Mr. Sandy MacDougall reports
NORAM RECEIVES RESULTS FOR CVZ-79: HIGH-GRADE INTERCEPT OF 260.0 FT (79.2 M) AVERAGING 1185 PPM & HIGH OF 1660 PPM
Noram Lithium Corp. has successfully completed CVZ-79 (PH-05) and released the final assay results. The company completed core hole CVZ-79 at a depth of 503 feet (153.3 metres). Sampling for assay began at 30 ft (9.1 m) and continued to the bottom of the hole, an interval thickness of 260.0 ft (79.2 m) was intersected from 100 ft (33.5 m) to 360 ft (109.7 m). The hole ended in mineralization and the weighted average lithium values present were as displayed in the attached table.
"CVZ-79 was one of the holes near the eastern edge of Noram's Zeus property. At this location, it is anticipated that it will add substantially to Noram's indicated lithium resource and will reassign a large portion of the current inferred resource into the indicated category," comments Brad Peek, vice-president of exploration and geologist on all six phases of Noram's Clayton Valley exploration drilling.
The samples were analyzed by the ALS laboratory in Reno, Nevada. Quality assurance/quality control samples were included in the sample batch and returned values that were within their expected ranges.
The technical information contained in this news release has been reviewed and approved by Brad Peek, MSc, CPG, who is a qualified person with respect to Noram's Clayton Valley lithium project as defined under National Instrument 43-101.
About Noram Lithium Corp.
Noram Lithium is a well-financed Canadian-based advanced lithium development-stage company with less than 90 million shares issued and a fully financed treasury. Noram is aggressively advancing its Zeus lithium project in Nevada from the development-stage level through the completion of a prefeasibility study in 2022.
The company's flagship asset is the Zeus lithium project, located in Clayton Valley, Nevada. The Zeus project contains a current National Instrument 43-101 measured and indicated resource estimate of 363 million tonnes grading 923 parts per million lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December, 2021, a robust PEA( preliminary economic assessment) indicated an after-tax net present value (8 per cent) of $1.3-billion (U.S.) and internal rate of return of 31 per cent using $9,500 (U.S.)/tonne lithium carbonate equivalent (LCE). Using the LCE long-term forecast of $14,000 (U.S.)/tonne, the PEA indicates an NPV (8 per cent) of approximately $2.6-billion (U.S.) and an IRR of 52 per cent at $14,250 (U.S.)/tonne LCE.
Please visit our web site for further information: www.noramlithiumcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Chief Executive Officer and Director
C: 778.999.2159
For additional information please contact:
Peter A. Ball
President and Chief Operating Officer
peter@noramlithiumcorp.com
C: 778.344.4653
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 notcomprised 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 theAgreement. 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 newsrelease are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placedon 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 thedisclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as aresult of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral ResourceEstimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABHEngineering (December 2021).
noram lithium corp. ("noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is providing a corporate update and an update on its 100% owned Zeus Lithium Project ("Zeus" or the "Project"), located in Clayton Valley, Nevada
Zeus Lithium Project Update
In mid-March, the Company produced an updated Mineral Resource Estimate (MRE) for Zeus which outlined a Measured and Indicated resource estimate of 5.2 Mt Lithium Carbonate Equivalent ("LCE", 1034 Mt at 941 ppm lithium), and an additional Inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off1. Following the updated MRE, the Company initiated a number of Project de-risking initiatives:
"The last four months have been very successful at de-risking the Zeus Project," stated Greg McCunn, CEO of noram. "Early results from the metallurgical test program are confirming and validating our process flowsheet as well as identifying efficiencies to reduce overall operating costs. By focusing the project on the high-grade core of the Zeus Project, we are expecting to materially increase grades of material fed to the processing plant for the first 15-20 years of operations. This will allow us to reduce the scale of the process facility, which is expected to result in lower capital costs, while still maintaining meaningful levels of lithium carbonate production for the electric vehicle battery market.
Preliminary results from Phase 1 of the PFS have outlined a robust business case for the Project and we are now optimizing the business case based on a series of trade off studies. We are expecting to begin releasing preliminary result from this important work when it becomes available later in the third quarter."
Corporate Update
On May 31st, the Company announced that it had engaged Creative Direct Marketing Group, Inc. (CDMG) to provide the Company with marketing services and to raise public awareness of the Company. Over the past two months, the Company has been working with CDMG to prepare for the upcoming campaign which is expected to include both digital and direct mail campaigns. The campaign is expected to get underway in September.
