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Noram Ventures Inc.
Summary
| Project: | Clayton Valley | |
|---|---|---|
| Deposit: | Zeus | |
| Location: | United States | |
| Commodities: | Lithium | |
| Date: | 2/6/2020 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 6-2-2020: Noram Ventures Inc. announces a Resource Estimation report for its Zeus deposit at the Clayton Valley project. Updated mineral resource estimate at Zeus. Vancouver, British Columbia – February 5, 2020 – Noram Ventures Inc. (“Noram”) (TSX - Ventu | |
| Resources: | (Resource, I+I): 200.857Mt @ 1101ppm Li (900ppm Cut-off) | |
| CP/QP: | [Resources]: Bradley C. Peek (Not stated) | |
| ABSTRACT: | Vancouver, British Columbia – February 5, 2020 – Noram Ventures Inc. (“Noram”) (TSX - Venture: NRM / Frankfurt: N7R / OTCPINK: NRVTF) is pleased to announce a new resource estimate, following the Phase IV drill program on the Zeus lithium claystone property. At a 900 ppm lithium cut-off, the Zeus deposit has 124 million tonnes at 1136 ppm lithium as indicated resources, and 77 million tonnes lithium at 1045 ppm lithium as inferred resources, for a total of 201 million tonnes at 1101 ppm lithium (1.18 million tonnes lithium carbonate equivalent – “LCE”). This represents an increase in tonnage of 38 percent from the previous resource estimate at a 900 ppm lithium cut-off. A breakdown of grade and tonnage by resource category and by cut-off values is given in Table 1, and drill results are given in Table 2. The resource has increased substantially from the previous resource at all cutoff values. The Phase IV drill program was designed to test the Esmeralda Formation claystone beneath earlier drill holes that previously extended only to ~30 meters depth. This drill program was highly successful in expanding the resources and providing data to guide further drilling in 2020. The Zeus lithium deposit is shown in plan view with a Google Maps image as the base in Figure 1. Proximity to Albemarle’s Silver Peak lithium brine operation, which is currently North America’s only lithium producer, is seen in this image. Representative cross sections with lithium grade through the recent drill holes and through the deposit are given in Figures 2 and 3. The deposit is thicker and has higher grades to the south and east, and is open in this direction. There is a probable fault on the southeast side that currently bounds these resources; however there is evidence from earlier drilling that the lithium rich claystones continue on the other side of this fault. To the south, similar faults that cut the Esmeralda Formation lithium claystones have displacements of meters only. | |
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