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 reliance 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.