VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / January 29, 2019 / Noram Ventures Inc. ("Noram") (TSX - Venture: NRM / Frankfurt: N7R / OTC PINK: NRVTF has completed the drilling of 15 core holes in Clayton Valley for its Phase III drilling program. All but three holes reached their targeted depth of 100 feet (30.5 meters). The average hole depth was 29.2 meters, and a total of 437.4 meters were drilled. The holes were limited to depths of 30.5 meters with the idea of deepening the more encouraging ones at a later date. Preliminary indications are that the the favorable lithium clay horizon continues to the northwest and south of the previously drilled areas (see figure 1 below), and that Noram will want to deepen most of the Phase III holes. Initial results of the drill hole assays are given in Table 1.
PHASE III DRILLING HIGHLIGHTS
The drilling was accomplished using a BQ wireline rig between November 17 and December 12, 2018. All of the core holes were vertical. The core was split on-site and sent to ALS Laboratories in Reno, Nevada for analysis using a four acid digestion and MS-ICP analyzers. Table 2 lists the coordinates and depths of each hole.
PHASE III DRILLING
Drill Hole Location Data
Figure 1. Location map showing the proximity of Noram's Zeus claim block in relation to the Albemarle facilities which have been producing lithium continuously for more than 50 years.
Figure 2. Sketch map of the Zeus lithium clay property lode claims in eastern Clayton Valley, Nevada. Phase III drill holes are labeled without CVZ prefixes to the right of the drill collars, and the average lithium content for the entire drill hole is given in italics above each drill collar; see Tables 1 and 2. The area in green highlights Phase II drill holes with potential to average >1000 ppm lithium to depths of ~30 meters. The area in red is the outline for the initial NI43-101 inferred resource of 17 million tonnes with a grade of 1060 ppm lithium (Peek and Spanjers, 2018). The Phase II drill program deepened nine of the drill holes within the red area from ~30 feet to ~100 meters average, and these results were announced August 13, 2018.
With the completion of the Phase III drilling, Noram has now drill tested approximately one third of the aerial extent of its nearly 12 square kilometer Zeus claim block. Significant potential remains at depth and to the east and south of the current drilling. An updated NI 43-101 resource estimate which incorporates all of the Phase II and Phase III drilling thus far completed is in progress.
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc and Certified Professional Geologist who is a Qualified Person with respect to Noram's Clayton Valley Lithium Project as defined under National Instrument 43-101.
About Noram Ventures Inc.
Noram Ventures Inc. (TSX - Venture: NRM / Frankfurt: N7R / OTCPINK: NRVTF) is a Canadian based junior exploration company, with a goal of developing lithium deposits and becoming a low - cost supplier. 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.
Please visit our web site for further information: www.noramventures.com
ON BEHALF OF THE COMPANY
/s/ "C. Tucker Barrie, Ph.D., P.Geo."
President and CEO, Noram Ventures Inc.
Direct: (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.
SOURCE: Noram Ventures Inc.
View source version on accesswire.com: