TORONTO, ONTARIO--(Marketwire
- Oct. 10, 2007) - Noront Resources Ltd. ("Noront")(TSX
VENTURE:NOT) is pleased to announce
progress of diamond drilling program on its' Company's Double Eagle project
located in James Bay Lowlands, northeastern Ontario.
HIGHLIGHTS
- Hole NOT-07-07 that undercut hole NOT-07-05 intersected the mineralized
zone at 72.5 meters core length and remained in it until 123.5 meters,
including a total of 24.7 meters of massive sulphide;
- Hole NOT-07-09 intersected the mineralized zone at 45.8 meters core
length and remained in it until 88.55 meters, including two sections of
massive sulphide totaling 22 meters, followed by a section of net textured
peridotite;
- Drilling completed on Eagle One Ni-Cu-PGE occurrence infers a massive sulphide
magmatic nickel mineralized, surrounded in part by net textured sulphides
in peridotite within a much larger variably mineralized steeply dipping
peridotite that has an 80 degree dip to the west, with a steep plunge along
a southerly strike;
- QA/QC program underway, first three batches fall within the limits as
determined by acceptable industry practice;
- Noront increases land position to 30,208 hectares, and staking continues
around the "Ring of Fire".
- Detailed ground geophysical program continues, large airborne survey
contract awarded to Aeroquest International Limited, overseen by Scott Hogg
and Associates;
- Latest hole underway NOT-07-12, a 37.5 meter southerly step-out from hole
NOT-07-01 and NOT-07-02 intersected massive sulphide mineralization between
83.6 meters and 92 meters for a massive sulphide intersection of 8.4
meters, followed by net textured nickel and copper sulphide mineralization
to 182 meters after which 30.3 meters of lean sulphide bearing peridotite
host rock was encountered, this hole is currently still in highly altered
peridotite and will be stopped once the granodiorite is encountered.
Noront has completed 1,825.8 meters of diamond drilling in 11 diamond drill
holes (not including hole 12) on the Eagle One Ni-Cu-PGE occurrence since
starting the drill program in late August. The following table summarizes
drill hole locations (based upon local grid) and provides details of the
drilling completed thus far:
Summary of Drill holes (Table 1)
New drill hole data (all assays pending)
Hole NOT-07-07 has recently been completed. This hole was positioned at the
same collar location as holes NOT-07-01 and NOT-07-02 (7 meters away to allow
for drill setup), however the azimuth was set at 090 degrees, to undercut
Hole NOT-07-05 from the west. The initial dip of this hole was set at -45
degrees. The hole entered the peridotite bearing sulphide unit at 72 meters
core length, then hit the massive sulphide zone at 75.2 meters, remaining
in massive sulphides until 89.5 meters. It then entered a mixed zone of
net-textured massive sulphides from 89..5 to 103.8 meters downhole, and
remained in mineralized peridotite until 123.5 meter core length for a
total mineralized drill intercept of 51.5 meters. Samples from this hole
have been selected and were sent to ALS Chemex for rush analysis in late
September.
Hole NOT-07-08 has also been completed. This hole was positioned at the
same collar location as hole #7 and drilled in the same direction 090
degrees azimuth, however the dip of the hole was steepened to -70 degrees. This
hole entered the peridotite at 128.8 meters and had only a short section of
mineralized peridotite containing sulphides between 131.5 and 136.9 meters.
The hole then entered the granodiorite and was stopped at 171 meters.
Hole NOT-07-09 was completed on October 2, and was designed to determine
northerly strike and up plunge potential of the mineralized zone, drilled
along an east-west oriented drill section 25 meters to the north of
NOT-07-05. This hole was drilled from the northwest (for local grid
co-ordinates and collar information refer to Table 1). The hole entered
peridotite at 43 meters core length and then entered massive sulphides at
45.8 and remained in massive sulphide mineralization until 63.2 meters core
length. After a short section of peridotite, the hole re-entered massive
sulphides at 65.3 meters core length and then re-entered the peridotite at
69.9 meters. This section of peridotite was well mineralized with net
textured sulphides until 88.6 meters core length when granodiorite was
encountered. The hole was terminated at 99 meters in granodiorite.
Hole NOT-07-10 was drilled to test for massive sulphides below NOT-07-09. This
hole did not intersect any massive sulphides; it is assumed that it went
below the massive sulphide zone however the hole went through 12.1 meters
of peridotite containing minor sulphide between 86.9 and 99 meters
downhole. The hole was terminated in granodiorite at 119 meters.
Hole NOT-07-11 was drilled to test for massive sulphides below NOT-07-09
and above hole NOT-07-10. This hole encountered the peridotite between 52.3
meters and 93.4 meters downhole, that contained two sections of well
mineralized massive sulphides between 58.5 and 60.1 meters (1.6 meters)
followed by another massive sulphide section between 74.4 and 75.8 meters
(1.4 meters). The hole was terminated in granodiorite at 113.8 meters.
Hole NOT-07-12 was drilled as a 37.5 meter southerly step out from holes
NOT-07-07 and, 01 and 02 along an east-west oriented drill section. This
hole intersected the peridotite at 82.5 meters and then intersected massive
sulphides between 83.6 meters downhole and 92 meters downhole. From 92 meters
to 113 meters a semi-massive section of sulphides was encountered
consisting of pyrrhotite, pentlandite and chalcopyrite followed by net
textured nickel and copper sulphide mineralization to 182 meters after
which 30.3 meters of lean sulphide bearing altered peridotite host rock was
encountered, the hole continues.