Executive Chairman, Sandy MacDougall said "We are looking forward to communicating the exciting results from our technical work so far this year as they become available later this quarter. We are making extensive efforts with this new investor awareness campaign. noram is looking forward to widening its reach by broadening our audience and sharing the merits of this incredible project with a largely untapped investor base. While the campaign will be focused largely on the United States, our existing investor base in Europe will continue to be communicated with through our VP of Corporate Development, Simon Studer, who is multi-lingual and based in Switzerland."
For additional information:
Contacts:
In Europe: VP Corporate Development simon.studer@noramlithium.com
Elsewhere: Investor Relations at ir@normanlithiumcorp.com
Website: www.noramlithiumcorp.com
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder and Executive Chairman
About noram lithium corp.
noram lithium corp. (TSXV: NRM| OTCQB: NRVTF | Frankfurt: N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital.
Footnote
1 Refer to the report entitled "Updated Resource Estimate Zeus Lithium Project, Esmeralda County Nevada" with an effective date of March 17, 2023 and filed under the Company's filings on www.sedar.com
Qualified Person
The technical information contained in this news release has been reviewed and approved by Brad Peek, M.Sc., CPG, who is a Qualified Person with respect to noram's Clayton Valley Lithium Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and also Vice President of Exploration for noram.
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.
Cautionary Statement Regarding Forward Looking Information
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, plans for ongoing development of the Zeus Lithium Project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes, results of further exploration work, and availability of capital on terms acceptable to the Company. 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.
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.
SOURCE: noram lithium corp.
News Provided by ACCESSWIRE via QuoteMedia
noram lithium corp. ("noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) announces that it has engaged Creative Direct Marketing Group Inc. ("CDMG") to provide the Company with marketing services and to raise public awareness of the Company
"A leader in targeted advertising, Creative Direct Marketing Group, Inc is a full-service, direct response advertising and digital marketing agency with one goal in mind: increasing your response, market presence, and profits through ‘accountable advertising.' For more than 40 years, we've helped turn entrepreneurial start-ups into large companies and large companies into multibillion-dollar businesses" commented CDMG.
"This is another significant step forward for noram. The Zeus Project is a US-based project and yet Americans hold a relatively small market share. Engaging the expertise of CDMG, who hosts an enormously successful track record, will allow noram to further establish its rightful place in the heart of the push for a clean energy economy. America's domestic supply of battery-grade lithium is an indispensable part of this goal; as evidenced by the late 2022 U.S. Department of Energy funding initiatives for domestic supply" said Executive Chairman, Sandy MacDougall. "There is a vulnerability in the domestic supply chain and noram is well-positioned to be a key part of the solution."
Services to be provided by CDMG are anticipated to include investor awareness advertising over an initial term of twelve months commencing June 1, 2023 and continuing through May 31, 2024. CDMG has invoiced the Company for an initial amount of US$1,003,970 which is payable in tranches.
CDMG does not have any prior relationship with the Company and is an arm's length party. To the best of the Company's knowledge, CDMG does not hold, directly or indirectly, any securities of the Company or have any right to acquire any such securities. The proposed compensation for CDMG does not include any securities of the Company.
About noram lithium corp.
noram lithium corp. (TSXV: NRM| OTCQB: NRVTF | Frankfurt: N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital and is well-funded with approximately CAD$11 million in cash on March 31, 2023 and no debt.
Please visit our web site for further information: www.noramlithiumcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder and Executive Chairman
C: 778.999.2159
For additional information please contact:
Greg McCunn
Chief Executive Officer
greg@noramlithiumcorp.com
C: 778.991.3798
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.
Cautionary Statement Regarding Forward Looking Information
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, plans for ongoing development of the Zeus Lithium Project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes, results of further exploration work, and availability of capital on terms acceptable to the Company. 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 lithium corp.
News Provided by ACCESSWIRE via QuoteMedia
noram lithium corp. ("noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) announced today it has appointed Mr. Glenn Barr as Vice President, Project Development, effective immediately
Mr. Barr has more than 25 years of experience in complex mining project development. Most recently he was Vice President, Project Development at Twin Metals Minnesota (TMM). His work included leading engineering studies, overseeing metallurgical test work programs and integrating environmental protection measures into project design. Prior to TMM, he held various roles at Stantec and Teck. As an Engineering Liaison at Stantec, he guided the environmental and engineering consultants in ensuring alignment and work efficiencies. While at Teck, he was integral in the development and commercialization of a novel hydrometallurgical process, and was a key member of the team that engineered and constructed a hydrometallurgical processing plant in Brazil. Mr. Barr holds a Bachelor of Science, Chemistry from the University of Victoria.
