According to the minimum specs on the Oculus Rift website, that graphics card is the minimum required. Looking at the CPU specs of the Razer Blade Stealth, the CPU (an Intel i7-6500U) appears to be powerful enough to satisfy the minimum CPU specs of the device.
That said, Thunderbolt 3 will only provide a PCI-e x4 lane to work with, whereas graphics cards (such as the GTX 970) can support up to x16 for maximum bandwidth. The loss of bandwidth available over the Thunderbolt 3 connection in practice usually isn't terribly significant. However, we do not know how much this will impact the Oculus Rift's performance, since it has yet to be released and reviewed in its retail configuration. Given, though, that some performance impact may occur, and the uniqueness of the Rift's demands on the graphics card (driving two displays--one per eye, rather than one monolithic display), it might be problematic at least for that graphics card, as it is only the minimum recommended.
A definitive answer to this question isn't possible right now, though, until someone tries it out and sees. So for now, I'd say it is possible, but it might not work quite as well as you might hope.