Noram Provides Update on Lithium Claystone Deposits in Central Nevada
VANCOUVER, BC / ACCESSWIRE / July 21, 2020 / As Noram Ventures Inc. (“Noram”) (TSXV:NRM)(OTC PINK:NRVTF)(FRA:N7R) plans for a Q3-Q4 2020 drill campaign and a Preliminary Economic Assessment on its Zeus lithium claystone property, a review of recent developments in central Nevada is warranted. Noram’s Zeus lithium claystone deposit has, at a base case 900 ppm lithium cut-off, has 124 million tonnes at 1136 ppm lithium as indicated resources, and 77 million tonnes lithium at 1045 ppm lithium as inferred resources (0.75 and 0.43 million tonnes lithium carbonate equivalent – “LCE” , respectively; Figure 1). There are over two square kilometers of fertile ground yet to be drill-tested on the Zeus property.
Over the last 3 years, there has been increasing interest in lithium claystone deposits in Clayton Valley, Nevada, near Albemarle’s Silver Peak lithium brine operations which remains North America’s only lithium producer at present. Along with Noram’s Zeus deposit, Cypress Development (CYP-X) has the Dean lithium claystone deposit adjacent and to the southwest, and American Lithium (LI-X) has the TLC deposit located ~40 km to the north-northeast from Zeus (Fig. 1).
Cypress Development recently completed a full Prefeasibility Study (PFS) with favorable economics for its claystone deposit next door to Zeus (see Cypress press release May 19, 2020). Both Cypress’ Dean deposit and Noram’s Zeus deposit are within the same Esmeralda Formation lithium claystones that have been demonstrated to be non-refractory, meaning that lithium is liberated to solution from the clays within using a low pH solution.
Note that mineralization hosted on adjacent and/or nearby properties and operations is not necessarily indicative of mineralization hosted on the Company’s property.
The other major lithium claystone deposit in the vicinity is American Lithium’s TLC deposit. Also located in Esmeralda Formation (or equivalent) play lake sediments, the TLC deposit is at surface or under a thin veneer of alluvial sediments. On 2020-05-21, American Lithium announced the maiden resource estimate of 5.37 million tonnes of LCE in Measured and Indicated Resource categories, and 1.76 million tonnes LCE in the Inferred Resource category. American Lithium has initiated metallurgical studies on their claystone material, and as for Zeus and Dean, their clay minerals are non-refractory and treatable in low pH solutions. The company is currently exploring novel techniques for lithium processing and is aiming to produce an early economic study in 2020.
Note that mineralization hosted on adjacent and/or nearby properties and operations is not necessarily indicative of mineralization hosted on the Company’s property.
C. Tucker Barrie, President and CEO of Noram Ventures Inc., comments: “continued exploration and development of large lithium claystone deposits reveals that lithium is recoverable in low pH solutions, as shown by Cypress Development’s Pre-Feasibility Study; and by the successful pilot plant testing by Ioneer Ltd. and Lithium Americas for their respective Nevada claystone projects. The demand for lithium is growing significantly due to the rapid expansion of the electric vehicle market. Furthermore, the United States government is proactive in promoting and developing critical metals within the USA, including lithium. This means that there is strong support for developing projects like Zeus which is on Bureau of Land Management ground in Nevada, one of the most favorable jurisdictions for mining globally.”
Figure 1. Zeus lithium deposit, Clayton Valley, Nevada, outlined by 900 ppm cut-off boundary. Albemarle’s Silver Peak lithium brine ponds are seen to the northwest, and neighbor Cypress Development’s Dean Lithium claystone deposit, also within the playa lake sediments of the Esmeralda Formation, are located to the southwest. American Lithium’s TLC lithium claystone deposit is located ~40 km to the NNE. The Zeus lithium claystone deposit is present at the surface or under a thin alluvium veneer, and has a strip ratio of 0.1:1. 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. There is >2 km2 of area to the south and east available for future drill testing.
The technical information contained in this news release has been reviewed and approved by C. Tucker Barrie, Ph.D., P. Geo., 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 BOARD OF DIRECTORS
C. Tucker Barrie, Ph.D., P. Geo.
President and CEO
Office: (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.
SOURCE: Noram Ventures Inc.
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