"We welcome Glenn to noram to the newly created position of Vice President, Project Development," stated Greg McCunn, CEO of noram. "His extensive experience with flowsheet development, engineering studies and the permitting environment in the United States will be instrumental to our continued de-risking of the Zeus Lithium Project. Glenn's initial focus will be managing the Prefeasibility Study for Zeus being led by Ausenco."
About noram lithium corp.
noram lithium corp. (TSXV: NRM| OTCQB: NRVTF | Frankfurt: N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital and is well-funded with approximately CAD$14 million in cash on December 31, 2022 and no debt.
About the Zeus Project (100% noram)
The Zeus Lithium Project contains a Measured and Indicated resource estimate of 5.2 Mt Lithium Carbonate Equivalent ("LCE", 1034 Mt at 941 ppm lithium), and an additional Inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off1.
Please visit our web site for further information: www.noramlithiumcorp.com.
Footnote
1 Updated Resource Estimate Zeus Project, ABH Engineering (December 2022).
Qualified Person
The technical information contained in this news release has been reviewed and approved by Brad Peek, M.Sc., CPG, who is a Qualified Person with respect to noram's Zeus Lithium Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and also Vice President of Exploration for noram.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder and Executive Chairman
C: 778.999.2159
For additional information please contact:
Greg McCunn
Chief Executive Officer
greg@noramlithiumcorp.com
C: 778.991.3798
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.
Cautionary Statement Regarding Forward Looking Information
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, plans for ongoing development of the Zeus Lithium Project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes, results of further exploration work, and availability of capital on terms acceptable to the Company. 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.
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.
SOURCE: noram lithium corp.
News Provided by ACCESSWIRE via QuoteMedia
noram lithium corp. ("noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) announces it has engaged Ausenco Engineering Canada Inc. ("Ausenco") to lead the Pre-Feasibility Study ("PFS") of its 100% owned Zeus Lithium Project ("Zeus" or the "Project") in Clayton Valley, Nevada
The Company recently engaged SRK Consulting Inc ("SRK") to produce an optimized mine plan for Zeus (see news release dated February 7, 2023) and initiated a further round of metallurgical testing with Kemetco Research Inc ("Kemetco") to confirm and refine the process design for the Project (see news release dated February 14, 2023). Both of these ongoing work streams will form the basis of the PFS, now being managed by Ausenco.
The PFS will consist of two phases of work, as follows:
"We are pleased to be partnering with Ausenco to continue to advance and de-risk the Zeus Lithium Project," stated Greg McCunn, noram's CEO."The appointment of Ausenco marks a key milestone in the development of the project as we move Zeus, one of the largest lithium resources in North America, towards commercial production. Ausenco has a strong reputation in the global mining sector with a proven track record of delivering rigorous technical studies and executing successful projects."
About Ausenco
Ausenco is a global engineering consulting firm with its team based across 26 offices in 14 countries, with completed projects in over 80 locations worldwide. Combining a deep technical expertise with a 30-year track record, Ausenco provides innovative, value-add consulting and engineering studies and project delivery, asset operations and maintenance solutions to the mining & metals, oil & gas and industrial sectors.
About noram lithium corp.
noram lithium corp. (TSXV:NRM) | (OTCQB:NRVTF) | (Frankfurt:N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital and is well-funded with approximately CAD$14 million in cash on December 31, 2022 and no debt.
About the Zeus Project (100% noram)
The Zeus Lithium Project contains a Measured and Indicated Resource estimate of 5.2 Mt Lithium Carbonate Equivalent ("LCE", 1034 Mt at 941 ppm lithium), and an additional Inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off1.
Please visit our web site for further information: www.noramlithiumcorp.com.
