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Noront Resources Ltd.
("Noront" or the "Company") (CDNX:NOT.V) is pleased to report all remaining assay
results from the 2010 exploration program, including results from holes
drilled to collect metallurgical samples, at the Company's McFaulds Lake
Project in the James Bay Lowlands, Ontario. The
Company is also pleased to announce that exploration has resumed for the
winter season.
Highlights - Metallurgical -
geotechnical holes at Eagle's Nest:
- NOT-10-GT04 intersected 206.3 meters of 4.6% Ni, 2.1% Cu, 1.87
gpt Pt and 7.76 gpt Pd
- NOT-10-GT01 intersected 48.3 meters of 1.9% Ni, 1.0% Cu, 1.03 gpt
Pt and 3.59 gpt Pd
Highlights - Regional Drilling 2010:
- NOT-10-1G186 intersected 1.2 meters of 0.6% Ni, 0.2% Cu, 0.08 gpt
Pt and 0.76 gpt Pd
- NOT-10-1G195 intersected 7.8 meters of 0.4% Ni, 0.1% Cu, 0.08 gpt
Pt and 0.41 gpt Pd
Noront's President and CEO, Wes Hanson, notes, "Hole NOT-10-GT04, targeted
to intersect a broad interval of massive sulphide mineralization at Eagle's
Nest for metallurgical sampling, returned one of the best intervals to date
confirming the predictive accuracy of resource model. The regional drilling
program significantly expanded the limits of the ultramafic rocks that host
nickel, copper sulphide mineralization. This expanded footprint has generated
additional target areas prospective for nickel, copper sulphides within
Noront's large land area." Mr. Hanson
adds: "The Company has resumed exploration for the winter season and
our focus continues to be the discovery of additional nickel, copper sulphide
resources. Initial drilling will focus on the Western and Thunderbird
intrusive complexes while ground geophysical surveys are completed at AT-12.
On completion of the geophysics, drilling of the AT-12 Complex will commence.
We are looking forward to drilling additional targets at AT-12 where the
Company has intersected the best nickel, copper sulphides grades outside of
Eagle's Nest."
2011 Winter Exploration Program:
The 2011 winter program is fully funded
and consists of ground based geophysical surveys and diamond drilling. The
focus is on the discovery of additional nickel, copper sulphide
mineralization similar to or larger than the Eagle's Nest discovery.
The Company believes additional nickel,
copper sulphide mineralization may be buried and therefore does not provide a
strong response using airborne geophysics. As a result, ground geophysical
surveys of the AT-12 Complex are planned to assist in identifying drill
targets.
A total of 10,000 metres of drilling is
planned during the winter program. Drilling will utilize two drill rigs for
the duration of the program. One drill is currently testing strong borehole
geophysical targets within the Western Complex approximately 3 to 4
kilometres southwest of Eagle's Nest. Once completed, this drill will move to
the Eagle's Nest Complex to test borehole and surface electromagnetic targets
identified in 2010. These targets have the potential to host nickel, copper
sulphide mineralization that could increase the mineral resources for the
project.
The second drill is currently testing
strong geophysical targets at the Thunderbird Complex, specifically to the
west of and the extension of the Thunderbird iron, titanium, vanadium
("Fe-Ti-V") discovery. As with AT-12, access to this area in the
summer months is difficult. The onset of winter conditions allows the Company
to drill at Thunderbird at a significantly reduced cost.
Regional magnetic surveys indicate that
the Thunderbird Complex has a 7.0 kilometre strike length. Drilling to date
has intersected elevated Fe-Ti-V mineralization over substantial thickness
along a 1.0 kilometre strike length. Iron occurs primarily as magnetite that
may be amenable to magnetic separation to produce a quality iron concentrate.
The Company plans to drill three to five holes to gain a better understanding
of the Thunderbird mineralization.
The following Table summarizes the
results (previously reported) at Thunderbird.
Thunderbird Drill Results (previously
reported April 30, 2009 and July
29, 2009)
HOLE ID
|
FROM
(m)
|
TO
(m)
|
INT.
(m)
|
V2O5
%
|
TiO2
%
|
Fe3O4
%
|
NOT-09-2G21
|
132.55
|
310.58
|
178.03
|
0.36
|
2.77
|
24.72
|
and
|
397.2
|
496.84
|
99.64
|
0.36
|
2.66
|
23.58
|
NOT-09-2G24
|
64.73
|
229.59
|
164.86
|
0.36
|
2.79
|
24.63
|
and
|
319.91
|
433.56
|
113.65
|
0.33
|
2.65
|
23.2
|
NOT-09-2G25
|
75.8
|
317.21
|
241.41
|
0.37
|
3.07
|
25.85
|
The mineralized intervals above do not
represent true widths, which cannot be determined at this time.
