TORONTO, ONTARIO - (Sept. 26, 2007) - Noront Resources Ltd. ("Noront") (TSX VENTURE: NOT) is pleased to provide the following update of activity, including significant assay results of recent
Diamond drilling completed on the Company's Windfall Lake Project, situated in Urban Township, Quebec.
Noront reports that two surface
Diamond drills have been utilized on the Company's 100% owned Windfall Lake property and on the contiguous property optioned from Murgor Resources Inc. (TSX VENTURE: MUG) and Freewest Resources Canada Inc. (TSX VENTURE: FWR) since May 2007. Forty-nine
Diamond drill holes, including three lost in overburden, have been completed on the combined properties, for a total of 9,870 m. Drilling is continuing and some surface trenching is contemplated before year-end.
Permitting for the underground exploration ramp is underway in anticipation that surface work can be completed before freeze-up..
As expected in the drill plan the seven
Diamond drill holes, completed to assist in the design of the proposed underground exploration ramp, did not yield economic tenors of gold.
Five holes were completed to vertical depths of 700 to 820 m below surface over a 930 m strike length lying to the west of the discovery showing. Significant results from the first three are shown in the following table. Analytical results of the two remaining holes are pending. In addition a further three holes were lost in overburden. These holes were designed to test the apparent down plunge extension of the mineralized zones cut in hole NOT-04-27 and lying to the west of the surface showings.
Click here to view table
The remaining thirty-four holes were designed to verify the limits of the mineralized area, assess structure and to define the attitude, correlation and character of mineralized structures particularly near NOT-06-100. Holes NOT-07-130, 143 and 145 reported significant intersections that lie within -100 m of the high grade interval previously reported in NOT-06-100. (See press release dated December 1, 2006). Additional work, including
Diamond drilling, is required to determine whether these intersections represent persistent mineralized structures. Holes drilled near NOT-06-100 were designed to provide detailed geological information to guide the underground bulk-sampling program.
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True widths of these intersections are not known at this time.
Assay samples are taken from (NQ) drill core sawed in half with one half, packaged and delivered to the Bourlamaque Assay Laboratory located in Val D'Or, Quebec for analysis. The remaining half core is stored in a secure location for future reference or further testing. The initial gold assay method comprises a 30-gram fire assay charge with an atomic-absorption finish. The upper detection limit of this method is 10 ppm. Samples reporting greater than 2 g/t gold are reassayed in duplicate using aliquots of the original pulp and of an additional split of the coarse rejects. The reassay method comprises a 30 g fire assay with a gravimetric finish.
Noront designates samples in batches of 20. Each batch includes a certified standard, a blank (currently silica gel) and a duplicate. Duplicate samples are prepared by quartering a sample and submitting the quarters under separate tag numbers. The assay laboratory also reports its internal standards and blanks. The Bourlamaque Assay Lab holds a certificate of laboratory proficiency for the analysis of gold issued under the Proficiency Testing Program for Mineral Analysis Laboratories which is administered by CANMET.
Gold assays are reported to the company in parts per million (ppm) and reported publicly by the company in grams per tonne (1 ppm equals 1 gram). Conversion to ounces per ton (oz/ton) on the attached Table employs a factor of 34.285 grams per tonne equaling 1 troy ounce per short ton and core width of significant zones is also give in feet (1.0 meter equals 3.28 feet).
Studies are ongoing to determine the orientation, geometry and continuity of the gold bearing zones and are part of Noront's proposed exploration program that includes surface drilling and a decline to access a number of gold bearing zones for bulk sampling underground. It is the intention of this program to begin to define a gold resource (as per NI 43-101 guidelines) and to further outline and evaluate the gold deposits found within the Windfall Lake project area.
One of the qualified persons responsible for overseeing and reviewing the technical data on the Windfall Lake project is Patrick Chance P.Eng. The technical information prepared for disclosure in this Noront news release has been approved by Mr. Chance.
The current
Diamond drill program utilizing two
Diamond drills is being completed in an orderly fashion as determined by the Company's geological team including Tracy Armstrong, P.Geo (a qualified geologist in the Province of Quebec) of P & E Mining Consultants.
Stock Option GrantThe Company is pleased to report that it has secured the services of Mr. Patrick Chance M.Sc., P.Eng. to supervise the ongoing
Diamond drill program at Windfall Lake and the Directors have approved and granted to Mr. Chance a stock option for 50,000 shares at an exercise price of $3.35 expiring on the 25th day of September, 2012.
Noront Resources Ltd. further wishes to advise that the acceleration clause has been triggered on 1,125,000 warrants at $0.25 issued to the private placement completed December 2005. Accordingly, the expiry date of these warrants is now October 26th, 2007 (see press release dated December 22, 2005 for details.
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 98,847,807 shares issued to date.
Investors are invited to visit the Noront Resources 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 updates in real time.
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.Contacts:Corporate Inquiries
Noront Resources Ltd.
Richard Nemis, President and Chief Executive Officer
(416) 864-1456
(416) 367-5444 (FAX)
Email: info@norontresources.com
Website:
http://www.norontresources.com AGORACOM Investor Relations
Email: NOT@agoracom.com
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http://www.agoracom.com/IR/Noront