Qualified Person
The technical information contained in this news release has been reviewed and approved by Brad Peek, M.Sc., CPG, who is a Qualified Person with respect to noram's Clayton Valley Lithium Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and also Vice President of Exploration for noram.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder and Executive Chairman
C: 778.999.2159
For additional information please contact:
Greg McCunn
Chief Executive Officer
greg@noramlithiumcorp.com
C: 778.991.3798
Footnote
1 Updated Resource Estimate Zeus Project, ABH Engineering (December 2022).
Cautionary Statement Regarding Forward Looking Information
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 results from this round of test work will confirm the Company's ability to recover high-purity lithium carbonate from Zeus mineralized material. 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.
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.
SOURCE: noram lithium corp.
News Provided by ACCESSWIRE via QuoteMedia
noram lithium corp. ("noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) announced today that it has filed on SEDAR a National Instrument 43-101 ("NI 43-101") technical report (the "Report") titled "Updated Resource Estimate Zeus Lithium Project". The technical report supports the updated Mineral Resource Estimate announced on January 30, 2023 and is available for review on both SEDAR (www.sedar.com) and the Company's website (www.noramlithiumcorp.com). There are no material differences in the mineral resources reported in the news release of January 30, 2023 and those described in the report
About noram lithium corp.
noram lithium corp. (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital and is well-funded with approximately CAD$14 million in cash on December 31, 2022 and no debt.
About the Zeus Project (100% noram)
The Zeus Lithium Project contains a Measured and Indicated resource estimate of 5.2 Mt Lithium Carbonate Equivalent ("LCE", 1034 Mt at 941 ppm lithium), and an additional Inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off1.
In December 2021, a robust PEA2 indicated the Project could produce an annual average of 31,900 tonnes of Lithium Carbonate for supply to battery manufacturers with a modelled mine life of 40 years (resources support a +100 year mine life). The PEA outlined a US$528 million capital cost to construct the Project with a robust after-tax NPV(8%) of US$1.3 billion and an IRR of 31% using US$9,500/tonne LCE pricing. The PEA indicates an after-tax NPV(8%) of US$2.7 billion and an IRR of 52% at US$14,250/tonne LCE pricing. Note that the current daily prices have increased to over US$45,000/tonne LCE.
Please visit our web site for further information: www.noramlithiumcorp.com.
Footnote
1 Updated Resource Estimate Zeus Project, ABH Engineering (December 2022).
2 Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).
Qualified Person
The technical information contained in this news release has been reviewed and approved by Brad Peek, M.Sc., CPG, who is a Qualified Person with respect to noram's Clayton Valley Lithium Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and also Vice President of Exploration for noram.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder and Executive Chairman
C: 778.999.2159
For additional information please contact:
Greg McCunn
Chief Executive Officer
greg@noramlithiumcorp.com
C: 778.991.3798
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.
Cautionary Statement Regarding Forward Looking Information
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, plans for ongoing development of the Zeus Lithium Project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes, results of further exploration work, and availability of capital on terms acceptable to the Company. 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 lithium corp.
News Provided by ACCESSWIRE via QuoteMedia
AM Resources Corporation(“AM Resources” or the “Company”) (TSXV: AMR) (Frankfurt: 76A), a dynamic junior mining company focused on the exploration and development of high-potential pegmatite deposits, is pleased to announce the acquisition of a significant land package totaling 1,500 km2 through map staking in Austria. The newly acquired land is located in the Austrian Pegmatite Belt within the Austroalpine Nappes, known for its geological diversity and rich mineral endowment.
AM Resources extended 1,500 km2 land package
Lithium Exploration Country Play
AM Resources has positioned itself to become the only lithium exploration country play in a proven jurisdiction with an existing Tier 1 lithium mine project1 and located within 620 km of end users.
The AM Resources team has been actively assembling a massive prospective land package with four key elements at the core of its strategy: proven geology, proximity to key markets, historical expertise, and a clear, proven mining code. Of the few jurisdictions that qualified, Austria was the obvious choice. AM Resources’ properties are located within 620 km of 14 planned battery plants and have direct access to an extensive rail system. Mining in Austria predates the founding of the country with the world’s oldest salt mine in operation2. In addition, mining has a tradition of skilled labor and an extensive academic and geological service network. In its report on the mining industry, Minlex (commissioned by the European Union) concluded: “In Austria, operators have investment security and legal certainty”3. When we combine all these elements and add in the massive land package available, the Company believes it has a unique investment proposition for its shareholders.
