Business
Canadian International Minerals and Noram Ventures Sign Letter of Intent to Advance Alberta Lithium Brine Project
(via Thenewswire.ca) May 2, 2016 / TheNewswire / Vancouver, British Columbia - Canad...
About this update from Egr Exploration Ltd
[{"type":"text","content":"Canadian International Minerals and Noram Ventures Sign Letter of Intent to Advance Alberta Lithium Brine Project(via Thenewswire.ca)\n\n \nMay 2, 2016 / TheNewswire / Vancouver, British Columbia - Canadian International Minerals Inc. (\"Canadian International\" or \"CIN\") (TSX-V: CIN) and Noram Ventures Inc. (\"Noram\") (TSX-V: NRM) are pleased to announce the signing of a Letter of Intent (the \"LOI\") to cooperatively advance the Alberta Lithium Brine Project (the \"Project\") in west-central Alberta, Canada. The LOI outlines the general terms and conditions of a definitive agreement, pursuant to which Noram may earn a 50% interest in the Project. The Project is host to the multi-element Sturgeon Lake Brine Deposit, which has a National Instrument 43-101 Inferred Resource estimate of 2,049,000 tonnes of Lithium Carbonate Equivalent (\"LCE\"). This Inferred Resource estimate was announced by Canadian International in a news release dated January 25, 2016 (see the associated technical report, prepared by APEX Geoscience Ltd. (\"APEX\"), under Canadian International's profile on SEDAR.com or on the CIN website).\n\n \n \nProject Introduction\n\n \n \nThe Alberta Lithium Brine Project is located in west-central Alberta, directly south and west of the town of Valleyview, and approximately 270 kilometres northwest of Edmonton. The Project consists of 15 contiguous Metallic and Industrial Minerals Permits (the \"MAIM Permits\"), encompassing an area of over 328,000 acres (over 132,000 hectares). The MAIM Permits grant the holder the exclusive right to explore for metallic and industrial minerals.\n\n \n \nPrevious exploration and development in the vicinity of the Project area is traditionally petroleum-related, with numerous oilfields known to underlie the Project and nearby area. The Project is strategically positioned over the Sturgeon Lake oilfield, which was discovered in 1952 and continues to produce hydrocarbons to this day. Thus, the Project area has over 60 years' worth of infrastructure upgrades and investments, including major and secondary highways, rail, and power lines associated with the development of the energy resource sector and the town of Valleyview.\n\n \n \nThe Sturgeon Lake oilfield is a mature petroleum field. At present most of the wells produce excessive amounts of formation water (brine) in comparison to...