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23.06.2022
Noram Receives Results for CVZ-80 with High-Grade Intercept of 238ft and Li High of 1720ppm

Vancouver, British Columbia - June 23, 2022 - Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company”) (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is pleased to announce the successful completion of CVZ-80 (PH-12) and release of the final assay results. The Company completed core hole CVZ-80 at a depth of 356 feet (108.5 m). Sampling for assay began at 118 ft (36.0 m) and continued to the bottom of the hole, an interval thickness of 238 ft (72.5 m) was intersected. The hole ended in mineralization and the weighted average lithium values present were as follows:

 

Depth of Interval Intersection

Total thickness

Weighted Average Lithium (ppm)

118 ft to 356 ft (36.0 m to 108.5 m)

238.0 ft (72.5 m)

1168 ppm

Including:

 

 

240 ft to 356 ft (75.6 m to 108.5 m)

108.0 ft (32.9 m)

1476 ppm

 

”Like CVZ-79 just to the north of it, CVZ-80 was drilled along the eastern edge of the Zeus property. These holes continue to extend the known lithium mineralization in that direction while upgrading a portion of the inferred resource to the indicated category. We are very pleased with these thick intersections of excellent grade material” comments Brad Peek, VP of Exploration and geologist on all six phases of Noram’s Clayton Valley exploration drilling.

 

Hole ID

Sample No.

From (ft)

To (ft)

From (m)

To (m)

Li (ppm)

CVZ-80

1851310

118

128

36.0

39.0

990

CVZ-80

1851311

128

138

39.0

42.1

940

CVZ-80

1851312

138

148

42.1

45.1

770

CVZ-80

1851313

148

158

45.1

48.2

780

CVZ-80

1851314

158

168

48.2

51.2

1050

CVZ-80

1851315

168

178

51.2

54.3

900

CVZ-80

1851316

178

188

54.3

57.3

880

CVZ-80

1851318

188

198

57.3

60.4

950

CVZ-80

1851319

198

208

60.4

63.4

840

CVZ-80

1851320

208

218

63.4

66.4

1160

CVZ-80

1851321

218

228

66.4

69.5

910

CVZ-80

1851322

228

238

69.5

72.5

780

CVZ-80

1851323

238

248

72.5

75.6

920

CVZ-80

1851325

248

258

75.6

78.6

1720

CVZ-80

1851326

258

268

78.6

81.7

1490

CVZ-80

1851327

268

278

81.7

84.7

1220

CVZ-80

1851328

278

288

84.7

87.8

1490

CVZ-80

1851329

288

298

87.8

90.8

1370

CVZ-80

1851330

298

308

90.8

93.9

1600

CVZ-80

1851331

308

318

93.9

96.9

1500

CVZ-80

1851333

318

328

96.9

100.0

1500

CVZ-80

1851334

328

338

100.0

103.0

1450

CVZ-80

1851335

338

348

103.0

106.1

1510

CVZ-80

1851336

348

356

106.1

108.5

1360

 

Table 1 - Sample results from CVZ-80 from 118 ft to a depth of 356 ft.

 

The samples were analyzed by the ALS laboratory in Reno, Nevada. QA/QC samples were included in the sample batch and returned values that were within their expected ranges.

 

 

Figure 2 - Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 holes completed for Phase VI. Phase VI holes are indicated in purple.

 

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 and a fully funded treasury. Noram is aggressively advancing its 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 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.

 

Please visit our web site for further information: www.noramlithiumcorp.com.

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

Sandy MacDougall

Chief Executive Officer and Director

C: 778.999.2159

 

For additional information please contact:

Peter A. Ball

President and Chief Operating Officer

peter@noramlithiumcorp.com

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 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 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 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 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).

 



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