Business
Noram - Alba Disclose Clayton Valley Joint Venture Use of Proceeds
Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (“Noram”) (TSX - Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF and Alba Minerals Ltd. (“Alba”) (TSX -
About this update from Noram Lithium Corp
[{"type":"text","content":"Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (“Noram”) (TSX - Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF and Alba Minerals Ltd. (“Alba”) (TSX - Venture: AA: AXVEF:US Frankfurt: A117RU) are pleased to announce further to the news release of (Jan 11, 2018) confirming renegotiated terms of the Option and Joint Venture Agreement. The material change allows Alba to earn an additional 25% interest for a cash consideration of $350,000 payable to Noram/Green Energy by March 1, 2018. Noram and Alba shall then be 50:50 joint venture partners on the Clayton Valley Lithium Project. A sum of $225,000 of the $350,000 cash consideration will be used to move forward with the collection and testing of a 10 tonne sample. The bulk sample is to be tested utilizing the Membrane Development Specialists LLC (MDS) proprietary lithium extraction process on the lithium-rich clay samples from its Clayton Valley Project. The proposed bulk sampling and recently reported (N.I. 43-101) follow the successful drilling results from its Zeus and Hades claim groups. The renegotiated Option and Joint Venture Agreement allow the proposed programs to proceed on a fully funded basis. MDS is a leader in membrane technology applications and has extensive experience designing, building, commissioning and operating nanofiltration systems for the mining and oil & gas industries. The focus of the bulk testing is to assess the economics and substantiate the recovery yield of lithium carbonate directly from the mineralized clays using MDS’s environmentally friendly process. The process captures almost all reagents and nearly all of the water used in the process for reuse. Prior to the bulk testing the samples will be assayed by SGS Labs, using a 3-Acid Digestion / ICP method. The samples will then be sent to MDS’s lab in Escondido, California, where the samples will be mixed with acid to simulate a Vat Leach process. The resulting samples will be processed by MDS to remove unwanted elements, such as magnesium and calcium thereby isolating the lithium carbonate. The lithium carbonate will then be assayed by SGS Labs for purity. Noram’s independent technical consultant, Bradley Peek, MSc and CPG, will be supervising the 10 tonne clay sampling; one 5 tonne sample from the drilling spoils pile surrounding the Hades bore hole (See Photo) a...