Updated Resource Estimate Significantly Expands Noram’S ZEUS Lithium Deposit, Clayton Valley, Nevada
TSX.V: NRM
Frankfurt: N7R
OTCPINK: NRVTF
FOR IMMEDIATE RELEASE
UPDATED RESOURCE ESTIMATE SIGNIFICANTLY EXPANDS NORAM’S
ZEUS LITHIUM DEPOSIT, CLAYTON VALLEY, NEVADA
Vancouver, British Columbia – February 21, 2019 – Noram Ventures Inc. is pleased to report a new
inferred resource estimate for the Zeus lithium property, which is adjacent to Albemarle’s lithium
brine producer in Clayton Valley, Nevada. At a 900 ppm lithium cut-off, the new inferred resource is
145 million tonnes at a grade of 1145 ppm lithium; more than 8.5x the previously reported estimate.
In 2018, Noram completed two additional phases of drilling, (the Phase II and Phase III drill programs ),
which are newly incorporated into the new inferred resource calculation. In total, 60 drill holes have been
included within the resource area. The new inferred resource estimate is 145 million tonnes at a grade of
1145 ppm lithium, at a cut-off grade of 900 ppm Li (Table 1). Sensitivity analysis at 300 ppm Li cutoff and
600 ppm Li cutoff are also given in Table 1. While the updated NI 43-101 report is not yet finalized, it is
expected within the next 45 days and the Company’s Qualified Person (Bradley C. Peek) feels sufficiently
certain that these preliminary calculated values are reasonable and will not vary significantly from the final
NI 43-101 report values.
Cutoff Grade
300 ppm Li –
Sensitivity
Analysis
600 ppm Li– Sensitivity
Analysis
900 ppm Li: Mineral
Resource Estimate
Tonnes (1000s) 330,670 251,526 145,168
Grade (ppm) 858 984 1145
Contained Li (kg) 283,796,297 247,569,218 166,238,452
Table 1. Inferred resources for the Zeus lithium deposit, Clayton Valley, Nevada
This expanded resource estimate for the Zeus lithium deposit is 8.5 times the tonnage of the previous
resource reported in 2017 and at a higher grade, (the previous inferred resource reported 17 million tonnes
at 1060 ppm Li: see Noram press release Nov. 21, 2017; and Peek and Spanjers, 2017). At a cut-off grade
of 900 ppm, the grade of 1145 ppm lithium corresponds to a lithium carbonate equivalent grade of 0.61
wt.% Li2CO3, and the contained lithium corresponds to 0.88 million tonnes lithium carbonate equivalent (1
kg Li = 5.323 kg Li2CO3). Current lithium carbonate (99.5% purity) prices in China are $12,500 - $14,500
per tonne (as of Feb. 9, 2019: www.metalsbulletin.com).
The inferred resource reported here is considered an update of the inferred resource reported in Peek and
Spanjers (2017) and was estimated using a block model and the inverse distance squared method for the
calculations.
A Google Earth image of the property with the drill holes used in this resource calculation, and with outlines
for the >300 ppm Li, >600 ppm Li and >900 ppm Li is seen below in Figure 1. In Figure 2, North – South
Noram Ventures Inc.
Suite 2150 - 555 West Hastings Street, Vancouver, BC, Canada, V6B 4N6
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and West – East cross-sections are shown, based on all three phases of drilling. Higher grade (>1000 ppm
Li) material is open at depth and to the southeast, with the property boundary from 1 -2 km away from the
currently defined inferred resource.
Figure 1. Google Earth image showing the area underlain by the mineral resrouce estimate (area in red, 900 ppm Li
cutoff); and the boundaries for the 300 ppm Li and 600 ppm Li cutoff sensitivity analyses (orange and yellow lines,
respectively). Also shown are the 3 phases of drill holes (Phase I in green; Phase 2 in yellow; Phase 3 in red) . The
blue line is a portion of the Zeus claim block outline. Albemarle’s Silver Peak lithium brine ponds lie 1 km to west and
northwest of the Zeus property in Clayton Valley.
Noram Ventures Inc.
