|Value Proposition||Economic development of lithium-enriched sediments within one of the world’s best-known locations of lithium enrichment.|
|Property Location||Property covers an area of 1214.06 hectares (3000 acres).
Within Nevada’s Clayton Valley, approximately halfway between Las Vegas and Reno, and within two kilometers of Albemarle Corporation’s lithium brine operations.
|Target Summary||Clay-based lithium rich sediments that occur at surface over a wide area on the property.|
|Ownership||100% interest in the Property.|
NI 43-101 Technical Report on Zeus Property
Inferred Mineral Resource of approximately 17 million metric tonnes at a grade of about 1,060 ppm Li, which equates to 96,476 Lithium Carbonate Equivalent (“LCE”).
Noram is pleased to provide a synopsis of its previously disclosed NI 43-101 report. The Technical Report includes a detailed review of the exploration work completed to date, an inferred resource estimate, interpretations and conclusions, and recommendations for the next phases of work.
Noram’s land position in Clayton Valley, Nevada consists of 150 placer claims and 140 lode claims. The land package covers 1214.06 hectares (3000 acres). The perimeter of Noram’s claims are located within 1-mile (1.6 kilometers) of Albemarle Corporation’s (Albemarle’s) lithium brine operations. Lithium is produced at Albemarle’s plant from deep wells that pump brines from the basin beneath the Clayton Valley playa. The plant is the only lithium producer in the United States and has been producing lithium at this location continuously since 1967. Between Albemarle’s operations and Noram’s land position lies a property comparable in size to the Zeus Property and held by Cypress Development Corp.
The drilling of 46 shallow core holes into the lithium-rich sediments that were previously identified through surface sampling has provided a basis for the definition of an inferred lithium resource. The lithium assays from the drilling provided results that were quite consistent over a reasonably large area of close-spaced drill holes. The model generated for the inferred resource estimate indicated a zone of higher lithium grades trending northwest-southeast through the area of the resource. The deposit remains open in several directions and at depth and the drilling only tested a very small portion of the area covered by the extensive claim holdings. There is considerable upside potential for increasing the size of the deposit.
The model that was generated from the close-spaced drilling was not constrained by the lithology, since the lithology was very homogeneous and did not permit lithologic correlations between drill holes. Information about the mining, processing or other economic criteria does not allow for the designation of a clear cut-off grade for the deposit. These factors are to be determined by future testing and analysis. For these reasons, the model was generated using various ranges of lithium grades which will serve as guidelines as additional information becomes available to constrain the model. The model herein reports a resource of approximately 17 million metric tonnes at a grade of about 1060 ppm Li.
The model reports an Inferred Mineral Resource of approximately 17 million metric tonnes at a grade of about 1,060 ppm Li, which equates to 96,476 metric tonnes of LCE. The tonnes of LCE is calculated by multiplying the tonnage of the deposit (17,098,480) times the grade (1060 ppm or 0.106% or 0.00106) to get the total amount of lithium metal in the deposit (18,124 tonnes). The amount of lithium metal is then multiplied by the lithium to lithium carbonate conversion factor (5.323) to get the total LCE of the deposit (96,476 tonnes). The conversion factor is based on the relative atomic weights of lithium and lithium carbonate.
Phase II Drill Program Spring 2018
Summary of Drill Holes
Phase lll Drill Program
The Company intends to drill 17 holes to an approximate depth of 100ft. Following this new drilling, it is expected that a new resource estimate will be determined to include both Phase II and Phase III programs; the goal of which is to complete an updated NI 43-101 report by the end of first quarter 2019.