PROVIDES UPDATE ON OTHER DOUBLE EAGLE
DRILLING PROJECTS
TORONTO, ONTARIO - (July 17, 2008) - Noront Resources Ltd.
("Noront") (TSX VENTURE:NOT) wishes to present the following
update on its exploration activities in the McFaulds Lake area of northern
Ontario in the James Bay Lowlands.
EXPLORATION HIGHLIGHTS
1) Two drill holes completed thus far on Anomaly AT12 have returned
encouraging widths of visual copper-nickel-iron sulphide mineralization up
to 29.2 meters in MMS style Cu-Ni mineralization in peridotite host rock.
Assays are pending.
2) Latest drilling at Anomaly AT2 (Eagle Two), continues to probe deeper
and delineate copper - nickel mineralization in a shear hosted sulphide
setting (Eagle Two SHS Occurrence) now delineated down to a vertical depth
of 580 meters along a strike length of 200 meters.
3) Assay results received from five holes (see Table 1) from Eagle Two with
the most significant intersection being 6.2 meters from 165.0 meters
onwards, averaging 1.14% nickel and 0.52 g/t Total Precious Metals
("TPM" see table below).
4) Noront now controls and holds interests in 1,166 square kilometers of
prospective land in the Ring of Fire exploration area.
The anomaly drilling program on the Double Eagle Project continues with two
drills testing the Eagle Two (AT2 airborne anomaly) downward extent of a
copper-nickel sulphide mineralization in a Shear Hosted Sulphide
("SHS") environment, as well as layered chromite ("LC")
mineralization in a peridotite intrusive geological environment, now
referred to as "Blackbird One" so as to distinguish this site
from the Eagle Two occurrence. Information on the Blackbird One chrome
occurrence will be the subject of a separate release.
A third drill is testing other nearby airborne identified geophysical
anomalies that have been upgraded to drill targets as a result of ground
geophysical surveys and geological review, all within the geophysically
interpreted northeast extension of the Ring of Fire Intrusive
("RFI").
The drill assigned to testing anomalies has recently been moved to Grid 2
to test anomaly AT12, located approximately 9.5 kilometers to the northeast
of the Eagle One Magmatic Massive Sulphide ("MMS") deposit.
As previously announced (see press release dated July 4, 2008) Eagle One
hosts an Indicated resource of 1.83 million tonnes averaging 1.96% nickel,
1.18% copper, 1.12 g/t Pt, 3.91 g/t Pd, as well as an Inferred resource of
1.09 million tonnes averaging 2.39% nickel, 1.27% copper, 1.37 g/t Pt and
4.5 g/t Pd.
AT12 Anomaly
The AT12 airborne anomaly is located approximately 9.5 kilometers northeast
of the Eagle One Deposit. Drill testing has commenced on the north end of
this long, northeast-southwesterly striking strong coincident magnetic -
conductive target. Two drill holes completed to date have encountered
encouraging widths of intermittent disseminated and semi-massive
copper-nickel-iron sulphide mineralization which have been visually
observed over widths up to 29.2 meters. The two drill holes were collared
in cumulative-textured peridotite with the sulphide mineralization being
encountered near the base of the ultramafic intrusive before the holes
entered granodiorite basement rock. The two holes completed to date with a
third hole underway are tabulated below with Local Grid and UTM collar
coordinates and a visual description of mineralization encountered. Assays
for this new sulphide discovery are pending, and these results are based on
visual observations only. Notwithstanding the foregoing, visual
observations are estimates only and pending assay results may not confirm
visual observations in whole or in part.
The widths contained in Table 1 are not true widths as insufficient
drilling has been completed on this occurrence to determine true widths.
EAGLE TWO AND BLACKBIRD ONE OCCURRENCES (AT2 Anomaly)
Noront has a new system of naming new mineral occurrences when they reach a
certain level of continuity, size and tenure of mineralization. Nickel, copper
occurrences are assigned the name "Eagle". Chromite occurrences
are assigned the name "Blackbird". The number assigned to each
occurrence type is indicative of the order of discovery. As stated above,
the company will issue a separate release on the chrome results. To date,
32 holes totaling 11,719 meters have been completed at the AT2 anomaly to
assess the Shear Hosted Sulphide and Layered Chrome occurrences discovered
by Noront earlier this year (see earlier press release dated May 27, 2008).
Two additional holes are currently underway (Holes NOT-08-1G55 and
NOT-08-1G56), continuing to test these targets.
EAGLE TWO Ni-Cu OCCURRENCE
Assays from holes at Eagle Two, that have been received since the last
press release (May 27, 2008) are described below (see Table 2). The current
drilling has continued to extend the mineralization containing visible
copper-nickel sulphides to a vertical depth of 660 meters. The Eagle Two
occurrence occupies a position conformable with and near the stratigraphic
bottom of a wide Peridotite Sill which in turn unconformably overlies a
Granodiorite older basement rock. Assays are pending for the more recent
holes. With the interpretation of the new holes at Eagle Two, 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 "RFI"..