David Grondin, CEO of AM Resources, commented: "Seizing this unique opportunity in a proven mining friendly jurisdiction was a no-brainer for us. We are very excited to have assembled such a large, high value prospective property. We were diligent in testing and proving our theory last summer when we acquired two properties based on geological probabilistic structures and went to the ground and found spodumene4 on each one of them. Following this confirmation, we have staked all currently available claims that we believe to be of geological interest in the proven Austrian Pegmatite Belt5.”
Within the new property acquisition, the Company is excited to add the Frederick property to its portfolio with 112 identified pegmatites6 in an area of 52.25 km2. The longest identified pegmatite measures over 750 metres in length. This property demonstrates the exceptional potential of the Austrian Pegmatite Belt. The combination of the number and size of the identified pegmatites makes this property one of the team's top priorities for the Company's next exploration campaign.
AM Resources New Frederick Property
"This strategic acquisition represents a pivotal moment in AM Resources' growth plan and strengthens its position in one of the most prospective mineral regions in Europe. This acquisition fits perfectly with our growth strategy and underscores our confidence in the mineral potential of Austria. The geological diversity for other minerals and the presence of extensive pegmatite systems provide exciting discovery opportunities. To do so in such an overlooked, regulatory stable mining jurisdiction makes it even more exhilarating,” added Mr. Grondin.
The Company has spent the last few months building long-lasting local relationships with the government, service providers and professionals and is looking forward to carrying out exploration activities, continuing to investigate new lithium discoveries made during the last summer campaign, as well as exploring new prospective ground. In addition, AM Resources is considering expanding its land position to further enhance its strategic position.
New Land-Package Geology
Geological surveys indicate the presence of several thousand pegmatites variably distributed throughout the area. These pegmatite-bearing units consist primarily of mica schist and paragneiss, often containing staurolite and/or aluminosilicate-rich layers, with protoliths expected to range in age from Neoproterozoic to Carboniferous.
The spodumene pegmatites typically occur as dykes ranging in length from a few tens of metres to over 1 km, with thicknesses varying from a few decimetres to several metres. These pegmatites, together with leucogranites, which occur as inhomogeneous bodies with pegmatitic and aplitic zones, cover extensive areas of up to 1,500 km2. Their sharp contact with host rocks, sometimes with narrow reaction zones, underscores their geological importance.
This geological area has led to the discovery of the Wolfsberg deposit with over 10 million tonnes grading in excess of 1% spodumene. AM Resources' business model is to explore for a deposit of this magnitude on its newly acquired properties.
Warrants Extension
The Company also announces that it has applied for the TSX Venture Exchange’s approval to extend the term of an aggregate of 13,155,000 common share purchase warrants (the “Warrants”). The Warrants were originally issued as part of a private placement that closed in two tranches dated April 6 and April 29, 2022, respectively. The expiry dates will be extended as follows:
| Number of warrants | Exercise Price | Original Expiry Date | New Expiry Date |
| 8,695,000 | $0.075 | April 6, 2024 | April 6, 2025 |
| 4,460,000 | $0.075 | April 29, 2024 | April 29, 2025 |
All other terms of the Warrants will remain unchanged.
Qualified Person
Technical information related in this news release has been reviewed and verified by Jean Lafleur, P. Geo., of PJLEXPL Inc., a registered geologist with the Ordre des Géologues du Québec (OGQ #833) and is a qualified person (QP) as defined by NI 43-101. Mr. Lafleur is independent from the Company and has reviewed and approved the disclosure of the AM Resources geological information.
About AM Resources
AM Resources Corporation (TSXV: AMR) is a dynamic junior mining company focused on the exploration and development of high-potential pegmatite deposits. With a strategic portfolio of assets and a commitment to responsible resource development, the Company is dedicated to creating long-term value for its stakeholders while adhering to the highest standards of corporate governance and sustainability.
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AM Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. AM Resources does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
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For further information:
David Grondin
AM Resources Corporation
President and Chief Executive Officer
1-514-360-0576
www.am-resources.ca
Lithium is essential for producing lithium-ion batteries — and therefore essential to the global electrification goals. Moreover, the battery metal plays a key role in multiple technologies central to sustainability. Analyst expectations indicate that by 2040, we could see lithium demand grow more than 40 times what it is today, especially driven by new legislation intended to increase the supply of critical minerals, such as the Inflation Reduction Act in the United States.
One challenge not often discussed with regard to lithium supply is sustainability. Traditional lithium mining typically requires immense volumes of energy and generates considerable waste. Even lithium brine extraction, typically viewed as the more sustainable option, has the potential to cause environmental harm.
