Noram Completes Major Milestone: Infill Drill Program for Pre-Feasiblity Study Completion and Commencement of Plan of Operations

VANCOUVER, BC / ACCESSWIRE / May 12, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. ("Noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce" that the Company has successfully completed the Phase VI infill drill program on the Zeus Lithium Project in Clayton Valley, Nevada. The Zeus Project contains a current NI 43-101 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. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,000/tonne LCE.

All 12 of the Phase VI proposed holes were completed to, or beyond, their anticipated depths for a total of 5246 ft (1599 m) of drilling. Most of the holes were drilled with HQ-size core with a diameter of 2.5 inches (63.5 mm). However, 4 of the holes were drilled with PQ-size (3.35 inches, 85 mm diameter) to be used for the ongoing metallurgical test work. The samples from the core have been hand-delivered to ALS Laboratory in Reno, Nevada for processing. QA/QC samples have been inserted into the sample stream to confirm sample results.

Foto: Accesswire

Figure 1 - The last batch of Phase VI drilling samples as they were delivered to ALS in Reno, Nevada.

"This is a significant milestone for Noram" stated CEO and Director, Sandy MacDougall "with the completion of this drilling, the inferred resource calculation will be confidently upgraded to the indicated category. This marks one of the final steps required to complete the Prefeasibility Study ("PFS") in the near term. While we have only received results from 2 of the 12 holes, the results supersede our expectations, and we can confidently say that a PFS superior to the PEA would not be surprising. All assays are being processed on a rush basis and we expect to receive the balance of the results shortly. Noram is on track to complete the PFS in the fall of 2022 while simultaneously working on new and innovative solutions to become a leader in the green technology space."