Vancouver, British Columbia – February 6, 2023 – Noram Lithium Corp. (“Noram” or the “Company”) (TSXV:NRM | OTCQB:NRVTF | Frankfurt:N7R) announces that is has engaged SRK Consulting (U.S.) Inc. (“SRK”) to produce an optimized mine plan for its 100% owned Zeus Lithium Project (“Zeus” or the “Project”) in Clayton Valley, Nevada. The optimization study will focus on the high-grade zone of the Zeus deposit, a component of the recently updated Mineral Resource Estimate for the Project (see news release dated January 31, 2023). The high-grade zone at Zeus outcrops at surface and is approximately 60 meters thick x 1.2 kilometers wide x 3.0 kilometers long. The results of the study will form the basis for future technical, operational and economic studies for development and further de-risking of the Project.
“With an updated Measured and Indicated Resource that supports a +100 year mine life based on our Preliminary Economic Assessment process plant design, it is prudent that we look at how we can optimize the early part of the mine design to deliver the highest return on invested capital for our stakeholders, ” stated Greg McCunn, Chief Executive Officer of Noram. “ The Zeus deposit is unique among sedimentary lithium deposits in that it has a high-grade core that provides us with the flexibility to run various scenarios on mining rates in combination with process plant capacity to optimize lithium carbonate production and minimize upfront capital cost.”
SRK’s initial scenario analysis work will comprise a detailed data review; followed by scenario definition; pit optimization; mine scheduling; mine costing; economic modelling, and ultimately selection of the preferred scenario for advancing the Project.
Established in 1974, the SRK group employs more than 1400 staff in over 45 offices on six continents with over 150 internationally recognized associates to complement the team. Work for the Zeus Project will be carried out from SRK’s offices in Reno, Nevada with support from SRK Consulting (Canada) Inc. from its office in Vancouver, Canada.
SRK’s mining team have developed an innovative and rigorous mine planning methodology that takes a mineral resource through to comprehensive technical reports. The methodology focuses on pit optimization, economic mining depth, size and scale of operations. SRK are highly experienced at identifying and producing client-focused solutions to technical challenges that meet corporate objectives for project development.
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-off.
In December 2021, a PEA1 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 an 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$70,000/tonne LCE.
Please visit our web site for further information: www.noramlithiumcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Founder and Executive Chairman
For additional information please contact:
Chief Executive Officer
1 Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).
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, that the results of the study will form the basis for future technical, operational and economic studies for development of the mining project. 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.
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Noram Lithium Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Noram Lithium Corp.’s industry; (b) market opportunity; (c) Noram Lithium Corp.s business plans and strategies; (d) services that Noram Lithium Corp. intends to offer; (e) Noram Lithium Corp.’s milestone projections and targets; (f) Noram Lithium Corp.’s expectations regarding receipt of approval for regulatory applications; (g) Noram Lithium Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Noram Lithium Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Noram Lithium Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Noram Lithium Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Noram Lithium Corp.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Noram Lithium Corp.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Noram Lithium Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Noram Lithium Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Noram Lithium Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Noram Lithium Corp.’s business operations (e) Noram Lithium Corp. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, Noram Lithium Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Noram Lithium Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Noram Lithium Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
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