Enter Lancaster Resources (CSE:LCR,OTCQB:LANRF,FSE:6UF0), a dynamic, junior exploration company focused on developing the resources required for the global transition to clean energy and electrification. The company intends to be one of North America's first climate-positive lithium producers. To achieve this, Lancaster plans to implement a number of innovative technologies and practices, including leveraging solar energy in its production and developing a carbon sequestration process for its operations.
Lancaster will also make full use of direct lithium extraction technology, allowing it to recover the majority of lithium from brine deposits with minimal environmental impact.
Lancaster Resources currently has the option to acquire a 100-percent interest in the Alkali Flat lithium project, which will become its flagship. The closed-brine deposit is situated in New Mexico, which many believe is the next frontier for lithium. Notably, Alkali Flat also displays very similar geology to Clayton Valley in Nevada, currently the site of the only producing lithium mine in the country.
In addition to lithium, the company also has two high-impact mineral claims in the world-class Athabasca Basin, targeting high-grade uranium. The Catley Lake and Centennial East properties, spanning 3,036 hectares and 5,081 hectares, respectively, provide significant exploration opportunities. The Athabasca Basin in Saskatchewan, Canada hosts some of the world’s largest and highest-grade uranium deposits and home to some of the biggest mines, including Cameco’s McArthur River and Cigar Lake uranium mines. Lancaster’s assets are adjacent to Cameco's Centennial deposit claim block in the south-central area of the Athabasca Basin.
These promising projects are not the only reason to keep an eye on Lancaster Resources — the company also employs a highly experienced and respected technical team.
Exploration consultant Rodney Blakestad is a geologist with over forty years of experience in mineral exploration, having discovered multiple high-value deposits throughout his career. The esteemed Gary Lohman also sits on the company's advisory board, providing extensive expertise in geological, geochemical and geophysical exploration techniques.
With its new collaborative agreement with KorrAI Technologies, a pioneer in hyper-spectral imaging, Lancaster is also redefining and enhancing the efficiency and accuracy of mineral exploration, particularly for lithium, uranium, rare earth elements and other critical minerals. This cutting edge technology effectively minimizes environmental impact, optimizes resource discovery, and accelerates production.
Lancaster Resources currently plans to acquire a 100-percent interest in Alkali Flat, a lithium brine project that will serve as the company's flagship. Located in the Animas Valley near Lordsburg, the 233-claim property is also transected by Interstate 10. Historic research and geochemical data indicate the presence of anomalous levels of lithium.
Lancaster plans to evaluate potential direct lithium extraction partners once it has taken and assessed brine samples from the site.
Lancaster has an exclusive option to acquire 100 percent of the 3,520-acre Trans-Taiga lithium pegmatite property in Quebec, located between Patriot Battery Metals’ Corvette and Winsome Resources’ Cancet deposits. This underexplored yet highly prospective property has huge upside potential with access to hydroelectric power, providing clean, near-zero-carbon electricity. Lancaster plans to conduct surface exploration and a geophysics program in the spring of 2024.
Acquired by Lancaster in February 2024, Catley Lake and Centennial East cover 3,036 and 5,081 hectares, respectively, offering significant exploration opportunities. The properties are approximately 24 kilometers southwest of Cameco’s prospective Dufferin uranium deposit. Lancaster plans to progress the exploration of these claims using new, modern technologies to identify favorable geology, structures and corridors that could host high concentrations of uranium. These strategic acquisitions reinforce Lancaster’s dedication to discovering critical minerals in support of the energy transition.
Penny White is an accomplished business leader with over 20 years of experience in the capital markets. As the president and CEO of Lancaster Lithium, she brings a wealth of expertise and leadership to the company. White has a diverse background, with experience in sectors such as mining, pharmaceuticals and clean energy. She co-founded a pharmaceutical company that was later acquired for $342 million and was the chairman of Highbury Energy for 10 years, overseeing the development of the company’s gasification technology and registration of a patent to create high-grade synthetic gas from biomass.
White has been recognized in PROFIT Magazine's W100 list of top entrepreneurs and has raised over $50 million for companies she has founded. In addition to her Law Degree, Penny has completed the Oxford Leading Sustainable Corporations Programme and the Oxford Climate Emergency Programme from Saïd Business School, University of Oxford. She is deeply committed to fighting climate change and working towards a more sustainable future.
