Alba Amends Clayton Valley Joint Venture Agreement with Noram and Acquires an Additional 25%
(firmenpresse) - Alba Amends Clayton Valley Joint Venture Agreement with Noram and Acquires an Additional 25%
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 11, 2018 - Alba Minerals Ltd. (Alba) (TSX - V: AAV: AXVEF:US Frankfurt: A117RU) and Noram Ventures Inc. (Noram) (TSX - Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF are pleased to announce that they have re-negotiated the terms of the 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) Norams wholly owned subsidiary. Alba will earn an additional 25% interest for cash consideration of $350,000 payable to Noram/Green Energy on or before March 1, 2018. Alba and Noram 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. 20, 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 vs. brine 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 be increasing Albas ownership in this project by 25% to a total of 50% after the encouraging results from the recently published N.I.43-101, said Sandy MacDougall, Chairman & Director. We are progressing well and particularly pleased with results given the small 5-acre 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 0.00106) to get the total amount of lithium metal in the deposit (18,124 tonnes). The amount of lithium metal is then multiplied by the lithium to lithium carbonate conversion factor (5.323) to get the total LCE of the deposit (96,476 tonnes). The conversion factor is based on the relative atomic weights of lithium and lithium carbonate.
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.
Please visit our web site for further information: www.albamineralsltd.com.
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
Companys 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. Norams 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: www.noramventures.com
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
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 Companys 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.
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Datum: 11.01.2018 - 08:17 Uhr
Sprache: Deutsch
News-ID 570745
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