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Noram Ventures and Alba Minerals Sign Definitive Property Option Agreement to Advance Clayton Valley and Hector Lode Lithium Brine/Clay Projects
Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (“Noram”) (TSX-V: NRM / Frankfurt: N7R / OTCBB: NRVTF) is pleased to announce the signing of a defin
About this update from Noram Lithium Corp
[{"type":"text","content":"Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (“Noram”) (TSX-V: NRM / Frankfurt: N7R / OTCBB: NRVTF) is pleased to announce the signing of a definitive property option agreement (the “Option Agreement”) with Alba Minerals Ltd. (“Alba”) to acquire up to 50% of Noram’s wholly-owned subsidiary Green Energy Resources Inc., which holds lithium brine/clay claims at Clayton Valley, Nevada and the Hector Lode lithium claims in San Bernardino County, California. Clayton Valley Lithium Project: Green Energy has amassed one of the largest land packages in Nevada’s Clayton Valley. Its non-contiguous North and South Blocks now total 888 claims (17,738 acres) and are positioned both north and south of Albemarle Corp.’s Silver Peak mine, North America’s only lithium producer. The perimeter of the Clayton Valley claims is located within 1 mile (1.6 kilometers) of Albemarle’s operations, where lithium is produced from deep wells that pump brines from the basin beneath the Clayton Valley playa. The plant is the only lithium producer in the United States and has been producing lithium at this location continuously since 1967. Hector Lode Lithium Project: The Agreement also includes the 100%-owned Hector Lode property encompassing 116 lithium mineral claims (2,320 acres) in San Bernardino County, California, where surface sampling has confirmed the presence of lithium in hectorite clays. Material is currently being mined on adjacent ground as bentonite/hectorite clays. An initial core drilling program is now under consideration for the property. Terms of the Option Agreement: In order to keep the Option in good standing and in force and effect, Alba shall subject to Exchange and regulatory approval: (a) Make mandatory payments in the aggregate of CAD$255,000 to Green Energy on completion of the Phase 1 drilling program in Clayton Valley, to earn a 25% interest in the Claims. For greater certainty, this payment is an obligation and not optional and upon payment of the said amount Alba will become the owner of the said 25% interest without having to give Exercise Notice; (b) Make a certain second payment of CAD$200,000 to Green Energy on or before March 30th, 2017 or at such time as the National Instrument 43-101 Technical Report on the Phase 1 drilling results is completed, whichever ...