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 Li Carbonate Equivalent
Vancouver, British Columbia– January 16th, 2018 – Alba Minerals Ltd. (“Alba”) (TSX - V:AA: AXVEF:US Frankfurt: A117RU) and Noram Ventures Inc. (“Noram”) (TSX - Venture: NRM/ Frankfurt: N7R / OTCBB: NRVTF) is pleased to confirm that, pursuant to its last news release (Feb 22, 2017), the company has re-negotiated the terms of the Option and Joint Venture Agreement with Noram. In consequence, the material change allows Alba to earn an additional 25% interest for a cash consideration of $350,000 payable to Noram/Green Energy. Alba and Noram shall then be 50:50 joint venture partners on the Clayton Valley Lithium Project. On a fully funded basis, the two companies will move forward to the next phase of infill drilling and exploration (Nov 30th 2017).
$125,000 of the $350,000 will be used for the next phase of the exploration and drilling program.
The drilling program will consist of a total of 20 holes in three areas planned as an extension of the 46-hole Phase I drilling program completed earlier this year. Four exploration holes in Area 1 adjacent to the bore hole on the Hades claims (Photo 1) and four exploration holes in Area 2 on the Zeus Extension claims. Areas 1 and 2 each received one core hole during the first round of drilling with very encouraging results and assays of up to 1290 ppm lithium. The other 12 holes will be drilled in Area 3 and are designed to infill and expand upon the close spaced drilling that formed the basis of the maiden inferred resource estimate previously announced on the Zeus claim block.
The locations of these additional drill holes are not expected to require any additional pad or access road construction over and above a disturbance of 5 acres, which is the upper limit of disturbance for a BLM Notice of Intent permit. In accordance with applicable BLM and Nevada Division of Minerals (Division) regulations Green Energy submitted the exploration plan of operations to supplement the Notice of Intent in order to conduct exploration coring. Upon implementation the plan is designed to demonstrate the existence of additional valuable lithium resources within the prospect area. Activities are anticipated to be completed within one month following the receipt of the permit and posting of the reclamation bond. They include drilling, core logging, splitting, photography, analysis, and core hole plugging. Following core hole plugging, incidental surface reclamation will begin as soon as weather permits.
"Now, we are in an position to carry on our drilling program in Clayton Valley after being re-validated and reconfirmed our results in our latest N.I. 43-101 Technical Report,” said Sandy MacDougall, Chairman and Director of Alba. “Our team is expeditiously proceeding towards completion of the next phase. Furthermore, we are particularly excited with the results since we’ve been exploring just a 113 acres-small (46 hectares)footprint out of a total of 12,920 contiguous acres (approx. 5228 has) that conform the Clayton Valley project. This is less than 1% of the total land package explored! Once we formally receive the BLM permits – which is tentatively happening in the current 1Q 2018, the expanded exploration core drilling program will begin immediately”
A recent NI 43-101 report has shown that the companies’ Clayton Valley, Nevada property has 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. Details of the inferred resource estimate can be found in the NI 43-101 report at (link to N.I. 43-101).
The technical information contained in this news release has been reviewed and approved by Dr. Peter Born, P.Geo., who is a Qualified Person as defined under National Instrument 43-101.
About Alba Minerals Ltd.
Alba Minerals Ltd. Is a Vancouver based junior resource company with projects in North and South
America, focusing on the development of our Lithium properties. Lithium Projects are located in Clayton Valley Nevada where Alba has earned a 25% interest in the project. The second lithium project Quiron II consist of 2,421 hectares of prospective exploration property in the Pocitos Salar, Province of Salta, Argentina. The Project is located approximately 12 km northeast from the Liberty One Lithium Corp and 19 Km from Pure Energy Minerals Ltd’s Pocitos prospects.
About Noram Ventures Inc.
Noram Ventures Inc. (TSX - Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF) is a Canadian based junior exploration company, with a goal of becoming a force in the Green Energy Revolution through the development of lithium and graphite deposits and becoming a low - cost supplier for the burgeoning lithium battery industry. The Company’s primary business focus since formation has been the exploration of mineral projects that include lithium projects in the Clayton Valley in Nevada, the Arizaro East mineral claim located in the eastern portion of the Salar de Arizaro in north - western Argentina and the Jumbo graphite property in British Columbia. Noram’s long term strategy is to build a multi - national lithium - graphite dominant industrial minerals company to produce and sell lithium and graphite into the markets of Europe, North America and Asia.
For further information, please visit: http://www.noramventures.com/
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman & Director
Direct: (604) 999-2159
This news release contains projections and forward - looking information that involve various risks and uncertainties regarding future events. Such forward - looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward- looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management's estimates or opinions change.
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.