TORONTO, ONTARIO - (Oct.. 16, 2008) -
Noront Resources Ltd. ("Noront or the Company") (TSX VENTURE:NOT) is pleased to present additional assay results from its chromite exploration activities in the McFaulds Lake area of northern Ontario in the James Bay Lowlands.
EXPLORATION HIGHLIGHTS1) Assay results received from Hole NOT-08-1G43 (see Table 1) from Blackbird One returned 34.9 meters from 462.1 meters onwards, averaging 33.0% Cr2O3 containing 22.6% Chrome (Cr) and 14.5% Iron (Fe) including 14 meters from 482 meters onwards, averaging 39.8% Cr2O3 containing 27.3% Cr and 15.7% Fe (Cr:Fe ratio of 1.7)
2) Drilling over a one kilometer trend between Blackbird One and Blackbird Two continues to encounter chromite mineralization in holes designed to test gravity anomaly.
One drill is currently drilling at the Blackbird Two chrome occurrence testing the area between Blackbird One and Blackbird Two in systematic step outs of 100 meters to explore the intervening area to determine continuity of the two chromium enriched zones. As previously announced (refer to press release dated July 29, 2008) Blackbird Two was discovered while testing a large gravity anomaly extending approximately 1000 meters to the east of Blackbird One and 1 kilometre south of the Eagle One magmatic massive sulphide (MMS) deposit. Current drilling is designed to only indicate or outline, with widely spaced drill holes, the scope and ultimate potential dimensions of the chromite mineralization.
The continued success of Noront's drilling program at Blackbird One and also at Blackbird Two, is a very positive development in the Company's exploration for base and industrial minerals in the Ring of Fire. The grades of Cr2O3 that are consistently being encountered by the drilling at Blackbird One, along with a favourable chromium to iron ratio have placed this discovery amongst the best chromite deposits in the world. Visual observations resultant from the drilling at Blackbird Two are also encouraging, as these observations are starting to imply large tonnage potential for the intervening area, although much more drilling will be required in the future for 43-101 qualified resource studies.
Additional nearby discoveries by the Spider/Freewest/KWG joint venture of 48 metres of massive chromite located only a few kilometres northeast of Blackbird Two, along with Freewest's recent discoveries of 100 metres of chromite that included 60 meters of massive chromite, followed by 1.6 km stepout hole that also intersected 120 meters of chromite mineralization, continue to lead the Company to believe that there is a potential for an extensive massive chromite belt in the current area of drilling. These chromite occurrences discovered in the McFaulds Lake area to date are situated along a strike length of 10 kilometers within the Ring of Fire (ROF) as previously reported by Noront, Freewest and the Spider/KWG/Freewest JV in their recent press releases. This concentration of occurrences lends support to the comparison with the Kemi Mine in Finland, where 12 chromite lenses occur in a similar geological setting along a 15 kilometre belt as presented in Noront's recently filed NI-43-101 report on the project area. (to see the report, please refer to Noront website www.norontresources.com)
Noront and other Companies that continue to drill in the ROF area are now delineating a potential new chromite belt that is still open at both ends along strike and to depth, where the ROF continues on ground wholly owned by Noront. Preliminary discussions are underway between the four companies (Noront, Freewest, Spider and KWG) that are actively exploring for chromium along this new belt, whereby they have agreed to share geological information. This potential mega-project is rapidly progressing to the critical mass stage to support development. The Company is committed to further identifying the chromite footprint of Blackbird Two and testing its other holdings along the ROF for chromite and related copper-nickel massive sulphide mineralization.
BLACKBIRD ONE CHROME OCCURRENCEThe layered Chromite ("LC") zone at Blackbird One is best described as a complex of layers of massive chromite of varying thicknesses of massive chromite bearing layers within the peridotite Sill. These chromitite layers dip steeply at approximately 60 degrees to the west paralleling the contact between the peridotite Sill and the adjacent granodiorite. The holes containing significant chromite mineralization reported to date have delineated a chromitite body along a strike length of 125 meters, down to a vertical depth of 500 meters over wide (yet variable) core widths with favorable high Cr/Fe ratios. Blackbird One chromite occurrence is open to depth and along strike. During the reporting period since the last press release (September 23, 2008) an additional three holes received final assays as presented in Table 1.
True widths are not yet determined for the chromite (LC) zones at Blackbird One. Assays are pending for four drill holes completed at the Blackbird One occurrence including holes NOT-08-1G52, 1G58, 1G60 and 1G62.
BLACKBIRD TWO CHROMITE OCCURRENCEThe Blackbird Two chrome occurrence, as announced July 30, 2008, was discovered while testing a gravity anomaly, extending 1000m approximately one kilometer to the east of Blackbird One. No assays have been received from this chromite occurrence to date. The following table provides additional location and descriptions of each hole drilled to test this anomaly, that has not yet been reported.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOLA 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 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 digestion 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 final chromium analysis, on the samples where elemental chromium using the ICPOES multi-element analysis methodology provides greater than 10,000 ppm (1% Cr), the samples are then submitted for additional analysis using INAA that involves irradiating the samples prior to final analysis. This methodology provides analysis in percent for elemental Cr as well as Cr2O3 and elemental Fe. For more information on assay methodology please visit the Activation Laboratories Ltd. Website at
http://www.actlabsint.com.Noront's field programs in the McFaulds Lake area are under the technical direction of Dr. Jim Mungall, P. Geo. And supervised onsite by Jim Atkinson, P. Geo. The former is Chief Geologist and the latter Exploration Manager for Noront.
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.
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 129,894,783 shares issued to date.
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".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 by other investors. Alternatively, you can email questions to NOT@agoracom.com and also request to be added to the investor email list to receive all future press releases and updates in real time.
ON BEHALF OF THE BOARD OF DIRECTORS:
R. Nemis, President and Chief Executive Officer
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