DRILLING UNDERWAY ON ZEUS PROPERTY, CLAYTON VALLEY
Noram Ventures Inc. (NRM.V) has received final permit approval from the U.S. Bureau of Land Management (BLM), and drill crews have been mobilized to Noram's Zeus property in the Clayton Valley, Nevada, United States.
Noram's NI43-101 Inferred Resource & Phase II, Zeus Property
In 2017, Noram announced a NI43-101 compliant inferred resource of 17 million tonnes at a grade of 1060 ppmlithium in clays (which equates to 96,476 metric tonnes of LCE) based on aPhase I drill program that involved the completion of 46 holes to an averagedepth of 47 feet (14.3 metres). The Zeus claim blockconsists of 140 claims at 20 acres each, or 2800 acres.The resourcepolygon for the 17 million tonnes covered 113 acres, or 4%.While thePhase I drilling was more extensive than just the resource polygon, it didn'tfully evaluate the areas covered because the holes were so shallow.Thecomplete NI 43-101 Technical Report is available on SEDAR.
Phase II was successfully completed in May 2018. InPhase II, 9 of the original 29 core holes used in the maiden resource estimatewere deepened to approximately 300 feet (100 metres). The 9 holes drilled in Spring 2018 deepenedexisting holes to an average depth of 270 feet (82.2 metres), which is 5.75times the previous average depth used in the resource estimate. Results of the Phase II drilling were announced in anAugust 10, 2018 release.
PhaseIII Drill Program, Zeus Property
This will be the third round of core drilling on theZeus property and is expected to significantly expand the previously announcedNI 43-101 inferred resource. The Phase III drilling is intended to evaluate 1380 acres, or49% of the Zeus claims. This Phase III program will involve the drilling of 17additional core holes, each to a depth of approximately 100 feet (30meters).
While the 17 Phase III holes will be relativelyshallow (100 feet/30metres), they have been permitted to depths of 400 feet(120 meters) so that they can be deepened at a later time if results continue to be encouraging.The drill holelocations have been selected to the north, south, east and west of the inferredresource area and include step-outs of 1000 feet (300 meters) to 2000 feet (600 meters).The larger step-outs are based ondeposit knowledge gained from previous Noram drilling and from drilling byCypress Development whose property lies directly west and south of Noram's Zeusclaims and who recently filed a positive Preliminary Economic Assessment on aportion of their deposit.
Geologists for both Noram and Cypress believe that the deposit is part of theClayton Valley playa lakebed that has been uplifted to surface byfaulting.With that in mind, the depositis considered to be a blanket-like layer that is 200 feet; 300 feet (100meters) thick that extends across the property boundary between Noram andCypress and has yet to be fully defined. Noram's Phase III drilling is intendedto delineate a very large area of the Zeus claims that have not been fullytested but have the lithium-rich clays exposed at or near the surface.
"We look forward to initiating our third phase of drilling andexpanding our current Inferred Resource Estimate. Now having a 100% ownershipof the property, we are confident that Noram can move forward aggressively onthe Zeus Property and shareholder value will be enhanced" reported Mark Ireton,President of Noram.
Following this Phase III, a newresource estimate will be determined utilizing the additional data garneredfrom both the Phase II and Phase III drill programs. Noram expects to completean update NI 43-101 compliant resource estimate report by the end of Q1 2019.
The technical informationcontained in this news release has been reviewed and approved by Bradley C.Peek Msc. and Certified Professional Geologist who is a Qualified Person withrespect to Noram's Clayton Valley Lithium Project as defined under NationalInstrument 43-101.
About NoramVentures Inc.
Noram Ventures Inc. (TSX - Venture: NRM /Frankfurt: N7R / OTCBB: NRVTF) is a Canadian based junior exploration company,with a goal of developing lithium deposits and becoming a low - cost supplierfor the burgeoning lithium industry. The Company's primary business focus sinceformation has been the exploration of mineral projects. Noram's long termstrategy is to build a multi-national lithium minerals company to produce andsell lithium into the markets of Europe, North America and Asia.