White believes that by taking care of our planet, we can create a better world for ourselves and future generations.
Andrew Watson brings with him 21 years of rich technical leadership, operations, corporate strategy, and commercialization experience in lithium, hydrogen, and conventional oil and gas production. Watson’s experience includes working at Prism Diversified, as chief operating officer, to lead the technical development of two substantial battery metal critical mineral opportunities. While at Prism Diversified, Watson is spearheading the lithium brine development opportunities on over 850 square miles of highly prospective brine resources. His previous positions include VP engineering and operations at CleanInnoGen Energy, where he led the development of the world’s first-of-a-kind pilot project to capture industrial waste heat to produce on-site, low-cost, near-zero emission hydrogen and oxygen. Prior to this, as the VP of engineering and operations at Hyak Energy, he managed the operations of a 60MMbbl medium crude oil field in SW Saskatchewan, using an Alkali-Surfactant-Polymer chemical enhanced oil recovery scheme, increased production by over 250 percent, and spearheaded corporate sale leading to a successful divestment in January 2020.
Rick Huang has been the CFO of Lancaster Resources for 2 years. He has over 15 years’ experience as a director and officer in public companies. Between 2012 and 2014, he chaired the compensation and corporate governance committee for Great Northern Gold Exploration Corporation. For 11 years, from 2007 to 2018, he was the CFO of Hanwei Energy Services (TSX:HE), managing its finance, banking, and compliance departments. He has overseen accounting for subsidiaries in Canada, China, and Kazakhstan. His roles have encompassed investor relations, AGM preparations, and international joint venture negotiations. His experience also spans roles at companies like Pepsi Bottling Group (Canada) and Coca-Cola China. Huang has been involved with Datable Technology (TSXV:TTM) since May 2015 and previously with Poydras Gaming Finance. (TSXV:PYD). He’s been a designated CPA, CGA since 2005 and has an MBA from the University of Western Ontario in 2001.
Rodney Blakestad is a highly experienced consulting geologist with a successful career spanning over 40 years. Throughout his career, Blakestad has been involved in the discovery of numerous commercial-grade deposits, including the bulk-tonnage potential of the largest operating gold mine in Alaska (Fort Knox, now at 10M ounces), the first leached-cap porphyry systems discovered in Alaska (Taurus-Bluff and others), Cerro Caliche bulk-tonnage gold discovery near Cucurpe, Sonora, Mexico, the Anderson Mountain and Red Mountain VMS deposits in the Alaska range, USA and numerous volcanogenic massive sulfide deposits (VMS) in the Delta District, Alaska, USA. He has also discovered several gold placers in Alaska, USA.
Blakestad's expertise in minerals exploration was developed through his university education at the University of Alaska, where he studied advanced geochemistry, with special topical studies on gold geochemistry, the origin and transport of large gold particles and leached outcrop interpretation. Additionally, he has traveled throughout western Canada, the US and Mexico studying alteration facies and leached cap rocks of porphyry systems and some gold deposits to distinguish between barren deposits and mineralized systems.
In addition to his geological expertise, Blakestad has a Juris Doctor from the University of Denver Law School, where he studied natural resources and environmental law. This background has led him to focus on brine lithium deposits that can be processed with minimal surface degradation, and water consumption, and use alternatives to fossil fuels for the entire recovery process. Blakestad is a certified professional geologist with the American Institute of Professional Geologists and a registered professional geologist in the State of Alaska. He has also been a board of director and/or vice-president of exploration for several publicly traded companies.
Danial Card, P.Geo, RPGeo, a professional Geophysicist, holds a BSc. Hons degree from the University of Manitoba and is currently registered in Canada and Australia. His career started with Xstrata (now Glencore) where he worked his way up to project geophysicist at Raglan Mine in northern Quebec then went on to serve at Xstrata’s Western Australian operations Cosmos and Sinclair in the Leinstern-Wiluna nickel camp, where he played a key role in the discovery and definition of the 9 MT Odysseus nickel sulphide deposit.
