TORONTO, ONTARIO - (Oct. 10,
2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT)
wishes to present the following update on its nickel - copper - platinum
group metal exploration activities in the Ring of Fire portion of the
McFaulds Lake area of northern Ontario in the James Bay Lowlands.
EXPLORATION HIGHLIGHTS
At Eagle Two, hole NOT-08-1G40 encountered 5.4 meters that averaged 2.17%
Ni, 0.77% Cu and 0.23 g/t Pd. This was contained within a much broader
mineralized zone of 24.7 meters that averaged 1.03% Ni, 0.31% Cu, and 0.11
g/t Pd between 270.8 and 295.5 meters down-hole. Hole NOT-08-1G42
encountered 2.19% Ni, 0.78% Cu over 1.8 meters starting at 425 meters
down-hole.
Three drills continue with an aggressive drilling program on Noront's 100%
owned Double Eagle Project, with one drill testing the chrome potential of
Blackbird Two chrome occurrence, which is located approximately 1 kilometre
east of Blackbird One (chrome component of the AT2 anomaly and
stratigraphically related to Eagle Two). A second drill continues to test
anomaly AT12 located 9.5 kilometers to the northeast of the Eagle One
Deposit (see press release dated October 6, 2008), while the third drill
has been moved to continue to test the depth and strike extension potential
south of the Eagle One Magmatic Massive Sulphide Deposit.
Information on the Blackbird One chrome occurrence, as well as other news
related to the chrome potential of the area as encountered at Blackbird Two
will be the subject of a separate chrome update release. This update will
include some holes mentioned herein, where significant chrome
mineralization was encountered - notably holes NOT-08-1G40 and 1G43.
EAGLE TWO Ni-Cu DEPOSIT
Complete assays from several holes at the Eagle Two Shear Hosted Sulphide
("SHS") deposit, that have been received since the last press
release (September 15, 2008) are described below. The assay results
reported herein continue to extend the moderate grade Ni-Cu-PGM
mineralization to depth. The Eagle Two occurrence occupies a position
conformable with and near the stratigraphic bottom of a wide Peridotite
Sill which in turn unconformably overlies older Granodiorite basement rock.
Diamond drilling has traced the Eagle Two deposit over a strike length of
300 meters and down plunge for about 500 meters. The observed width (not
true width) of mineralization is variable along the plunge axis. Assays are
pending for six remaining holes drilled to test Eagle Two. The
interpretation of the new holes at Eagle Two confirms that the SHS zone continues
to dip flatly at 50 to 60 degrees to the west and strikes north-south
within the Peridotite sill or the "ROF".
Drilling has concluded at present at Anomaly AT2. There are still a number
of assays pending from six holes drilled to test Eagle Two's Ni-Cu-Pt-Pd
potential that will be released when available.
OTHER ANOMALY DRILLING UPDATE
Anomaly testing on airborne anomalies designated AT5 and AT6 was completed
during the months of June and July, 2008. Drill hole locations were
reported in a press release dated July 17, 2008.
Anomaly AT5
This anomaly is located approximately 1.1 kilometers east of the Eagle One
Deposit and has been described as a 500 meter long, 100 meter wide,
moderate to strong magnetic anomaly with weak electromagnetic response.
Three holes tested this anomaly, holes NOT-08-1G41 (abandoned), 1G44 and
1G46. The latter two drill holes were sampled whenever trace sulphides were
identified in the core logging. The selected samples returned only
geochemically anomalous values of Nickel (maximum 0.23% Nickel over a short
interval). No further work is currently planned on this anomaly at this
time.
Anomaly AT6
This anomaly is located approximately 2.0 kilometers northeast of the Eagle
One Deposit. It is described as a string of electromagnetic anomalies over
a distance of 450 meters along the southern flank of a strong magnetic
anomaly. Three holes tested this anomaly, encountering iron formation, thus
explaining the geophysical anomalies. Assay results have been recently
received for hole NOT-1G50, 1G53 and 1G54. No significant assays were
received. No further work is planned on this anomaly at this time.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program is in effect for the Double Eagle
Project which, has included grouping samples into batches of 35 into each
of which were added 2 certified reference material standards, 2 field
blanks comprised of sterile drill core, and a field duplicate. Coarse
reject and pulp duplicates also form part of each batch. It can be said
with confidence that all assays as reported in this Press Release have
passed the strict quality control guidelines as set out by Independent
Qualified Person ("IQP") Ms. Tracy Armstrong P.Geo. of P&E
Mining Consultants Inc.
All samples reported upon herein were completed by Activation Labs
(Actlabs) of Ancaster, Ontario. The samples submitted to Actlabs were
analyzed using four acid digestion followed by ICP multi-element analysis..
The Cu and Ni samples that received values greater than the maximum limit
using the multi-element analysis underwent further analysis using ICP-OES.