At AT-12, the Company has initiated deep
penetrating surface geophysical surveys that are designed to identify highly
conductive mineralization to depths approaching 600 metres. This will be the
first time such technology has been utilized by Noront in the Ring of
Fire. The objective of the ground based geophysics is to identify
potentially buried nickel, copper sulphide mineralization at AT-12.
The Company's geologists and advisors
believe that AT-12 is part of a feeder system that is geologically similar to
the Eagle's Nest discovery. Previous drilling has intersected significant
nickel, copper sulphide mineralization at AT-12. Considering the size and
extent of the chromite discoveries to the south of AT-12, the Company
believes that the AT-12 feeder system could potentially be much larger than
the feeder system at Eagle's Nest. (http://norontresources.com/find/id/55/Qp).
Metallurgical and Geotechnical Drilling
Program:
The Company completed a five-hole drill
program to acquire geotechnical data and to collect representative samples
for initial metallurgical testing of the Eagle's Nest deposit. Hole
NOT-10-GT04 was targeted to intersect massive sulphide mineralization over a
broad interval length. This hole successfully intersected over 200 metres of
massive sulphide mineralization as planned, confirming the predictive
accuracy of the current resource model for Eagle's Nest.
With the exception of NOT-10-GT02,
samples collected from the drill holes were split with half of the core sent
for assay and the other half used to generate metallurgical samples for
future testing. In the case of NOT-10-GT02 the core was not split and the
entire mineralized interval was used for metallurgical samples. Therefore, no
assay data is available. Hole NOT-10-GT02 did intersect nickel, copper
sulphide mineralization as planned. (http://norontresources.com/find/id/56/qD)
(http://norontresources.com/find/id/57/d2)
Metallurgical samples have been received
at SGS Lakefield labs in Peterborough, Ontario. The metallurgical test work
is currently underway with results anticipated in the first quarter of 2011.
The
following Table summarizes the results of all holes completed for the
metallurgical and geotechnical field program. All of the holes drilled for
metallurgical and geotechnical purposes are located within or near the
Eagle's Nest nickel, copper, platinum and palladium discovery.
HOLE ID
|
FROM
(m)
|
TO
(m)
|
INT.
(m)
|
Ni %
|
Cu %
|
Pt gpt
|
Pd gpt
|
Au
gpt
|
|
|
|
|
|
|
|
|
|
NOT-10-GT01
|
147.2
|
195.5
|
48.3
|
1.88
|
0.96
|
1.03
|
3.59
|
0.12
|
NOT-10-GT02
|
Hole
not sampled, whole core used to form metallurgical composite samples
|
NOT-10-GT03
|
Excessive
deviation, restarted as NOT-10-GT03A
|
NOT-10-GT03A
|
633.8
|
701.5
|
67.7
|
1.57
|
0.88
|
1.04
|
2.90
|
0.31
|
NOT-10-GT04
|
47.0
|
253.3
|
206.3
|
4.58
|
2.10
|
1.87
|
7.76
|
0.19
|
NOT-10-GT05
|
117.4
|
138.5
|
21.1
|
2.14
|
2.02
|
2.42
|
4.51
|
0.30
|
The mineralized intervals above do not
represent true widths, which cannot be determined at this time.
2010 Regional Exploration:
Regional drilling in the fall of 2010
increased the lateral extent of the ultramafic host rocks to the north and
west of Eagle's Nest, providing an expanded footprint for future exploration.
At the Western Complex, west of Eagle's Nest, drilling encountered narrow
zones of disseminated sulphide mineralization, indicating potential for
larger zones.(http://norontresources.com/find/id/58/58).
The following table presents the
complete results from the regional exploration drill program from the fall
2010 program.
HOLE ID
|
FROM
(m)
|
TO
(m)
|
INT.
