Noram Lithium Corp (NRM)

[Mr. Zen]

Noram Appoints VP of Exploration, Permits Phase VI Drill Campaign At Its Zeus Lithium Project And Grants Options

Thu, March 24, 2022, 12:45 AM
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VANCOUVER, BC / ACCESSWIRE / March 24, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. ("Noram" or the "Company") (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) reports the appointment of Bradley C. Peek, M.Sc., CPG as Vice President of Exploration. In addition, the Company has received final permits from Nevada's Bureau of Land Management for a 12-hole in-fill resource development program focused on upgrading a portion of an existing Inferred resource to the Indicated category at its high-grade Zeus Lithium Project. The current NI-43-101 resource contains a Measured and Indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an Inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. Noram is aggressively moving forward with completing a pre-feasibility study ("PFS") by the end of 2022 after a Preliminary Economic Assessment indicates robust economics of NPV(8) US$2.67 billion and an IRR of 52% using a lithium carbonate price of US$ 14,250/tonne.

Figure 1 - Proposed drill sites for Phase VI Drill Program - Zeus Lithium Project

Zeus Lithium Project Drill Campaign and History

The Zeus project has undergone five previous drill campaigns (2016 - 2021), building one of the most significant lithium resources in Clayton Valley, Nevada. Noram is now proceeding with a Phase VI drill campaign, which is comprised of 12 "in-fill" holes to an approximate depth of 120m (393 ft). The program is expected to upgrade approximately 175 million tonnes of the current Inferred resource to the Indicated category which will have a significant impact on the PFS. Drilling will also provide fresh material for geotechnical and ongoing metallurgical testing and is an important data gathering exercise to be incorporated into the PFS, where the primary objectives are to upgrade and convert resources to reserves in developing the PFS mine plan and to obtain material for further metallurgical testing. Additional important objectives are to obtain additional information on lithology, mineralization, and clay speciation. Noram's team has commenced preparing the drill pads and mobilizing a drill rig. Drilling will be carried out 24 hours a day with 2 teams until completion.

The Phase VI drilling program has been specifically designed to upgrade a large portion of the current Inferred resource to the Indicated category using the least number of drillholes. Noram expects this updated NI 43-101 compliant resource model to be complete by Q3, 2022.