Following his tenure at Xstrata, Card went on to work as senior geophysicist for Southern Geoscience Consultants in Perth, WA, where he served as the staff electromagnetics specialist. He also served as the technical lead on many mineral exploration projects. Card continued as a senior technical consultant to Abitibi Geophysics and an expert peer reviewer for the journal “Exploration Geophysics”. He then founded EarthEx, a company specialized in geophysical prospecting, data interpretation, 3D modeling and target definition,
Gary Lohman is one of the founding members of and currently serves as the chief operating officer for both Royal Stewart Resources Corp and Thistle Resources. He also holds the position of vice-president at Nine Mile Metals. With four decades of management experience, Lohman brings a wealth of knowledge in precious and base metal exploration both inside and outside the mining industry.
A graduate of the esteemed geology programme at the University of Toronto in 1981, Lohman’s proficiency spans various geological, geochemical and geophysical exploration techniques. He has applied these skills in numerous geological contexts, including volcanogenic massive sulphides (VMS), porphyry copper/molybdenum and iron oxide copper gold (IOCG) style deposits. His expansive experience extends to conducting evaluations and research on bonanza grade and bulk tonnage gold-silver properties located in Canada, Mexico, California, Ecuador and Chile.
Patrick Cruickshank brings over 20 years of experience from the wealth management sector working for Merrill Lynch, Legg Mason and Citigroup Capital Markets, where he focused on creating and protecting wealth while specializing in funding growth companies. Cruickshank was an NFLPA Advisor from 2000 to 2012, until transitioning into the private equity sector. Since 2012, he has concentrated on acquiring, funding and growing companies in the energy and resource sector.
Cruickshank is the current Chief Executive Officer and Director of Nine Mile Metals (CSE:NINE). He also serves on a number of private resource companies and is a frequent speaker/interviewee on the resource sector investment space, in Australia, Chile, Canada and the USA.
Cruickshank is a former Canadian Olympic/U23 soccer player, US NCAA Division 1 collegiate player and coach. He received his MBA from the Schulich School of Business at York University in 1989.
Heather Williamson is a seasoned finance and legal professional with over 20 years of experience in the industry. She has worked as a paralegal and in corporate finance for several public companies, including Boston Pizza International and Angiotech Pharmaceuticals. Williamson's expertise in finance and the legal industry is demonstrated by her successful completion of over $10 million in financing for a public company, including spearheading all aspects of an initial public offering and successful listing on the Canadian Securities Exchange (CSE).
She is well-versed in finance closings, IPOs and compliance with securities and stock exchange regulations. In addition to her extensive experience, Williamson is currently working towards her MBA at Royal Roads University. She currently serves as the director and vice-president of corporate finance for Lancaster Lithium, where she leads the company's corporate and securities compliance strategy.
William Feyerabend brings with him a vast wealth of experience in the exploration and development of Lithium projects across the American West, Mexico, and South America. He has authored technical reports for claim blocks in Nevada’s lithium development epi-center, including the Clayton and Fish Lake Valleys. His expertise in lithium exploration began in 2015, with a specific focus on Esmeralda County, NV and especially Clayton Valley. Notably, Feyerabend set the discovery well for Pure Energy.
Feyerabend has extensive experience in generating lithium brine targets and serving as a Qualified Person for lithium projects in Nevada, California, Utah, and Argentina. He has had roles with major companies such as US Borax and Gold Fields Mining and played a part in the discovery and development of four significant mineral projects. His international exposure is equally extensive, having worked on projects in Argentina, Bolivia, Chile, China, Colombia, Ghana, Guyana, Mexico, Peru, Saudi Arabia, United States, and Venezuela. This wealth of international experience will prove invaluable as Lancaster Resources continues to expand and enhance its operations.
Mohammad Asefi received his B.Sc. and M.Sc. degrees in antennas and microwave engineering from the American University of Sharjah, United Arab Emirates, in 2009 and 2011 respectively, and his PhD in electrical and computer engineering in 2016 from the University of Manitoba, Winnipeg, MB, Canada. From 2016 to 2017 he was a postdoctoral fellow at the electromagnetic imaging laboratory at the University of Manitoba. He was the director of research at 151 Research Inc. between 2017 and 2020 with a focus on biomedical imaging, stored grain monitoring using electromagnetic waves, and the development of electromagnetic imaging systems, and near-field measurements. He was the product development manager (Advanced Research) at Agco Winnipeg between 2020 and 2023 with a focus on the research and development of electromagnetic imaging systems/techniques for monitoring grain bins. He is currently the CTO of EarthEx Geophysical Solutions where he works on cutting-edge technologies for drone-based magnetic and electromagnetic data acquisition and analysis systems.
