TORONTO, ONTARIO - (Sept. 23, 2008) - Noront
Resources Ltd. ("Noront or the Company") (TSX VENTURE:NOT) is
pleased to present an update on its operations as well as additional chrome
results on its chromium exploration activities in the McFaulds Lake area of
northern Ontario in the James Bay Lowlands.
EXPLORATION HIGHLIGHTS
1) Assay results received from Hole NOT-08-1G31 (see Table 1) from
Blackbird One returned 75 meters from 337.5 meters onwards, averaging 38.2%
Cr2O3 containing 26.1% Chrome (Cr) and 15.2% Iron (Fe) including 12 meters
from 373.5 meters onwards, averaging 58.4% Cr2O3 containing 39.9% Cr and
15.5% Fe (Cr:Fe ratio of 2.6)
2) Drilling at Blackbird Two located 1,000 meters to the east of Blackbird
One continues to encounter visible chromite mineralization in several holes
testing the 900 metre long gravity anomaly.
One drill is currently drilling at the Blackbird Two chrome occurrence, and
will be moving to test the area between Blackbird One and Blackbird Two in
systematic step outs of 100 meters to explore the area to determine
continuity of the two zones. As previously announced (refer to press
release dated July 29, 2008) Blackbird Two was discovered while testing a
large gravity anomaly located approximately 800 meters to the east of Blackbird
One and 1 kilometre south of the Eagle One magmatic massive sulphide (MMS)
deposit.
The recent success of Noront's drilling at Blackbird One and Two, has been
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
typically being encountered by our drilling at Blackbird One, along with a
favourable chromium to iron ratio, as well as the large crystals of
chromite in a talc matrix observed during microscopic examination of core
samples, will potentially place this discovery amongst the best chrome
deposits in the world.
While it is still too early to comment on the metallurgical characteristics
of the rock and anticipated chrome recoveries, the grades being encountered
in holes reported to date, are consistently greater than 40% Cr2O3, have a
Cr:Fe ratio that approximates 2:1. This conceptually, would allow for the
rock to be fed directly into smelters without any further processing.
Concentrating the rock on site could be by gravity separation, at
relatively low cash costs after the initial capital investment for the mill
facilities. This would allow for substantial value added to the discovery.
At current world contract market prices for chrome, of $2.05 (USD) per pound
(as per the European Q3 contract price), the grade of 40% Cr2O3 would
command a price of around $600 per tonne delivered to a deep water port.
Simple upgrading of the rock by use of an attrition/gravity mill that
removes the talc matrix and liberates the chromite would enhance the value
of the rock substantially.
Early drilling at Blackbird Two identified three parallel bands of massive
chromitite that appear to be of similar size and visual nature to the
Blackbird One discovery. Additional 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
discovery of 100 metres of chromite that included 60 meters of massive
chromite, 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 four 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 multiple 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 ROF Companies who continue to drill in the area have
encountered and are now delineating a potential new Chromite belt that is
still open at both ends along strike, where the ROF continues on ground
wholly owned by Noront. 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 OCCURRENCE
The Layered Chromite ("LC") zone at Blackbird One is best described
as a complex 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
chromite body along a strike length of 125 meters, down to a vertical depth
of 500 meters over wide core widths with favorable high Cr/Fe ratios.
Blackbird One chrome occurrence is open. During the reporting period since
last press release an additional three holes were completed designed to
test this chrome occurrence, assays for only one hole in its entirety have
been received.
Due to the limited number of drill hole and assay results, true widths are
not yet determined for the chromite (LC) zones at Blackbird One. Assays are
pending for the following drill hole recently completed at the Blackbird
One occurrence.
Notwithstanding the foregoing, visual observations are estimates only and
pending assay results may not confirm visual observations in whole or in
part. The drill has been moved away from this site for the time being and
has moved to continue drilling in the vicinity of Eagle One.
BLACKBIRD TWO CHROME OCCURRENCE
The Blackbird Two chrome occurrence was recently discovered (see press
release dated July 30, 2008) while testing a 900 metre long gravity
anomaly, centered approximately 1,000 metres to the east of Blackbird One.
There have been 11 holes drilled to test this anomaly, 6 of which have
intersected massive chromite layers. No assays have been received from this
chromite occurrence. The following table provides location and descriptions
of each hole drilled to test this anomaly, that has been traced along
strike for 340 meters between UTM sections 546555 mE to 546895 mE.
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
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 final chrome analysis, on the samples
where elemental chrome using the ICPOES multi-element analysis methodology
provides greater than 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.
DELAYS IN REPORTING FINAL CHROME ASSAYS
Due to the high number of samples that are being submitted for INAA
analysis and the dependency on a research reactor located at MacMaster
University in Hamilton Ontario, Canada, there is currently a large backlog
of samples awaiting final analysis. Actlabs assures Noront that they are
working their way through the backlog as quickly as they can.
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 129,824,783 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.
For more information, please contact
Noront Resources Ltd.
Neil Novak P.Geo.
(416) 864-1456
Website: http://www.norontresources..com