Alba Reports ON Successful Investment IN Noram: Noram Announces New Resource Estimate FOR ZEUS Lithium Deposit
FOR IMMEDIATE RELEASE
ALBA REPORTS ON SUCCESSFUL INVESTMENT IN NORAM:
NORAM ANNOUNCES NEW RESOURCE ESTIMATE FOR ZEUS LITHIUM DEPOSIT
Vancouver, British Columbia – February 7, 2020 – Alba Minerals Ltd. (“Alba” or the “Company”) (CSE: AA;
AXVEF:US; Frankfurt: A117RU) is pleased to update shareholders on its 8.9% interest in Noram Ventures
Inc. (“Noram”) and the announcement of a new resource estimate, following the Phase IV drill program
on the Zeus lithium claystone property. At a 900 ppm lithium cut -off, the Zeus deposit has 124 million
tonnes at 1136 ppm lithium as indicated resources, and 77 million tonnes lithium at 1045 ppm lithium as
inferred resources, for a total of 201 million tonnes at 1101 ppm lithium (1.18 million tonnes lithium
carbonate equivalent – “LCE”). This represents an increase in tonnage of 38 percent from the previous
resource estimate at a 900 ppm lithium cut-off.
A breakdown of grade and tonnage by resource category and by cut-off values is given in Table 1, and drill
results are given in Table 2. The resource has increased substantially from the previous resource at all
cut-off values. The Phase IV drill program was designed to test the Esmeralda Formation claystone
beneath earlier drill holes that previously extended only to ~30 meters depth. This drill program was
highly successful in expanding the resources and providing data to guide further drilling in 2020.
The Zeus lithium deposit is shown in plan view with a Google Maps image as the base in Figure 1.
Proximity to Albemarle’s Silver Peak lithium brine operation, which is currently North America’s only
lithium producer, is seen in this image. Representative cross sections with lithium grade through the
recent drill holes and through the deposit are given in Figures 2 and 3. The deposit is thicker and has
higher grades to the south and east, and is open in this direction. There is a probable fault on the
southeast side that currently bounds these resources; however there is evidence from earlier drilling that
the lithium rich claystones continue on the other side of this fault. To the south, similar faults that cut the
Esmeralda Formation lithium claystones have displacements of meters only.
C. Tucker Barrie, President and CEO of Noram Ventures Inc., notes that “this new resource of 1.18 million
tonnes LCE is notable for several reasons.”
1) “The current price for lithium carbonate (99.5% pure) is $US 8.75/kg, and most long term lithium price
estimates are significantly higher, given the rapid expansion of the electric vehicle industry. This is a very
large and potentially very valuable ($US 10.3 billion in-situ) resource.
2) Our neighbor Cypress Development Corp. has a similar lithium claystone deposit. In their 2018
Preliminary Economic Assessment report, Cypress outlined a potentially viable and very profitable
operation, with all-in operating costs at less than $US 4/kg LCE. We believe our deposit is equally viable,
and we aim to improve on these economics.
3) Lithium Americas Corp. and Ioneer Ltd. have advanced projects, and both demonstrated the viability of
lithium extraction from claystone deposits, so the technology is proven.
CSE: AA
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4) Presently, the United States government is proactive in promoting and developing critical metals within
the USA, including lithium. This means that there is strong support for developing projects like Zeus which
is on Bureau of Land Management ground in Nevada, one of the most favorable jurisdictions for mining
globally.”
“We are quite pleased with the success of this drill program and we look forward to de-risking the project
with initial engineering studies on lithium upgrading and extraction in 2020.”
Table 1. Zeus lithium deposit resource estimate, 2020-02
Figure 1. Zeus lithium deposit, Clayton Valley, Nevada , with 300 ppm (yellow), 600 ppm (orange) and 900
ppm (red) cut-off boundaries in plan view. Albemarle’s Silver Peak lithium brine ponds are seen to the
northwest. The Phase 4 drill hole collars are located in red. Drill collars for earlier programs are omitted
for clarity. Cross-sections A-A’ from northwest to southeast, and B-B’ from northeast to southwest are
given in figures 2 and 3, respectively. The lithium claystone deposit is present at the surface or under a
thin alluvium veneer, and has a strip ratio of 0.1:1. The deposit is open to the south and east on the
property where there is >2 km2 of area for future drill testing.
Figure 2. Cross section from northwest to southeast showing lithium grade. The section has a 4x vertical
exaggeration for clarity. The higher grade intervals of over 1200 ppm lithium in red and pink are relatively
pure claystone, and the lower grade material in green is commonly claystone with silt or sand. Infill
drilling and step-out drilling to the southeast are required to completely delineate the deposit.
Figure 3. Cross section from northeast to southwest showing lithium grade. The section has a 4x vertical
exaggeration. Note that the deposit thickens and has higher grades to the southwest. Further drilling is
required in this direction.
Table 2*
Phase IV Drilling Results
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 1750 1004
CVZ-48-RD 29.6 49.4 19.8 192 1260 528
CVZ-50-RD 29.6 64.6 35.0 215 1080 513
CVZ-51-RD 22.9 119.5 96.6 550 2730 1074
CVZ-52-RD 29.0 79.9 50.9 490 1720 968
CVZ-53-RD 29.6 107.3 77.7 438 2040 1070
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 1750 1020
CVZ-48 0.0 49.4 49.4 192 1510 791
CVZ-50 3.0 64.6 61.6 215 1270 713
CVZ-51 0.6 119.5 118.9 550 2730 1039
CVZ-52 0.0 79.9 79.9 490 1720 996
CVZ-53 2.9 107.3 104.4 438 2260 1072
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 Alba Minerals Ltd.
Alba Minerals Ltd. is a Vancouver-based junior resource company with projects in North and South America. Alba is focused on the development of
the following mineral properties:
The Quiron II Lithium Property consists of 2,421 hectares of prospective lithium exploration in the Pocitos Salar, Province of Salta,
Argentina. The Property is located approximately 12 km northeast from the Liberty One Lithium Corp and 19 km from Pure Energy
Minerals Ltd.’s Pocitos Prospects.
The Chascha Norte property consists of 2,843 hectares of prospective lithium exploration in the Southeastern part of the Salar de Arizaro,
Salta, Argentina in closest vicinity to Argentina Lithium & Energy Corporation’s and Lithium X’s Arizaro lithium brine projects.
The Rainbow Canyon Gold Property consists of 417 hectares of prospective gold exploration in the Olinghouse mining district, in the
Washoe County Nevada.
Please visit our web site for further information: www.albamineralsltd.com
ON BEHALF OF THE BOARD OF DIRECTORS
“Sandy MacDougall”
Chairman & Director
Phone: (604) 662-7902
This news release contains projections and forward - looking information that involve various risks and uncertainties regarding future events. Such forward - looking information can include without
limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors
that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking st atements; the uncertainty of future profitability; and the uncertainty of
access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward -looking
information. Actual results and future events could differ materially from anticipated in such information. These and all sub sequent written and oral forward - looking information are based on
estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information
should circumstance or management’s estimates or opinions change.
Neither the Canadian Securities Exchange (“CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this
release.