Vancouver, British Columbia–(Newsfile Corp. – December 6, 2018) – Noram Ventures (TSXV: NRM) (FSE: N7R) (OTC Pink: NRVTF) has provided an update on the Phase III drill program on its flagship Zeus property in the Clayton Valley, Nevada, which is located approximately halfway between Las Vegas and Reno.
The company’s Zeus property, which covers 1,214 hectares, is located within 2 miles of Albemarle Corporation’s lithium brine operations.
Seven drill holes, numbers CVZ-45 to CVZ-51, of the planned 17 holes have been completed to a depth of approximately 100 feet. The remaining 10 holes, shown in green, are expected to be completed in the next 7 to 10 days.
Except for hole CVZ-51, the other 6 holes were drilled to the north-east of the previously announced 43-101 compliant Inferred Resource of 17 million tonnes which graded 1,060 parts per million lithium, which equates to 96,476 tonnes Lithium Carbonate Equivalent. All holes completed to date, with the exception of CVZ-49, have intersected green mudstones and claystones and, in some cases, the chemically reduced blue and black claystones reported by Cypress Development on their adjacent property.
Hole CVZ-45, located approximately 1,150 feet northwest of the Inferred Resource, has been logged and sampled and the samples have been shipped to Reno for analysis. The geologic log shows that the top 85 feet of the hole contained olive green claystone and mudstone very similar to that seen in holes within the resource area. The bottom 15 feet contained gray, green and brown limestone, sand and conglomerate along with some mudstone. CVZ-45 may well be deepened at a later time to determine the significance of the sandy, conglomeratic layers in the lower part of this hole.
Mark Ireton, President & CEO, stated: “Noram management is pleased to have the Phase III drill program underway. We are already seeing similarities in the new drill core and those of the resource area. As the program progresses, we anticipate that the olive green claystone will be intersected in more drill holes, and that further exploration at depth will be warranted to fully delineate the lithium clay resource on the property.”
Following the completion of this Phase III drill program, a new resource estimate will be determined utilizing the additional data garnered from both Phase II and Phase III drill programs.
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