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Noram Ventures Inc. (TSXV:NRM) (OTCBB:NRVTF:US) has provided a corporate update.
Noram Ventures Inc. (TSXV:NRM) (OTCBB:NRVTF:US) has provided a corporate update. After a highly successful phase 2 drill program, the company plans to proceed with phase 3 drilling once permitted.
Phase 2 drill program, Zeus property, Clayton Valley, Nevada
The phase 2 drill program comprised new core from the deepening of nine core drill holes within the area of Noram’s previously announced inferred resource of 17 million tonnes at a grade of 1,060 parts per million lithium (which equates to 96,476 metric tonnes of LCE). The complete technical report disclosing the resource is available under Noram’s profile on SEDAR.
The previous drilling on which the inferred resource was based reached an average depth of 14.3 metres. The nine holes were deepened to an average depth of 82.2 meters, which is 5.75 times the previous average depth used in the resource estimate.
Data from the phase 2 drilling were summarized in the attached table of the news release dated Aug. 13, 2018, and available through SEDAR. The mineralization remains open in all directions and at depth. The area of the deeper drilling has tested only a small fraction of the area covered by Noram’s claim holdings.
Based on the continued success of this area, the company has chosen to maximize value by focusing its efforts on the expansion of the existing resource. The company has maintained the entirety of the Zeus area, including both placer and lode claims, while allowing the ancillary claims comprising the extensions to lapse. All three drill programs to date have been conducted on the Zeus property, which covers an area of approximately 3,000 acres in the Clayton Valley. This area is comparable in size with the area held by Cypress Development Corp., which is composed of 4,220 acres located immediately adjacent to the Zeus property. Cypress recently released a preliminary economic assessment on its project available for review on SEDAR or alternatively at the Cypress Development website.
Phase 3 drill program, Zeus property, Clayton Valley, Nevada
The company also intends to expand the phase 3 drill program, which is designed to develop the existing resource. The company previously announced that 11 holes would be drilled to an approximately 100-metre depth to extend the mineralization to the south and the east of the current resource area. The company has increased this to 17 holes drilled to this depth. Following this new drilling, it is expected that a new resource estimate will be determined, with a goal of completing an updated estimate by the end of first quarter 2019.
Legal update
In an effort to expedite the current legal proceedings involving trespassing on the Zeus property, the company has filed a notice of motion for preliminary injunction in the state of Nevada. If granted, the injunctive relief requires Centrestone Resources LLC to refrain from: (a) entering onto or upon the area delineated by the exterior boundaries of the claims for the purpose of exploring for minerals, mining, excavating, extracting, removing or carrying away any earth, rock or minerals from within the vertical planes formed by the boundaries of the claims; and (b) from constructing on the claims any equipment, improvements, infrastructure or other installations, which might delay, hinder, interfere with or otherwise obstruct the mineral exploration, development and mining operations of Noram. A hearing time and date will be set by the Fifth Judicial District Court of the State of Nevada in and for the county of Esmeralda. The company expects that the injunction will be granted and intends to move forward aggressively and pro-actively to bring this issue to a close.
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc, 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 is a Canadian-based junior exploration company, with a goal of becoming a force in the green energy revolution through the development of lithium 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. Noram’s long-term strategy is to build a multinational lithium mineral company to produce and sell lithium into the markets of Europe, North America and Asia.
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Source: www.stockwatch.com
