ACQUIRES 100% OF FLAGSHIP ZEUS LITHIUM PROPERTY IN CLAYTON VALLEY, NEVADA AND PROCEEDS WITH PHASE III DRILL PROGRAM
Noram Ventures Inc. (NRM.V) has successfully acquired 100 per cent of the Zeus Clayton Valley lithium property at the annual general and special meeting held on Nov. 13, 2018, and is proceeding with the phase III drill program.
On November 13, 2018, the shareholders of the Company voted 100% unanimously in favour of the special resolution to acquire the remaining 25% interest in the Zeus Property, (the "Property"). The Company is exceptionally pleased to announce that Noram now holds a 100% interest in its flagship Property and plans to proceed immediately with the 17-hole Phase III drill program.
Additionally, the Company is pleased to announce that Phase III drill permitting has been successfully granted. The drill team has been mobilized and is on the ground. A CAT drill will be onsite and running 24 hours a day until the program has been completed. All 17 holes will be drilled to an approximate depth of 30m (100ft). This phase of drilling is designed to expand the existing resource and extend the mineralization to the south and east of the current resource area.
Noram's NI 43-101 Inferred Resource, Zeus Property, Clayton Valley, Nevada
Since Noram's previously announced NI 43-101 compliant inferred resource of 17 million tonnes at a grade of 1060 ppm lithium (which equates to 96,476 metric tonnes of LCE) in 2017, the Company completed a second Phase of drilling in the Spring of 2018. The previous drilling on which the inferred resource was based reached an average depth of 14.3 meters. The 9 holes drilled in Spring 2018 deepened existing holes to an average depth of 82.2 meters, which is 5.75 times the previous average depth used in the resource estimate. The complete NI 43-101 Technical Report is available on SEDAR.
"We look forward to completing our third phase of drilling and significantly expanding our current Inferred Resource Estimate. Having successfully achieved a 100% ownership interest in the property, we are confident that Noram will be able to move forward aggressively on the Zeus Property and enhance shareholder value" reported Mark Ireton, President of Noram.
Following this new drilling, a new resource estimate will be determined utilizing the additional data garnered from both the Phase II and Phase III drill programs. Noram will complete an update NI 43-101 compliant resource estimate report by the end of Q1 2019.
About Noram Ventures Inc.
Noram Ventures Inc. (TSX - Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF) is a Canadian based junior exploration company, with a goal of becoming a force in the Green Energy Revolution through the development of lithium deposits and becoming a low - cost supplier for the burgeoning lithium battery industry. 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.