|
DOUBLE
EAGLE PROJECT, JAMES BAY
LOWLANDS
TORONTO,
ONTARIO August 16, 2007 Noront Resources Ltd.
(“Noront”)(TSX
Venture: NOT) announces that it has been advised by
Billiken
Management Services Inc. of Toronto that drilling is
scheduled
to commence within two weeks, on the recently optioned
claims
on the Company’s Double Eagle project located in
James
Bay Lowlands, northeastern Ontario. A drill contract
has been
signed with Cabo Drilling Canada Ltd. of Kirkland
Lake, Ontario,
who have a drill in the immediate area. (Drill
currently being
used on the Spider/KWG/UC Resources Ltd. program,
testing
McFaulds #1 and #3 volcanic hosted massive sulphide
occurrences).
Due to the logistics of the McFaulds Lake area, an
A-Star
B2 Helicopter owned and operated by Les Helicopteres
Abitibi,
has been hired to support the drilling operation. The
project
will operate out of the Billiken base camp, located on
McFaulds
Lake, approximately 17 kilometers to the east of the
proposed
drill sites. Project geologist for Billiken, and
I.Q.P. for
the drill program will be Dr. Howard Lahti, P.Geo., of
Fredericton
New Brunswick.
The Double Eagle project consists of 34 claims
comprising
533 units encompassing an area of 8,528 hectares
(21,320 acres)
in the James Bay Lowlands in northeastern Ontario
adjacent
to Spider Resources / KWG joint venture where two
significant
volcanogenic base metal massive sulphide occurrences
have
been discovered.
On May 3rd 2007, (previously announced) The Company
entered
into an option agreement with Condor Diamond Corp. and
Greenstone
Exploration Company Ltd. (Condor/Greenstone) to
acquire two
claims consisting of 8 units adjoining the
Company’s
Double Eagle Project. (See Press Release dated May
17th, 2007
for terms) www.norontresources.com
The Company has budgeted $400,000 for a Diamond drill
program
to be conducted on two separate magnetic and
electromagnetic
anomalies identified on the newly acquired claims. If
sufficient
time and funds are available at the end of the first
two holes
on the claims a follow-up program covering the
Company’s
Double Eagle claims may take place. Director of
Noront, Mr.
Neil Novak, P.Geo., recently visited the project area,
and
together with representatives of Billiken, spotted the
first
series of holes for this project. Mr. Novak states:
“Noront
has acquired an exceptional massive sulphide target,
as well
as a very intriguing kimberlite target in a region of
Northern
Ontario where both massive sulphides and kimberlites
are known
to exist. The claims were initially staked by Condor
Diamond
to cover two kimberlite targets. Airborne surveying,
followed
by two campaigns of ground geophysical surveying
(magnetic
and electromagnetic surveying, and then by detailed
magnetic
surveying), has further distinguished these particular
anomalies
as high priority drill targets. Drilling of the
southernmost
anomaly will test for massive sulphide style
mineralization,
while the northernmost anomaly is a magnetically
rendered
di-polar anomaly, with magnetic similarities to
kimberlites
found in the Kyle group of kimberlites located about
70 kilometers
to the east. Drilling is scheduled to commence before
the
end of August and will take about 1 - 2 weeks to
complete.”
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”. All
dollar
amounts are Canadian dollars unless otherwise noted.
Noront is a tier 2 junior resource company on the TSX
Venture
Exchange, trading symbol NOT, with 90,300,807 shares
issued
to date.
For further information, please contact Richard Nemis
at 416-864-1456,
or visit the Company’s web site www.norontresources.com
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.
|