Due to the limited number of drill hole and assay results, true widths are
not yet determined for the Eagle Two occurrence.
Assays are pending for the following drill holes recently completed at the
AT2 Anomaly site from both the Eagle Two and Blackbird One occurrences.
Notwithstanding the foregoing, visual observations are estimates only and
pending assay results may not confirm visual observations in whole or in
part.
For all tables:
Cu refers to copper mineralization, typically chalcopyrite (cp)
Ni refers to nickel mineralization, typically pentlandite (pn)
Po refers to pyrrhotite a sulphide mineral
Mt refers to magnetite
Cr refers to chromite mineralization
Semi-massive refers to sulphide mineralization, predominantly po, pn and cp
Drilling continues at Anomaly AT2 with two drills continuing to test the
Eagle Two and Blackbird One occurrences.
Other Anomaly Drilling Programs
Ground geophysical surveying is well underway at the Double Eagle project
Grid 2 area, as well as other areas. Linecutting followed by ground
geophysics has commenced for the numerous options and joint venture
properties that are operated by Noront, around the Ring of Fire. Since
January 2008, Noront staked many additional claims and continues to acquire
additional land by staking and joint venture, all of which are being
surveyed by Geotech Ltd's new deep penetrating airborne Time-Domain
Electromagnetic ("VTEM") system, over the next few months. This
new helicopter mounted system has demonstrable and acceptable conductance
discrimination for high conductance targets by using a low frequency (30
Hz), long on-pulse and derived B-Field. Noront has amassed over 48,600
hectares of prospective ground and is in joint venture with several other
resource companies on approximately 68,000 hectares. Collectively, Noront
holds interest in approximately 116,800 hectares or 1,166 square kilometers
of staked land within what management believes is the most favorable
exploration area. A third drill has commenced on the Double Eagle Project
to test airborne anomalies, all of which have undergone further ground
geophysical surveying including AT-5, AT-6, AT-7 (all on Grid One) and AT12
(first anomaly on Grid 2) all east and north of the Eagle One MMS deposit.
AT3 Anomaly
As reported earlier (May 27, 2008) a total of 2,621 meters was drilled in
eight holes testing airborne anomaly AT3, located 4 kilometers to the
southwest of Eagle One, or two kilometers west of Eagle Two. These holes
intersected altered (talc-chlorite alteration) and non-altered strongly
magnetic peridotite units that were locally mineralized with disseminated
sulphides. The presence of magnetite veinlets and disseminated sulphide
mineralization in the peridotite provide some evidence of conductivity and
explain the high magnetic signature for this geophysical anomaly. Samples
were selected from all visual mineralized sections, and were submitted for
multi-element analysis, results from hole NOT-08-1G26 are pending. No
significant base metal or precious metal values have been received to date.
AT5 Anomaly
The AT5 anomaly is located approximately 1.1 kilometers east of the Eagle One
deposit. This anomaly is described as a 500 meter long, 100 meter wide
moderate to strong magnetic anomaly, with weak electromagnetic responses to
various airborne and ground geophysical surveys. Two completed holes and one lost hole
totaling 675 meters were drilled to test this anomaly as outlined in the
following Table.
The two completed holes encountered granodiorite and peridotite as well as
serpentinized dunite. The presence of highly serpentinized dunite and
peridotite provides an inconclusive explanation for the cause of the
geophysical anomalies detected at this location and more work may be
required to explain them. The core samples contained only minor sulphides
observed over short intervals.
AT6 Anomaly
The AT6 anomaly is located approximately 2.0 kilometers northeast of the
Eagle One deposit. This anomaly is described as a string of electromagnetic
anomalies over 450 meters on the southern flank of a prominent magnetic
anomaly. Three holes totaling 1,317 meters were completed while testing
this anomaly as outlined in the following Table.
All three holes drilled to date on this anomaly have encountered sulphide
mineralization that is interpreted to be iron formation style
mineralization. Observed mineralization occupies a steeply south-east
dipping series of cherty, narrow meta-volcanic beds where pyrite,
pyrrhotite and chalcopyrite are present. The mineralized intervals
encountered in these holes are being sampled for this respective metal
content and assays are pending. No further work is contemplated at present
here.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the Double Eagle
project which includes grouping samples into batches of 35 into which are
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 the QC program. Approximately 10% of the
samples are sent to a secondary lab as a monitor on the principal lab. 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 Noront's an
independent Qualified Person ("IQP").
All samples reported upon herein were completed by Activation Labs
(Actlabs) of Ancaster, Ontario. The samples submitted to Actlabs were analyzed
for multi-elements, including Ni and Cu using a four acid digest followed
by ICP-analysis. The samples that received base metal values greater than
the upper limit for the method underwent further analysis using ICP-OES.
For the Au, Pd and Pt, the assay methodology was Fire Assay on a 30 gram
aliquot with an ICP finish.. Silver was analyzed using a 3-acid digest with
an ICP analysis. For more information on assay methodology please visit the
Activiation Laboratories Ltd. Website at http://www.actlabsint.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 new 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 129,493,883 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: http://www.norontresources.com