Noram Amends Clayton Valley Joint Venture Agreement with Alba to Acquire an Additional 25%

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[{"type":"text","content":"Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (“Noram”) (TSX - Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF and Alba Minerals Ltd. (“Alba”) (TSX - V: AAV: AXVEF:US Frankfurt: A117RU) are pleased to announce that they have re-negotiated the terms of the Option and Joint Venture Agreement (Feb 22, 2017). Alba currently holds a 25% interest in the 12,920-acre Clayton Valley Lithium Property owned by Green Energy Resources Inc., (“Green Energy”) Noram’s wholly owned subsidiary. Alba will earn an additional 25% interest for a cash consideration of $350,000 payable to Noram/Green Energy. Noram and Alba shall then be 50:50 joint venture partners on the Clayton Valley Lithium Project and the two companies will move forward with the next phase of infill drilling and exploration fully funded (Nov 20th 2017). This amendment was the result of the mutual agreement between both parties to reduce the number of Clayton Valley claims from 888 to 646 during the 2017 fiscal year. This reduction was made given our focus on property hosting lithium in clays rather than brines and is in keeping with our technology, also focused on extraction of clay hosted lithium. We believe this to be the area of greatest potential given the environmental issues particular to Clayton Valley, namely the water table.  Equally, delays under the original agreement such as the completion and approval of the N.I. 43-101 further merited re-visiting the existing terms. “We are very pleased to have Alba as our joint venture partner after increasing its ownership in this project by 25% to a total of 50% after the encouraging results from the recently published N.I. 43-101,” said Mark Ireton CEO and President. “We are progressing well and particularly pleased with results given the small 113 acres (46 hectares) footprint explored out of a total of 12,920 contiguous acres. This is less than 1% of the total land package.” The model reports an Inferred Mineral Resource of approximately 17 million metric tonnes at a grade of about 1,060 ppm Li, which equates to 96,476 metric tonnes of LCE. The level of confidence, i.e., the category, of a resource estimate may change with additional exploratory work, such as sampling, drilling, etc. The tonnes of LCE is calculated by multiplying the tonnage of the deposit (17,098,480) times the grade (1060 ppm or 0.106% or 0.00...

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