TORONTO, Feb. 26 - Noront
Resources Ltd. ("Noront" or the "Company") (TSX
Venture: NOT.V) is pleased to present an update on its exploration
activities in the McFaulds Lake area of northern Ontario in the James Bay
Lowlands.
Drilling and Exploration:
In early January, 2009, Noront employed two diamond drills for the
Blackbird Chrome area. The Blackbird chrome project is located
approximately two kilometres south of the Eagle One Magmatic Massive
Sulphide deposit. The primary goal of this drilling campaign at the chrome
project is to define a National Instrument 43 - 101 compliant resource for the
Blackbird discoveries by completing sufficient drilling at an optimum drill
hole spacing to provide both inferred and indicated resources depending on
the density of sampling and the domain type (massive vs. disseminated
chrome).
A third drill, deployed in early February, is now focused on Noront's
claims located nine kilometres to the northeast, in the general area of the
AT12 nickel, copper, PGE occurrence and beyond, testing geophysical
anomalies. To date, Noront has completed 21 holes of diamond drilling
totalling approximately 6,000 metres on this phase of drilling in both the
Black Bird chromite discovery and AT12 areas.
In addition to its diamond drilling programs, Noront continues with an
aggressive geophysical program, and has completed 74 kilometres of ground
gravity surveying, along with 1,850 kilometres of airborne gradient gravity
surveying. These surveys are required for drill planning purposes to
further define structures for both base metals and chrome potential. The
airborne crew recently concluded their field work and the results will be
used to guide further exploration, mostly in the area to the west of the
Blackbird chrome discoveries. The ground gravity is focused in the area to
the northeast of the AT 12 discovery and along strike from the Blackbird
chromite deposits.
A fourth drill is currently being prepared for the commencement of an
exploration program headquartered out of Oval Lake, located on the northern
portion of the Ring of Fire. This drill will test targets defined by Noront's
VTEM airborne EM survey and will focus on four new exploration areas,
namely Northwest, Winisk, Oval and Northeast properties, all of which are
100% owned by Noront. It is expected that approximately 3,400 metres of
drilling will be completed in these areas over the next few months.
Assay Results:
All holes drilled in the current program are being systematically logged
and sampled, with samples being shipped regularly to Actlabs in Thunder
Bay, Ontario for sample preparation and initial analysis, with final chrome
analysis being done at the Actlabs facility in Ancaster, Ontario. Due to
the high Cr and Cr2O3 results that Noront is receiving on a regular basis,
additional analyses are being completed using alternate labs to confirm and
compare analytical methodologies using cross lab verification of chrome
results.
Exploration Budgets:
In December 2008, Noront's Board of Directors approved a $7.925 million
exploration budget as presented by Noront's exploration team. There are
seven geologists as well as six geo-technicians currently employed on the
project, rotating in and out of the Esker Base camp on a tri-weekly basis,
along with a Senior Logistics Manager.
This press release has been reviewed and 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.. Noront's Exploration Manager, all being Qualified
Persons under Canadian Securities guidelines.
Noront is a tier two junior resource company on the TSX Venture Exchange,
trading symbol NOT, with 153,722,283 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