Due to the irregular shape of the mineralized zone, that is being
delineated and updated with each hole drilled, it is difficult to give an
accurate estimate of true width. It is currently interpreted that the
mineralized body is a massive sulphide magmatic nickel-copper mineralized
body, of irregular dimensions, surrounded in part by net textured sulphides
in peridotite within a much larger variably mineralized steeply dipping
peridotite that has an 80 degree dip to the west, with a plunge along a
southerly strike.
Property Expansion Status
In light of this exciting Nickel - Copper and PGE discovery, with high
economic potential, Noront continues with an aggressive exploration and
staking campaign and have dubbed the area the "Ring of Fire". Prior
to Noront's initial discovery of the "Eagle One Ni-Cu-PGE
occurrence", Noront held 32 individual claims totaling 491 units
(7,856 hectares). Since the discovery on August 25, 2007, Noront has recorded
an additional 38 claims totaling 608 units (9,728 hectares). An additional
48 claims have been staked totaling 623 units (9,968 hectares) and are in
the process of being recorded by Noront. Presently, Noront has amassed an
area within the "Ring of Fire" of 118 mining claims totaling
1,888 units (30,208 hectares).
Expanded program
A second diamond drill for the project is due to arrive on the property
during the present week, being supplied by Cabo Drilling. In addition,
Noront is planning to drill through the freeze-up period with the two
drills. In addition to the intense ground geophysical program already
referred to in earlier press releases, an airborne survey contract has been
awarded to Aeroquest International Limited using their helicopter mounted
AeroTEM-2 system. The survey personnel are scheduled to arrive at McFaulds
Lake camp today to start the preparation work for the survey. They will
initially focus the survey in the vicinity of the Eagle One occurrence and
then work out around the Ring of Fire to complete as much survey work as
possible (weather permitting) covering the newly acquired claims.
On Site Quality Assurance / Quality Control Measures
The aforementioned assay and sample information, as well as geological
descriptions are taken from drill logs as prepared by two site geologists
for the drill program, Dr. Howard Lahti, P.Geo., of Fredericton, New
Brunswick and Mike Kilbourne, geologist from Newmarket, Ontario. Billiken
Management Services Inc. is providing all services on site for the Noront
Double Eagle Project, from their base camp at McFaulds Lake. Billiken is a
holder of Certificate of Authorization issued by the Association of
Professional Geoscientists of Ontario.
Independent Quality Assurance and Quality Control Protocol
Gold, platinum and palladium are assayed using fire assay on a 50 gram
nominal sample weight with an ICP-AES finish. Nickel and copper are assayed
using aqua regia (3-acid) digestion with either ICP-AES or AAS finish. A
comprehensive QA/QC program has been implemented to monitor all assays on
the Double Eagle Project. Samples are assembled in numbered batches of 77
samples, which equates to the number of client samples per furnace batch at
ALS Chemex. Included in each batch of 77 samples are 4 certified reference
material samples, 3 blank samples comprised of sterile drill core, and 4
field duplicate samples. This QC program was set up for Noront by Tracy
Armstrong P.Geo, of P&E Mining Consultants Inc. ("P&E")
of Brampton, Ontario. Ms. Armstrong is a qualified geologist in the
Provinces of Ontario and Quebec. Assay results will be monitored on an
on-going, real time basis for accuracy, contamination and precision by
P&E.
Independent QA/QC report received September 28, 2007
Tracy Armstrong P.Geo. of P&E reports "The QC results have been
examined for the three batches received to date from ALS Chemex. Results
for the blanks, duplicates and certified reference material standards all
fall within the limits as determined by acceptable industry practice, i.e.
within +/- 2 standard deviations from the mean for the certified reference
materials, at or below detection limit for the blank material, and
precision on the duplicate assays of very close to a 1:1 ratio for all
metals."
Revision To Terms of Investor Relations Agreement
Pursuant to a press release on September 4, 2007, the Company advises a
revision to the Agreement with Agoracom in which the stock options have now
been priced to $CDN .68 per share from the original price of $CDN .50 per
share.
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".
This press release has been prepared by management of Noront Resources
Ltd., it has been approved for dissemination by Neil Novak P.Geo., a
director of Noront, being a Qualified Person under Canadian Securities
guidelines.
Richard Nemis, President of Noront would like to thank all of the
shareholders that have recently exercised their warrants and options that
have collectively added $13,729,000 to the treasury of Noront, putting the
company into a cashed up position, poised to move forward on all of our
exciting exploration and development projects.
Noront is a tier 2 junior resource company on the TSX Venture Exchange,
trading symbol NOT, with 110,566,882 shares issued to date.
Investors are invited to visit the Noront Resources IR Hub at
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 updates in real time.
ON BEHALF OF THE BOARD OF DIRECTORS R. Nemis, President and Chief Executive
Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Noront Resources Ltd.
Richard Nemis
President and Chief Executive Officer
(416) 864-1456
(416) 367-5444 (FAX)
Email: info@norontresources.com
Website: www.norontresources.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release..
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