Noram Lithium Engages Srk Consulting to Optimize ZEUS MINE Plan
Noram Lithium Corp.
Suite 2150 – 555 West Hastings Street
Vancouver BC V6B 4N6
T: 604.553.2279
NORAM LITHIUM ENGAGES SRK CONSULTING TO
OPTIMIZE ZEUS MINE PLAN
Vancouver, British Columbia – February 6, 2023 – Noram Lithium Corp. (“Noram” or the
“Company”) (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) announces that is has engaged
SRK Consulting (U.S.) Inc. (“SRK”) to produce an optimized mine plan for its 100% owned Zeus
Lithium Project (“Zeus” or the “Project”) in Clayton Valley, Nevada. The optimization study will
focus on the high- grade zone of the Zeus deposit, a component of the recently updated Mineral
Resource Estimate for the Project (see news release dated January 31, 2023). The high-grade zone
at Zeus outcrops at surface and is approximately 60 meters thick x 1.2 kilome ters wide x 3.0
kilometers long. The results of the study will form the basis for future technical, operational and
economic studies for development and further de-risking of the Project.
“With an updated Measured and Indicated Resource that supports a +100 year mine life based on
our Preliminary Economic Assessment process plant design, it is prudent that we look at how we
can optimize the early part of the mine design to deliver the highest return on invested capital for
our stakeholders,” stated Greg McCunn, Chief Executive Officer of Noram. “The Zeus deposit is
unique among sedimentary lithium deposits in that it has a high -grade core that provides us with
the flexibility to run various scenarios on mining rates in combination with process plant capacity
to optimize lithium carbonate production and minimize upfront capital cost.”
SRK's initial scenario analysis work will comprise a detailed data review; followed by scenario
definition; pit optimization; mine scheduling; mine costing; economic modelling, and ultimately
selection of the preferred scenario for advancing the Project.
About SRK
Established in 1974, the SRK group employs more than 1400 staff in over 45 offices on six
continents with over 150 internationally recognized associates to complement the team. Work for
the Zeus Project will be carried out from SRK’s offices in Reno, Nevada with support from SRK
Consulting (Canada) Inc. from its office in Vancouver, Canada.
SRK’s mining team have developed an innovative and rigorous mine planning methodology that
takes a mineral resource through to comprehensive technical reports. The methodology focuses
on pit optimization, economic mining depth, size and scale of operations. SRK is highly
experienced at identifying and producing client-focused solutions to technical challenges that meet
corporate objectives for project development.
About Noram Lithium Corp.
Noram Lithium Corp. (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is focusing on
advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging
lithium hub within the United States. With the upsurge in the electric vehicle and energy storage
markets the Company aims to become a key participant in the domestic supply of lithium in the
United States. The Company is committed to creating shareholder value through the strategic
allocation of capital and is well-funded with approximately CAD$14 million in cash on
December 31, 2022 and no debt.
About the Zeus Project (100% Noram)
The Zeus Lithium Project contains a Measured and Indicated Resource estimate of 5.2 Mt Lithium
Carbonate Equivalent (“LCE”, 1034 Mt at 941 ppm lithium), and an additional Inferred resource
estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off.
In December 2021, a PEA1 indicated the Project could produce an annual average of 31,900 tonnes
of Lithium Carbonate for supply to battery manufacturers with an modelled mine life of 40 years
(resources support a +100 year mine life). The PEA outlined a US$528 million capital cost to
construct the Project with a n after-tax NPV (8%) of US$1.3 billion and an IRR of 31% using
US$9,500/tonne LCE pricing. The PEA indicates an a fter-tax NPV(8%) of US$2.7 billion and an
IRR of 52% at US$14,250/tonne LCE pricing. Note that the current daily prices have increased to
over US$70,000/tonne LCE.
Please visit our web site for further information: www.noramlithiumcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder and Executive Chairman
C: 778.999.2159
For additional information please contact:
Greg McCunn
Chief Executive Officer
C: 778.991.3798
Cautionary Statement Regarding Forward Looking Information
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 opportunit ies 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, that the results of the study will form the basis for future technical, operational and economic studies for development of the mining
project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory
approval processes. Alt hough 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 s uch
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 i nformation, whether as a result of new
information, future events or otherwise, other than as required by applicable securities laws.
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.