Noram Completes Major Milestone: Infill Drill Program FOR Pre-Feasiblity Study Completion and Commencement of Plan of Operations
Noram Lithium Corp.
Suite 2150 – 555 West Hastings Street
Vancouver BC V6B 4N6
T: 604.553.2279
NORAM COMPLETES MAJOR MILESTONE:
INFILL DRILL PROGRAM FOR PRE-FEASIBLITY STUDY
COMPLETION AND COMMENCEMENT OF PLAN OF OPERATIONS
Vancouver, British Columbia – May 12, 2022 – Sandy MacDougall, CEO of Noram Lithium
Corp. (“Noram” or the “Company”) (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is pleased
to announce that the Company has successfully completed the Phase VI infill drill program on the
Zeus Lithium Project in Clayton Valley , Nevada. The Zeus Project contains a current NI 43-101
measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and
an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li
cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and
IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long
term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6
Billion and an IRR of 52% at US$14,000/tonne LCE.
All 12 of the Phase VI proposed holes were completed to, or beyond, their anticipated depths for
a total of 5246 ft (1599 m) of drilling. Most of the holes were drilled with HQ-size core with a
diameter of 2.5 inches (63.5 mm). However, 4 of the holes were drilled with PQ-size (3.35 inches,
85 mm diameter) to be used for the ongoing metallurgical test work. The samples from the core
have been hand-delivered to ALS Laboratory in Reno, Nevada for processing. QA/QC samples
have been inserted into the sample stream to confirm sample results.
Figure 1 – The last batch of Phase VI drilling samples as they were delivered to ALS in Reno, Nevada.
“This is a significant milestone for Noram” stated CEO and Director, Sandy MacDougall “with
the completion of this drilling, the inferred resource calculation will be confidently upgraded to
the indicated category. This marks one of the final steps require d to complete the Prefeasibility
Study (“PFS”) in the near term. While we have only received results from 2 of the 12 holes, the
results supersede our expectations, and we can confidently say that a PFS superior to the PEA
would not be surprising. All assays are being processed on a rush basis and we expect to receive
the balance of the results shortly. Noram is on track to complete the PFS in the fall of 2022 while
simultaneously working on new and innovative solutions to become a leader in the green
technology space.”
Figure 2 – Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 holes
completed under the Phase VI Program. Phase VI holes are shown as purple squares.
The Company has also begun initial preparation for the completion of a Plan of Operations (PoO)
with the Tonopah, Nevada field office of the Bureau of Land Management. Results from the Phase
VI drilling will be needed to determine whether additional drilling , bulk sampling, etc. will be
required to carry the project through the PFS and DFS stages . These elements are essential to
determine what goes into the PoO. The DFS is expected to follow closely on the heels of this fall’s
PFS.
The technical information contained in this news release has been reviewed and approved by Brad
Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium
Project as defined under National Instrument 43-101.
About Noram Lithium Corp.
Noram Lithium Corp . (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is a well-financed
Canadian based advanced Lithium development stage company with less than 90 million shares
issued. Noram is aggressively advancing it s Zeus Lithium Project in Nevada from the
development-stage level through the completion of a Pre -Feasibility Study in 2022 . The
Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada.
The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363
million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes
grading 884 ppm lithium utilizing a 400 ppm Li cu t-off. In December 2021, a robust PEA **
indicated an After -Tax NPV(8) of US$1.299 Billion and IRR of 31% using US$9,500 /tonne
Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the
PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at
US$14,000/tonne LCE.
Please visit our web site for further information: www.noramlithiumcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
CEO and Director
C: 778.999.2159
For additional information please contact:
Peter A. Ball
President and Chief Operating Officer
C: 778.344.4653
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 o r implied by such forward -looking information. Forward -looking
information in this news release includes statements regarding, among other things, the completion of the engagement
of Bridgeview and the approval of the TSX Venture Exchange . Factors that cou ld 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 tha t 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. *Updated Lithium Mineral Resource Estimate,
Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment
Zeus Project, ABH Engineering (December 2021).