Noram Amends Clayton Valley Joint Venture Agreement with Alba to Acquire an Additional 25%
Inferred Mineral Resource of approximately 17 million metric tonnes at a grade of about 1,060 ppm Li, which equates to 96,476 metric tonnes of Li Carbonate Equivalent
Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (“Noram”) (TSX - Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF and Alba Minerals Ltd. (“Alba”) (TSX - V: AAV: AXVEF:US Frankfurt: A117RU) are pleased to announce that they have re-negotiated the terms of the Option and Joint Venture Agreement (Feb 22, 2017). Alba currently holds a 25% interest in the 12,920-acre Clayton Valley Lithium Property owned by Green Energy Resources Inc., (“Green Energy”) Noram’s wholly owned subsidiary. Alba will earn an additional 25% interest for a cash consideration of $350,000 payable to Noram/Green Energy. Noram and Alba shall then be 50:50 joint venture partners on the Clayton Valley Lithium Project and the two companies will move forward with the next phase of infill drilling and exploration fully funded (Nov 20th 2017).
This amendment was the result of the mutual agreement between both parties to reduce the number of Clayton Valley claims from 888 to 646 during the 2017 fiscal year. This reduction was made given our focus on property hosting lithium in clays rather than brines and is in keeping with our technology, also focused on extraction of clay hosted lithium. We believe this to be the area of greatest potential given the environmental issues particular to Clayton Valley, namely the water table. Equally, delays under the original agreement such as the completion and approval of the N.I. 43-101 further merited re-visiting the existing terms.
“We are very pleased to have Alba as our joint venture partner after increasing its ownership in this project by 25% to a total of 50% after the encouraging results from the recently published N.I. 43-101,” said Mark Ireton CEO and President. “We are progressing well and particularly pleased with results given the small 113 acres (46 hectares) footprint explored out of a total of 12,920 contiguous acres. This is less than 1% of the total land package.”
The model reports an Inferred Mineral Resource of approximately 17 million metric tonnes at a grade of about 1,060 ppm Li, which equates to 96,476 metric tonnes of LCE. The level of confidence, i.e., the category, of a resource estimate may change with additional exploratory work, such as sampling, drilling, etc. The tonnes of LCE is calculated by multiplying the tonnage of the deposit (17,098,480) times the grade (1060 ppm or 0.106% or 0.00106) to get the total amount of lithium metal in the deposit (18,124 tonnes). The amount of lithium metal is then multiplied by the lithium to lithium carbonate conversion factor (5.323) to get the total LCE of the deposit (96,476 tonnes). The conversion factor is based on the relative atomic weights of lithium and lithium carbonate.
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 / OTCBB: NRVTF) is a Canadian based junior exploration company, with a goal of becoming a force in the Green Energy Revolution through the development of lithium and graphite deposits and becoming a low - cost supplier for the burgeoning lithium battery industry. The Company’s primary business focus since formation has been the exploration of mineral projects that include lithium projects in the Clayton Valley in Nevada, the Arizaro East mineral claim located in the eastern portion of the Salar de Arizaro in north - western Argentina and the Jumbo graphite property in British Columbia. Noram’s long term strategy is to build a multi - national lithium - graphite dominant industrial minerals company to produce and sell lithium and graphite into the markets of Europe, North America and Asia.
For further information, please visit: www.noramventures.com
About Alba Minerals Ltd.
Alba Minerals Ltd. Is a Vancouver based junior resource company with projects in North and South America, focusing on the development of our Lithium properties. Lithium Projects are located in Clayton Valley Nevada where Alba has earned a 25% interest in the project. The second lithium project Quiron II consist of 2,421 hectares of prospective exploration property in the Pocitos Salar, Province of Salta, Argentina. The Project is located approximately 12 km northeast from the Liberty One Lithium Corp and 19 Km from Pure Energy Minerals Ltd.
Please visit our web site for further information: www.albamineralsltd.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark R. Ireton”
President & Director
Direct: (604) 761-9994
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.
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Source: Noram Ventures Inc. (TSX Venture:NRM, OTC Pink:NRVTF, FWB:N7R)
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