Noram Ventures Inc. Completes Drill Hole CVZ-65: 180ft of Claystone
Lithium Market Finishes 2020 StrongVANCOUVER, January 19, 2021 - Noram Ventures Inc. ("Noram" or the "Company") (TSXV:NRM) (FRA:N7R) (OTCQB:NRVTF) is pleased to announce that Noram continues to work towards strategically positioning the Company to benefit from the increasing demand for lithium, increasing lithium prices and recent record EV demand in Europe and China. During December, 99.5% lithium carbonate China spot prices were up 6.4%. Lithium hydroxide prices were up 0.74%. Spodumene (6% min) prices were up 0.21%. "With increasing interest in Clayton Valley and claystone as a viable source for lithium extraction by major companies such as Albemarle and Tesla, Noram feels confident it is only a matter of time before the claystone deposits are developed" commented Anita Algie, CFO and Director.
On January 15, 2021, Fundamental Research Corp. published a new report on Noram, which is available publicly here - https://bit.ly/2LXsUmf with a target price. With more and more attention turning towards green energy and the implementation of electric cars, car companies have made significant commitments to advancing this mandate as exampled below.
- Volkswagen will spend $86 billion on electric cars
- BMW $32 Billion
- Ford (F) $11.5 billion Ford is injecting into EV by 2022
- CATL will spend $5.1 billion to build a battery plant
- GM via a $2.2 billion investment into electric vehicles at Detroit
- GM $2.0 billion, TN (plus an additional $153 billion for upgrades) and that is just part of the $20 billion they plan on investing over the next 5 years
- Toyota $2 billion spent by 2023
- Porsche $678 million
- Even Harley-Davidson is getting into the mix
- Bentley is entering the EV market by 2025 and 100% electric by 2030
Apple announced it is entering the lithium game via plans to make an EV auto.
What's more is that lithium is not just restricted to cars, but it will also migrate to other powered tools and vehicles. Anything that requires power; you will get a lithium solution if it makes sense.
Drilling is progressing very well in the second half of Phase V. The Company completed core hole CVZ-65 at a depth of 297 feet (90.5 m). The region comprised more than 180 feet (55 m) of claystone types that have contained high lithium values in past drilling. Samples were sent to ALS Labs in North Vancouver on a rush basis and assays are pending. These lakebed sediments have shown very uniform lithologies and lithium grades over large areas of Clayton Valley.
Figure 1 - Strip log of CVZ-65 that was drilled to a depth of 297ft.
It is believed that several faults traverse the valley which are part of the Basin and Range faulting that covers a huge area of the western United States. They are block faults with mostly vertical movement due to extensional (pull-apart) tectonic forces. Several of these fault blocks are present within the Zeus property. They may affect the thickness of the claystones found at any one site in any part of the valley. So far, movement on these faults has been minimal but we have seen differences in claystone thicknesses, such as in CVZ-65. Thick claystones with high lithium values seem to be present wherever drill holes have penetrated deep enough to intersect them.
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 under National Instrument 43-101.
About Noram Ventures Inc.
Noram Ventures Inc. (TSXV:NRM)(FRA:N7R)(OTCQB:NRVTF) is a Canadian based junior exploration company, with a goal of developing lithium deposits and becoming a low - cost supplier. The Company's primary business is the Zeus Lithium Project ("Zeus") in Clayton Valley, Nevada. The Zeus Project has a current resource estimate of 124 million tonnes at 1136 ppm lithium as Indicated Resources, and 77 million tonnes lithium at 1045 ppm lithium as Inferred Resources (900 ppm Li cut-off: 1.18 million tonnes lithium carbonate equivalent - "LCE".
Noram's long term strategy is to build a multi-national lithium minerals company to produce and sell lithium into the markets of Europe, North America and Asia.
Please visit our web site for further information: www.noramventures.com
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ "Anita Algie"
Director and CEO
Office: (604) 553-2279
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.
SOURCE: Noram Ventures Inc.