Noram Receives Results for CVZ-71: High-Grade Intercept of 280.0 ft (85.3 m) Averaging 1050 ppm & High of 1560 ppm
Vancouver, British Columbia - May 26, 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-71 (PH-10) and release of the final assay results. The Company completed core hole CVZ-71 at a depth of 453.5 feet (138.2 m). Sampling for assay began at 30 ft (9.1 m) and continued to the bottom of the hole. An interval thickness of 280 ft (85.3 m) was intersected from 140 ft (42.7 m) to 420 ft (128.0 m). 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)
140 ft to 420 ft (42.7 m to 128.0 m)
280.0 ft (85.3 m)
1050.0 ppm
FIGURE 1 – Example of core from CVZ-71, the first hole drilled using PQ core. PQ-sized core has a larger diameter to provide more material for ongoing metallurgical testing. This particular section shows the transition from olive claystones to the blue reduced claystones. As a general rule, demonstrated by previous programs, the blue claystones tend to have higher lithium values.
Figure 2. Comparative stratigraphy and assay results for drill hole CVZ-71 as compared to previously drilled holes CVZ-51 and CVZ-70. CVZ-51 and CVZ-70 both had long intercepts of high-grade lithium mineralization. The histogram on the sides of the holes are the composited lithium grades in ppm Li. The cross section has a 4X vertical exaggeration.
“As Noram moves toward completion of the Zeus property’s PFS, now on schedule for completion in October 2022, the assay results from CVZ-71 provide another long, high-grade intercept to the list of drillholes that is expected to upgrade a major portion of the deposit from an inferred resource to the indicated resource category” 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-71
1748556
30
35
9.1
10.7
660
CVZ-71
1748557
35
40
10.7
12.2
500
CVZ-71
1748558
40
45
12.2
13.7
780
CVZ-71
1748559
45
50
13.7
15.2
450
CVZ-71
1748560
50
55
15.2
16.8
440
CVZ-71
1748561
55
60
16.8
18.3
399
CVZ-71
1748562
60
65
18.3
19.8
450
CVZ-71
1748563
65
70
19.8
21.3
440
CVZ-71
1748564
70
75
21.3
22.9
550
CVZ-71
1748565
75
80
22.9
24.4
620
CVZ-71
1748566
80
85
24.4
25.9
490
CVZ-71
1748567
85
90
25.9
27.4
610
CVZ-71
1748568
90
95
27.4
29.0
412
CVZ-71
1748569
95
100
29.0
30.5
800
CVZ-71
1748570
100
105
30.5
32.0
640
CVZ-71
1748571
105
110
32.0
33.5
910
CVZ-71
1748572
110
115
33.5
35.1
750
CVZ-71
1748573
115
120
35.1
36.6
520
CVZ-71
1748574
120
125
36.6
38.1
550
CVZ-71
1748575
125
130
38.1
39.6
560
CVZ-71
1748576
130
135
39.6
41.1
580
CVZ-71
1748577
135
140
41.1
42.7
890
CVZ-71
1748578
140
145
42.7
44.2
1190
CVZ-71
1748579
145
150
44.2
45.7
1050
CVZ-71
1748580
150
155
45.7
47.2
610
CVZ-71
1748581
155
160
47.2
48.8
1060
CVZ-71
1748582
160
165
48.8
50.3
770
CVZ-71
1748583
165
170
50.3
51.8
740
CVZ-71
1748584
170
175
51.8
53.3
810
CVZ-71
1748585
175
180
53.3
54.9
750
CVZ-71
1748586
180
185
54.9
56.4
680
CVZ-71
1748587
185
190
56.4
57.9
1180
CVZ-71
1748588
190
195
57.9
59.4
1040
CVZ-71
1748589
195
200
59.4
61.0
1930
CVZ-71
1748590
200
205
61.0
62.5
1270
CVZ-71
1748592
205
210
62.5
64.0
870
CVZ-71
1748593
210
215
64.0
65.5
860
CVZ-71
1748594
215
220
65.5
67.1
810
CVZ-71
1748595
220
225
67.1
68.6
1260
CVZ-71
1748596
225
230
68.6
70.1
880
CVZ-71
1748597
230
235
70.1
71.6
850
CVZ-71
1748598
235
240
71.6
73.2
1210
CVZ-71
1748599
240
245
73.2
74.7
960
CVZ-71
1748600
245
250
74.7
76.2
1160
CVZ-71
1851201
250
255
76.2
77.7
1130
CVZ-71
1851202
255
260
77.7
79.2
1090
CVZ-71
1851203
260
265
79.2
80.8
1170
CVZ-71
1851204
265
270
80.8
82.3
1150
CVZ-71
1851205
270
275
82.3
83.8
1430
CVZ-71
1851206
275
280
83.8
85.3
1110
CVZ-71
1851207
280
285
85.3
86.9
1070
CVZ-71
1851208
285
290
86.9
88.4
1040
CVZ-71
1851209
290
295
88.4
89.9
1180
CVZ-71
1851210
295
300
89.9
91.4
1410
CVZ-71
1851211
300
305
91.4
93.0
1370
CVZ-71
1851212
305
310
93.0
94.5
1410
CVZ-71
1851213
310
315
94.5
96.0
1360
CVZ-71
1851214
315
320
96.0
97.5
860
CVZ-71
1851215
320
325
97.5
99.1
750
CVZ-71
1851216
325
330
99.1
100.6
1070
CVZ-71
1851217
330
335
100.6
102.1
1150
CVZ-71
1851218
335
340
102.1
103.6
840
CVZ-71
1851219
340
345
103.6
105.2
900
CVZ-71
1851220
345
350
105.2
106.7
820
CVZ-71
1851221
350
355
106.7
108.2
820
CVZ-71
1851222
355
360
108.2
109.7
930
CVZ-71
1851223
360
365
109.7
111.3
1010
CVZ-71
1851224
365
370
111.3
112.8
970
CVZ-71
1851225
370
375
112.8
114.3
810
CVZ-71
1851226
375
380
114.3
115.8
1060
CVZ-71
1851227
380
385
115.8
117.3
950
CVZ-71
1851228
385
390
117.3
118.9
910
CVZ-71
1851229
390
395
118.9
120.4
1020
CVZ-71
1851230
395
400
120.4
121.9
1070
CVZ-71
1851231
400
405
121.9
123.4
1510
CVZ-71
1851232
405
410
123.4
125.0
1560
CVZ-71
1851233
410
415
125.0
126.5
960
CVZ-71
1851234
415
420
126.5
128.0
970
CVZ-71
1851235
420
425
128.0
129.5
860
CVZ-71
1851236
425
430
129.5
131.1
720
CVZ-71
1851237
430
435
131.1
132.6
660
CVZ-71
1851238
435
440
132.6
134.1
700
CVZ-71
1851239
440
445
134.1
135.6
690
CVZ-71
1851240
445
450
135.6
137.2
760
CVZ-71
1851241
450
453.5
137.2
138.2
770
Table 1 - Sample results from CVZ-71 from 30 ft (9.1 m) to depth of 453.5 ft (138.2 m).
The samples were analyzed by the ALS laboratory in Reno, Nevada. Certified reference standard samples were included in the sample batch and returned values that were within their expected ranges.
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
C: 778.344.4653
Noram Lithium Corp.
Suite 2150 - 555 West Hastings Street
Vancouver BC V6B 4N6
T: 604.553.2279
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).