For precious metals the assay methodology was Fire Assay/ICP. For more
information on assay methodology please visit the Activation Laboratories
Ltd. Website at http://www.actlabs.int.com
Drilling results in this press release have been reviewed in the field and
approved for dissemination by Noront's senior management including John
Harvey, P.Eng. Chief Operating Officer of Noront and Dr. Jim Mungall
P.Geo., Noront's Chief Geologist, both being Qualified Persons under
Canadian Securities guidelines. Noront is a tier 2 junior resource company
on the TSX Venture Exchange, trading symbol NOT, with 129,894,783 shares
issued to date.
Investors are invited to visit Noront's IR Hub at http://www.agoracom.com/IR/Noront
where they can post questions and receive answers or review questions and
answers already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to NOT@agoracom.com where
they can also request to be added to the investor e-mail list to receive
all future press releases and updated in real time.
ON BEHALF OF THE BOARD OF DIRECTORS:
R. Nemis, President and Chief Executive Officer
This press release includes certain "Forward-Looking
Statements" within the meaning of the US Private Securities Reform Act
of 1995. Other than statements of historical fact, all statements are
"Forward-Looking Statements" that involve such various known and
unknown risks, uncertainties and other factors. There can be no assurance
that such statements will prove accurate. Results and future events could
differ materially from those anticipated in such statements. Readers of
this press release are cautioned not to place undue reliance on these
"Forward-Looking Statements".
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Drilling has concluded at present at Anomaly AT2. There are still a number
of assays pending from six holes drilled to test Eagle Two's Ni-Cu-Pt-Pd
potential that will be released when available.
OTHER ANOMALY DRILLING UPDATE
Anomaly testing on airborne anomalies designated AT5 and AT6 was completed
during the months of June and July, 2008. Drill hole locations were
reported in a press release dated July 17, 2008.
Anomaly AT5
This anomaly is located approximately 1.1 kilometers east of the Eagle One
Deposit and has been described as a 500 meter long, 100 meter wide,
moderate to strong magnetic anomaly with weak electromagnetic response.
Three holes tested this anomaly, holes NOT-08-1G41 (abandoned), 1G44 and
1G46. The latter two drill holes were sampled whenever trace sulphides were
identified in the core logging. The selected samples returned only
geochemically anomalous values of Nickel (maximum 0.23% Nickel over a short
interval). No further work is currently planned on this anomaly at this
time.
Anomaly AT6
This anomaly is located approximately 2.0 kilometers northeast of the Eagle
One Deposit. It is described as a string of electromagnetic anomalies over
a distance of 450 meters along the southern flank of a strong magnetic
anomaly. Three holes tested this anomaly, encountering iron formation, thus
explaining the geophysical anomalies. Assay results have been recently
received for hole NOT-1G50, 1G53 and 1G54. No significant assays were received.
No further work is planned on this anomaly at this time.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program is in effect for the Double Eagle
Project which, has included grouping samples into batches of 35 into each
of which were added 2 certified reference material standards, 2 field
blanks comprised of sterile drill core, and a field duplicate. Coarse
reject and pulp duplicates also form part of each batch. It can be said
with confidence that all assays as reported in this Press Release have
passed the strict quality control guidelines as set out by Independent
Qualified Person ("IQP") Ms. Tracy Armstrong P.Geo. of P&E
Mining Consultants Inc.
All samples reported upon herein were completed by Activation Labs (Actlabs)
of Ancaster, Ontario. The samples submitted to Actlabs were analyzed using
four acid digestion followed by ICP multi-element analysis.. The Cu and Ni
samples that received values greater than the maximum limit using the
multi-element analysis underwent further analysis using ICP-OES. For
precious metals the assay methodology was Fire Assay/ICP. For more
information on assay methodology please visit the Activation Laboratories
Ltd. Website at http://www.actlabs.int.com
Drilling results in this press release have been reviewed in the field and
approved for dissemination by Noront's senior management including John Harvey,
P.Eng. Chief Operating Officer of Noront and Dr. Jim Mungall P.Geo.,
Noront's Chief Geologist, both being Qualified Persons under Canadian
Securities guidelines. Noront is a tier 2 junior resource company on the
TSX Venture Exchange, trading symbol NOT, with 129,894,783 shares issued to
date.
Investors are invited to visit Noront's IR Hub at http://www.agoracom.com/IR/Noront
where they can post questions and receive answers or review questions and
answers already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to NOT@agoracom.com where
they can also request to be added to the investor e-mail list to receive
all future press releases and updated in real time.
ON BEHALF OF THE BOARD OF DIRECTORS:
R. Nemis, President and Chief Executive Officer
This press release includes certain "Forward-Looking Statements"
within the meaning of the US Private Securities Reform Act of 1995. Other
than statements of historical fact, all statements are
"Forward-Looking Statements" that involve such various known and
unknown risks, uncertainties and other factors. There can be no assurance
that such statements will prove accurate. Results and future events could
differ materially from those anticipated in such statements. Readers of
this press release are cautioned not to place undue reliance on these
"Forward-Looking Statements".
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Noront Resources Ltd.
Neil Novak P.Geo.
(416) 864-1456
Fax: (416) 367-5444
Email: info@norontresources.com
Website: www.norontresources.com