Suite 2150 - 555 West Hastings Street, Vancouver, BC, Canada, V6B 4N6
Tel.: 604-553-2279 | Website: www.noramventures.com | email: [email protected]
Figure 2. Zeus lithium deposit cross sections, with drill holes labeled (see figure 1 for locations). Above: North –
South cross section. Below: West – East cross -section. The lithium clays are within playa lake sediments of the
Esmeralda Formation.
The deposit is within playa lake clays of the Miocene -Pliocene (23 – 2.5 million years old) Esmeralda
Formation. Initial mineralogy studies on the clays at surface and in drill core indicate the following
favorable features: 1) 35%-65% of the mat erial is detrital gravel and sand, and can be separated from the
clay minerals during processing using sieves and cyclones. Separating this material effectively increases
the grade two-fold before leach treatment of the clays. 2) The clay minerals are non -refractory and can be
successfully treated with sulfuric acid to extract lithium (see Barrie et al., 2018). 3) Approximately 5 percent
of the material is calcium carbonate and may be separated along with the other coarse -grained material.
This can significantly reduce the amount of acid necessary to extract lithium during processing.
Two other favorable indicators come from the assay ICP geochemical data, as follows: 1) There is marked
sodium enrichment within 10 meters of the surface, which is believed to reflect residual salts and suggests
that some of the lithium resource may be soluble in water alone, as is the case elsewhere in the Esmeralda
Formation. 2) There is a notable enrichment in rubidium at the hundreds of ppm level. Rubidium, like
lithium is an alkali element and may be recoverable during processing.
Noram Ventures Inc.
Suite 2150 - 555 West Hastings Street, Vancouver, BC, Canada, V6B 4N6
Tel.: 604-553-2279 | Website: www.noramventures.com | email: [email protected]
In the coming months, Noram intends to conduct a preliminary economic assessment study aimed at a
detailed understanding of the geological and mineralogical controls on mineralization in order to determine
the most cost-effective, efficient and environmentally-friendly methods of lithium extraction; with the goal
of producing a marketable lithium carbonate or lithium hydroxide product.
The Noram management team commented that “if you want to develop a lithium deposit, Clayton Valley is
high on the list of places to do so, with Albemarle’s Silver Peak lithium brine operations next door . We
note that the Tesla lithium battery gigafactory is 220 km down the road and is one of at least ten lithium
battery factories recently built or under construction for the global auto sector . We aim to work with our
neighbors in Clayton Valley, under the guidance of the U.S. Bureau of Land Management and the Neva da
Bureau of Mines, to develop these lithium resources to support the future of green energy.”
The mineral resource estimates in this press release use the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM), Standards on Mineral Resources and Re serves, Definitions and Guidelines. According
to the CIM definitions, a Mineral Resource must be potentially economic in that it must be “in such form
and quantity and of such grade or quality that it has reasonable prospects for eventual economic extraction”.
The technical information contained in this news release has been reviewed and approved by Bradley C.
Peek MSc., a Certified Professional Geologist who is independent of Noram Ventures and is a Qualified
Person with respect to Noram’s Clayton Valle y Lithium Project as defined under National Instrument 43 -
101.
References
Barrie, C. T., Peek, B., and Whittaker, P., 2018, Lithium clay deposits of the Zeus Property, Eastern Clayton Valley, Nevada: American Geophysical
Union Annual Meeting, Washington, D.C., extended abstract 6 p.
Peek, B. C., and Spanjers, R. P., 2017, NI 43-101 Technical Report, Lithium inferred mineral resource estimate, Clayton Valley, Esmeralda County,
Nevada, USA, for Noram Ventures Ltd., 67 p.
About Noram Ventures Inc.
Noram Ventures Inc. (TSX - Venture: NRM / Frankfurt: N7R / OTC PINK: 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 COMPANY
/s/ “C. Tucker Barrie, Ph.D., P.Geo.”
President and CEO, Noram Ventures Inc.
Direct: (604) 553-2279
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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 a nd 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 mat erially from such forward-looking information include,
but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the for ward-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 occu r 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.