Vancouver, British Columbia – January 30, 2020 – Alba Minerals Ltd. (“Alba” or the “Company”) (CSE: AA; AXVEF:US; Frankfurt: A117RU) is pleased to update shareholders on its 8.9% interest in Noram Ventures Inc. (“Noram”) and the drill results for three remaining drill holes completed in the November 2019 Phase IV drill program on the Zeus lithium claystone property which will extend the Zeus Lithium Deposit. The first three drill holes of this program were reported in a news release dated January 15, 2020.
Results for drill holes 48, 51 and 52 are reported in Table 1 below and shown in simplified drill logs in Figure 2. Drill hole 51 resulted in 56.4 meters with an average of 1230 ppm Li, and drill hole 52 has 39.6 m at 1060 ppm Li immediately below the 2019-02 inferred resource. These values are expected to add significantly to the current inferred resource of 145 million tonnes at 1145 ppm Li (900 ppm cutoff: Peek and Barrie, 2019, see www.noramventures.com).
Figure 1. Google Earth image of Zeus lithium property, Clayton Valley, Nevada, adjacent to Albemarle’s lithium brine operations to west (see evaporation pond to upper left). The Esmeralda Formation lithium claystone is under a thin (0-5 m-thick) veneer of alluvium shed off of high hills to the east. The contours represent the 300 ppm, 600 ppm and 900 ppm cutoff lines for the NI43-101 resource estimate which included 145 million tonnes @1145 ppm Li (900 ppm cut-off, = 0.88 million tonnes lithium carbonate equivalent (Peek and Barrie, 2019; see www.noramventures.com).
Figure 2a. Summary log for drill hole CVZ-48, with lithium values.
Figure 2b. Summary log for drill hole CVZ-51, with lithium values.
Figure 2c. Summary log for drill hole CVZ-52, with lithium values.
Noram President and CEO C. Tucker Barrie comments: “ These three drill holes will add significantly to our current inferred resources, and they verify that the deposit thickens and increases in grade to the south and east, where where there is >2 km2 of untested ground on the property. In the near future, we will have a new resource calculation and NI43-101 report for this deposit. We aim to further define this very large lithium resource with more deep drilling, and to initiate engineering studies to determine the most effective recovery methods. ”
Noram’s Zeus lithium property is located in Clayton Valley, Nevada, immediately adjacent and to the east of Albemarle’s Silver Peak lithium brine operations, currently North America’s only lithium producer. The Phase IV drill program was designed to test the Esmeralda Formation claystone beneath earlier drill holes that extended only to ~30 meters depth (Figure 1).
The Phase IV drill program followed NI 43-101 procedures for sample preparation, analyses and security as described in Peek and Barrie (2019). All samples were sent to ISO-17025 accredited ALS Laboratories in Reno, Nevada for analysis. Each sample was then analyzed using ALS’ ME-MS61 analytical method which uses a Four Acid Digestion and MS-ICP technologies.
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc and Certified Professional Geologist who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project 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. Alba is focused on the development of the following mineral properties:
The Quiron II Lithium Property consists of 2,421 hectares of prospective lithium exploration in the Pocitos Salar, Province of Salta, Argentina. The Property is located approximately 12 km northeast from the Liberty One Lithium Corp and 19 km from Pure Energy Minerals Ltd.’s Pocitos Prospects.
The Chascha Norte property consists of 2,843 hectares of prospective lithium exploration in the Southeastern part of the Salar de Arizaro, Salta, Argentina in closest vicinity to Argentina Lithium & Energy Corporation’s and Lithium X’s Arizaro lithium brine projects.
The Rainbow Canyon Gold Property consists of 417 hectares of prospective gold exploration in the Olinghouse mining district, in the Washoe County Nevada.
Please visit our web site for further information:www.albamineralsltd.com
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman & Director
Phone: (604) 662-7902
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 Canadian Securities Exchange (“CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.