TORONTO, Jan. 23 - Noront
Resources Ltd. ("Noront or the Company") (TSX Venture: NOT.V)
is pleased to present assay results from its base metal exploration
activities in the McFaulds Lake area of northern Ontario in the James Bay
Lowlands.
EXPLORATION HIGHLIGHTS
- Hole NOT-08-44, an extension to Eagle One, averaged 4.21% Nickel,
2.14% Copper, 0.35 g/t Platinum and 6.30 g/t Palladium over 28.8
metres, including 14.1 metres of higher grade averaging 7.46% Nickel
and 3.65% Copper.
- Hole NOT-08-2G11 drilled on the AT12 anomaly encounters widespread
nickel/copper PGE mineralization over 122.9 meters grading 0.56%
Nickel, 0.29% Copper, 1.06 grammes/tonne TPM, including 5.5 metres
averaging 2.38% Nickel, 3.05% Copper, 0.92 g/t Platinum, 2.62 g/t
Palladium and 0.22 g/t Gold.
EAGLE ONE DRILL RESULTS
As previously announced (see press release dated November 10, 2008), while
testing for the north-south striking dike or conduit beneath and around the
Eagle One deposit, drill hole NOT-08-44 encountered massive sulphide
mineralization 70 metres vertically below holes NOT-08-28 and NOT-08-32.
Selected assay intervals include:
While hole NOT-08-44 had the best drill intersection (not true width) of
massive sulphide, a further 10 holes drilled in the area returned
mineralization that is considered less significant. Nevertheless, this
drilling has expanded the geological and mineralogical information
available to Noront and has allowed the Company to better target further
drilling on this deposit. Details with respect to locations for these holes
are available on Noront's website at:
http://www.norontresources.com/projects/rinq-of-fire/EaqleOneDrill.pdf
AT12 DRILL RESULTS
Noront previously reported visual mineralization in drilling at anomaly
AT12 located approximately 9.5 kilometres northeast of the Eagle One
Deposit. Results of the first two holes that tested AT12 were reported in
press releases dated September 15, 2008 (NOT-08-2G01) and October 6, 2008
(NOT-08-G02). Exploratory drilling continued in the area which has improved
the geological information available for siting drill holes. Drill holes
NOT-08-2G11, 2G12 and 2G14 intersected encouraging mineralization over
broad intervals. Highlights are shown in Table 2.
True widths have not yet been determined for the nickel/copper bearing
zones at the AT12 occurrence.
The drill holes in Table 2, (with the exception of hole 2G13 that had no
significant values) encountered widespread semi-massive sulphide
mineralization including shorter sections of massive sulphide
mineralization. For locations of all holes drilled at AT12 please refer to
the drill-hole location plan superimposed on a total field magnetic map,
available at Noront's website:
http://www.norontresources.com/projects/rinq-of-fire/AT12PlanMap.pdf.
Continuity of mineralization is shown in the vertical drill section
pertaining to holes reported herein, which is also available at Noront's
website at: http://www.norontresources.com/projects/rinq-of-fire/AT12Section.pdf.
For a complete listing of assay intervals and results from Anomaly AT12
please visit Noront's website at
http://www.norontresources.com/projects/rinq-of-fire/AT12Hiqhliqhts.pdf
Additional drill holes have been completed in an area 800 metres to the
south of AT12 anomaly, on Noront's property, along an east-west section
parallel to and near the southern border of Noront's property in close
proximity to the Black Thor chrome property of Freewest Resources Inc. (as
shown on AT12 drill hole location plan referred to above). Selected assay
for holes NOT-08-2G15 and 2G-18 have encountered the following mineralized
drill intervals (not true width):
In addition to these base and precious metal intersections, there were nine
intersections of low grade chrome including 5.5 metres that averaged 3.973%
Cr203 in hole 2G15. Additional results in this area will be reported upon
as they are received.
EAGLE TWO DRILL RESULTS
Additional assays have been received for a further six holes drilled to
test the base metal potential at the Eagle Two shear hosted massive
sulphide occurrence which were not previously reported including holes
NOT-08-1G52, 1G55, 1G56, 1G60, and 1G62. Selected assay intervals for the
Eagle Two occurrence include:
These results over the drill intervals (not true width) have continued to
define a low-grade nickel - copper lense which lies in close proximity to
the Blackbird One Chrome deposit. The tenor of mineralization at Eagle Two
implies that the deposit will not likely be a stand-alone nickel sulphide
deposit, but presents an interesting target in conjunction with the
proximal chromite. For a complete listing of assays for these holes, please
refer to table of results for Eagle Two at Noront's website at http://www.norontresources.com/projects/rinq-of-fire/EaqleTwo.pdf
2009 BASE METAL EXPLORATION PROGRAM
A third diamond drill, will commence drilling in the vicinity of AT12 and
along the southern boundary of Noront's property in the vicinity of Holes
NOT-08-15 to 08-19 in early February. These holes are designed to continue
the assessment of the local and regional potential of the base metal
potential at AT12 and its immediate environs. Noront is also planning to
conduct downhole geophysics on selected holes to be completed early in the
base metal program.
"The results from Eagle One reinforce the high-grade polymetallic
mineralization that is available on our properties in the Ring of
Fire," remarked Paul Parisotto, Interim Co-CEO of Noront. "Our
exploration programs during the first half of this year will look to expand
the known mineralization at Eagle One.. Furthermore, the broad nickel
mineralization at AT-12 is most encouraging given the almost 700 metres of
virgin strike extent that remains to be drilled over the next six months.
We are extremely excited about the AT-12 area as a possible contributor to
our nickel resources in the area."
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 digestion
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 chromium analysis, on the samples
where elemental chromium using the ICPOES multi-element analysis
methodology provides greater than 10,000 ppm (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
Drilling results in this press release have been approved for dissemination
by Noront's senior management including John Harvey, P.Eng. Chief Operating
Officer of Noront, Dr. Jim Mungall P.Geo., Noront's Chief Geologist, and
Jim Atkinson, P.Geo. all being Qualified Persons under Canadian Securities guidelines.
Noront is a tier 2 junior resource company on the TSX Venture Exchange,
trading symbol NOT, with 153,778,457 shares issued to date.
ON BEHALF OF THE BOARD OF DIRECTORS:
"Paul A. Parisotto and Joe Hamilton"
Co-Chief Executive Officers
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts
please contact the Investor Relations Department at (416) 238-7226
or visit Noront's website at: http://www.norontresources.com
Investors can also utilize Noront's IR Hub at http://www.agoracom.com/IR/Noront