(m)
|
Ni %
|
Cu %
|
Pt gpt
|
Pd gpt
|
Au
gpt
|
|
|
|
|
|
|
|
|
|
NOT-10-099
|
No
significant assays
|
NOT-10-1G186
|
358.7
|
359.9
|
1.2
|
0.62
|
0.19
|
0.08
|
0.76
|
0.04
|
NOT-10-1G187
|
100.6
|
100.7
|
0.1
|
0.00
|
1.15
|
0.01
|
0.01
|
0.01
|
NOT-10-1G188
|
No
significant assays
|
|
NOT-10-1G189
|
No
significant assays
|
|
NOT-10-1G190
|
672
|
674
|
2.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.66
|
NOT-10-1G191
|
566.6
|
567.0
|
0.4
|
0.59
|
0.11
|
0.11
|
0.24
|
0.01
|
NOT-10-1G192
|
318.1
|
318.4
|
0.3
|
0.63
|
0.17
|
0.54
|
1.54
|
0.07
|
NOT-10-1G193
|
No
significant assays
|
NOT-10-1G194
|
242.1
|
242.5
|
0.4
|
0.00
|
0.70
|
0.00
|
0.00
|
0.25
|
Also
|
251.3
|
251.5
|
0.2
|
0.02
|
1.00
|
0.00
|
0.01
|
0.45
|
NOT-10-1G195
|
72.2
|
80.0
|
7.8
|
0.36
|
0.09
|
0.08
|
0.41
|
0.06
|
NOT-10-1G196
|
No significant assays
|
NOT-10-1G197
|
No significant assays
|
The mineralized intervals do not
represent true widths, which cannot be determined at this time.
The Company advises that no further
assay results are outstanding at this time.
INDEPENDENT QUALITY CONTROL AND
ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the McFaulds Lake
Project, which includes grouping samples into batches of 35 into which are
added 2 certified reference material standards. 2 field and pulp duplicates
also form part of the quality control program. It can be said with confidence
that all assays reported in this Press Release have passed the strict quality
control guidelines as set out by Noront's Qualified Person.
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 and 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 more information on assay methodology please
visit the Actlabs website at http://www.actlabsint.com.
For further information on the McFaulds
Lake Project, please refer to the Company's NI 43-101 compliant technical
report "Technical Report and Resource Estimate, McFaulds Lake Project, James Bay Lowlands, Ontario Canada"
(effective April 23, 2010) available on the
Company's website and at www.sedar.com.
The preparation of this press release
has been supervised by Noront's senior management including Jeremy Niemi, P.Geo. Vice President, Geology, who is a
Qualified Person under Canadian Securities Administrators guidelines.
About Noront: Noront Resources Ltd. is focused
on its significant and multiple, high-grade nickel-copper-platinum-palladium,
chromite, gold and vanadium discoveries in an area known as the "Ring of
Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the largest land holder at the
Ring of Fire and continues to delineate and prove up its discoveries with NI
43-101 technical and economic reports and an aggressive and well financed
drill plan for 2011. All material information on Noront can be found on the
Company's website at www.norontresources.com
or at SEDAR at www.sedar.com
Wesley
(Wes) Hanson
President & Chief Executive Officer
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the
meaning of applicable Canadian securities legislation, including predictions,
projections and forecasts. Forward-looking statements include, but are
not limited to, statements that address activities, events or developments
that the Company expects or anticipates will or may occur in the future,
including such things as future business strategy, competitive strengths,
goals, expansion, growth of the Company's businesses, operations, plans and
with respect to exploration results, the timing and success of exploration
activities generally, permitting time lines, government regulation of
exploration and mining operations, environmental risks, title disputes or
claims, limitations on insurance coverage, timing and possible outcome of any
pending litigation and timing and results of future resource estimates or
future economic studies.
Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"planning", "planned", "expects" or
"looking forward", "does not expect", "continues",
"scheduled", "estimates", "forecasts",
"intends", "potential", "anticipates",
"does not anticipate", or "belief", or describes a
"goal", or variation of such words and phrases or state that
certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or
be achieved.
Forward-looking statements are based on
a number of material factors and assumptions, including, the result of
drilling and exploration activities, that contracted parties provide goods
and/or services on the agreed timeframes, that equipment necessary for
exploration is available as scheduled and does not incur unforeseen break
downs, that no labour shortages or delays are incurred, that plant and
equipment function as specified, that no unusual geological or technical
problems occur, and that laboratory and other related services are available
and perform as contracted. Forward-looking statements involve known and
unknown risks, future events, conditions, uncertainties and other factors
which may cause the actual results, performance or achievements to be
materially different from any future results, prediction, projection,
forecast, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
interpretation and actual results of current exploration activities; changes
in project parameters as plans continue to be refined; future prices of gold;
possible variations in grade or recovery rates; failure of equipment or
processes to operate as anticipated; the failure of contracted parties to
perform; labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion of
exploration, as well as those factors disclosed in the Company's publicly
filed documents. Although Noront has attempted to identify important factors
that could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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