The report indicates an inferred resource of approximately 17 million metric tonnes at a grade of about 1,060 ppm Li over a 455,800 square meters of the core drilling program.
Vancouver, B.C, July 27, 2017 – Alba Minerals Ltd. (“Alba”) (TSX-V: AA.V: AXVEF:US Frankfurt: A117RU) and Noram Ventures Inc. (TSX-Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF) (“Noram” or the “Company”) is pleased to report that Bradley Peek, MSc and Certified Professional Geologist has completed an update to its National Instrument 43-101 Technical Report on its Clayton Valley Lithium Brine/Clay Project. The Technical Report includes a detailed review of the exploration work completed to date, an inferred resource estimate, interpretations and conclusions, and recommendations for the next phases of work.
As was earlier announced, Noram drilled 46 shallow core holes into the lithium rich sediments that were previously identified through surface sampling. The drill results have provided a basis for the definition of an inferred lithium resource. The lithium assays from the drilling provided results that were quite consistent over a reasonably large area of close-spaced drill holes. The model generated for the inferred resource estimate indicated a zone of higher lithium grades trending northwest-southeast through the area of the resource. The deposit remains open in several directions and at depth and the drilling only tested a very small portion (113 acres)(46 hectares) of the area covered by the extensive (17,739 acre)(7,178 hectare) claim holdings. There is considerable upside potential for increasing the size of the deposit.
The model that was generated from the close-spaced drilling was not constrained by the lithology, since the lithology was very homogeneous and did not permit lithologic correlations between drill holes. Information about the mining, processing or other economic criteria does not allow for the designation of a clear cut-off grade for the deposit. These factors are to be determined by future testing and analysis. For these reasons, the model was generated using various ranges of lithium grades which will serve as guidelines as additional information becomes available to constrain the model. The model reports a resource of approximately 17 million metric tonnes at a grade of about 1060 ppm Li. If additional economic analyses indicate that the model requires further constraints, due to a wide variety of potentially significant economic factors, the tonnage and grade could fluctuate accordingly.
The inferred mineral resource estimate is defined by the relatively shallow drilling depth, averaging 14.4 meters and a relatively large area extent of 455,800 square meters, determined by an area of close-spaced drill holes. All of the holes within the inferred resource area bottomed in mineralized sediments. Drill holes outside the area of close-spaced drilling were determined to be too far afield to be of use for the model. The resulting model derived from these parameters is a thin, pancake-like deposit.
The close-spaced drill holes have been defined as: CVZ-01 thru CVZ-24, CVZ-26 thru CVZ-28 and CVZ-30 and CVZ-32, making a total of 29 core holes used in the model.
The data for the resource estimate was generated using inverse distance algorythms in the Rockworks 17 computer program. The model was constructed using voxels with dimensions of 20m X 20m horizontally by 2m vertically, reflecting the relatively thin vertical component of the deposit.
Bench scale testing by Membrane Development Specialties (MDS) has revealed that extraction of the lithium from the sediments is feasible using a new membrane technology. Preliminary test results indicate that the process may recover approximately 90% of the lithium with a processing cost of US$2000 ±25% (not including mining costs) to recover at tonne of lithium carbonate and with the ability to recycle a major portion of the acid and water used in the process. Testing is ongoing and is expected to result in a more definitive statement about the test results in the near future.
The Complete NI 43-101 Technical Report is available on SEDAR and on the Company’s web site at www.albamineralsltd.com or www.noramventures.com.
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.
Noram Ventures Inc. (TSX-V: NRM Frankfurt: N7R) 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 Hector Lode in San Bernardino county, California, 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.
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. Our Lithium Projects are located in Clayton Valley Nevada where we can earn up to a 50% interest in the project and just completed 46 hole drilling program. Our second lthium 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 7 km South East of Millennial Lithium - Southern Lithium JV Pocitos North Cruz Brine Project and 12 km northeast from the Liberty One Lithium Corp.
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.