| TSXV
Trading Symbol: NOT
DOUBLE EAGLE PROJECT,
JAMES BAY LOWLANDS
TORONTO, ONTARIO
August 28, 2007 Noront Resources Ltd.
("Noront")(TSX Venture: NOT)
announces
that it has been advised by its project manager (Billiken Management
Services Inc.) of Toronto results of the first two holes of the
Diamond drilling program started August 24, 2007 on the recently
optioned claims of the Company’s Double Eagle project located in
James Bay Lowlands, northeastern Ontario. The first hole of the
current drill program NOT-07-01 has intersected visible copper
sulphide mineralization (chalcopyrite) in a pyrrhotite –
chalcopyrite – peridotite geological setting. The initial hole
was
drilled at -45 degrees and intersected chalcopyrite and pyrrhotite
mineralization between 56 meters to 82 meters, however the total
sulphide percentage dropped off between 69 and 82 meters downhole.
Between 82 and 122 the mineralization slowly decreases to trace
levels beyond 125 meters. The total drill intercept of the
mineralized sulphide zone was 69 meters. The first hole continued to
140 meters and was terminated. A second hole drilled from same
location, undercut hole NOT-07-01 at -65 degrees. This second hole
entered similar mineralization (as in the first hole) at 91.3 meters
core length. The hole intersected 72.9 meters of mineralization,
the overall tenor of mineralization in the second hole is similar to
that of the first hole, however a massive section of pyrrhotite
and
chalcopyrite over 1.93 meters (104.67 to 106.6) has been observed in
the second hole and was not seen in the first hole. Plotting on
section for the two holes suggests a vertical dipping structure that
is in the order of 50 meters wide (true width). Hole NOT-07-02 was
terminated at 191 meters and the drill has been moved 100 meters to
the northeast to test for a northeasterly extension of this
structure. These above descriptions are taken from preliminary drill
logs as prepared by site geologist, and I.Q.P. for the drill
program, Dr. Howard Lahti, P.Geo., of Fredericton, New Brunswick.
The samples from hole NOT-07-01 have now been selected, and sealed
and readied for immediate shipment to ALS Chemex laboratory in
Thunder Bay Ontario. The first ten samples have been labeled
"RUSH"
for assay. All unnecessary communication from the field camp has
been curtailed, the local workers (drillers, pilots and First Nation
workers) have been briefed on security measures that are now being
implemented with respect to information discussion and release. Upon
receipt of the assay information, Noront will request a further halt
on the trading, until such time as the assay results are fully
disseminated.
The positioning of the
drill holes is based upon ground geophysical surveying during 2004
where ground geophysical surveys were completed including magnetic
and horizontal loop electromagnetics. The anomaly being tested has a
magnetically inferred strike length in the order of 500 metres, the
electromagnetic anomaly is evident on three lines spaced 200 meters
apart.
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 three significant volcanogenic base metal massive
sulphides 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. (See Press Release dated
May
17th, 2007 for
terms)
www.norontresources.com
The Company had originally
budgeted $400,000 for this Diamond drill program to test two
separate magnetic and electromagnetic anomalies identified on the
newly acquired "Condor" claims. Director of Noront, Mr. Neil
Novak,
P.Geo., along with Mr. Richard Nemis (President and Chairman of
Noront) and Mr. John Harvey, P.Eng. (Senior Consultant to Noront)
plan to visit the project area in the near future, to review the
project and make additional plans for follow-up exploration. Mr.
Novak states: "The geological setting as described by Dr. Lahti,
is
an ideal setting for copper / nickel mineralization, with the
potential for platinum group elements. Peridotites are known to
exist elsewhere in the Sachigo Greenstone Belt of Northern Ontario.
The discovery by Noront is located approximately 4 kilometers to the
west of a layered chromitite bearing peridotite, that was recently
discovered by others exploring in the McFauld’s Lake area for
massive sulphides, and is in the same magnetically rendered system
(as interpreted from airborne geophysical surveying completed in
2004 and 2005). The Noront discovery is a cumulate settling type
occurrence, and as such, the possibility of the pyrrhotite
containing nickel is considered high. While the Noront discovery
bears geological similarities, the Noront mineralized zone does
not
have the chrome layering present in the other nearby occurrence.
Olivine crystals are well formed, ranging in size from 5 mm to 10
mm, the chalcopyrite and pyrrhotite sulphides occur interstitially
around the olivine phenocrysts. The percentage of sulphide
mineralization as well as olivine crystal size is gradational
between 56 meters and 125 meters, decreasing with down-hole depth,
suggesting that the rock unit is structurally overturned."
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. |
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