TORONTO, ONTARIO -(Jan. 28, 2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE: NOT) is pleased to announce the receipt of assays on hole NOT-07-27 and 29 on its 100%-owned Eagle One occurrence within Noront's Double Eagle Project in the McFauld's Lake Area of northeastern Ontario. "The results from hole 27 are the highest grade encountered to date. This hole is quite significant as it contains high gold values within the massive sulphide zone not seen in earlier holes, and it extends the high grade massive sulphide zone to depth on this section. Results include thirty-five meters of massive sulphide averaging 7.91% nickel, 3.45% copper, 1.66 grams per tonne platinum and 12.79 grams per tonne palladium, along with 3.87 grams per tonne gold and 9.27 grams per tonne silver. Our immediate drill objectives are to complete infill drilling as required for resource estimate calculations and to begin drill testing several high-priority geophysical targets within the Double Eagle project area" states Richard Nemis, President and CEO of Noront.
HIGHLIGHTS- NOT-07-27 intersected mineralization between 112.8 meters and 159 meters that over 46.6 meters averaged 6.25% nickel, 2.75% copper, 1.85 g/t platinum, 10.23 g/t palladium, 3.0 g/t gold and 10.3 g/t silver. This well mineralized zone contained a 35.6 meter wide massive sulphide mineralized section between 116.8 meters and 152.4 meters that graded 7.91% Ni, 3.45% Cu, 1..66 g/t Pt, 12.79 g/t Pd, 3.87/t Au and 9.27 g/t Ag.
- NOT-07-29 intersected mineralization between 18.3 meters and 84.2 meters that over 65.9 meters averaged 1.48% nickel, 1.1% copper, 1.18 g/t platinum, 2.94 g/t palladium, 0.12 g/t gold and 3.3 g/t silver.
- Two new drills have arrived at the project and have commenced drilling. There are now three drills on the project completing infill drilling and testing other geophysical targets.
- Airborne survey continues around the "Ring of Fire".
Click here for assay results (Hole 27 and Hole 29)
Due to the irregular shape of the Eagle One Magmatic Massive Sulphide body, the drill intersections presented above are not true width. True width determinations will be referred to once the resource estimate is completed. Drill collar locations for holes NOT-07-27 and 29 have been presented in earlier press releases (see press releases dated December 21, 2007 and December 13, 2007).
Drilling Update (new holes completed)Hole NOT-07-28 was drilled at local grid collar location 51+74E at 10+69N with a dip of 51 degrees along an azimuth of 270 degrees, being the same location as hole NOT-07-26 that was earlier abandoned. After 14.8 meters of overburden and limestone this hole entered granodiorite until 128.1 meters when olivine gabbro was encountered until 140.1 meters. Between 140.1 and 169 meters, peridotite was encountered, followed by mineralized peridotite to 175 meters. Net textured mineralized peridotite was then encountered and the hole remained in this rock unit until 217 meters. A thin zone of massive sulphide mineralization was encountered between 217 meters and 218.5, followed by net-textured mineralized peridotite to 223.2 meters. Mineralization was then encountered between 223.2 and 242.2 meters for a total mineralized length of 73.2 meters, followed by granodiorite to the end of hole at 253 meters.
Hole NOT-08-30 has started, positioned at local grid collar location 50+80E at 11+46N with an initial azimuth of 090 degrees, and an initial dip of -45 degrees. This hole is designed to test the Eagle One occurrence on the same section as hole NOT-07-24 and NOT-07-28. The hole entered limestone at 9 meters, then into a granodiorite regolith until 12.5 meters. Massive sulphide and net-textured mineralized sulphides mixed with semi-massive sulphides were then intersected to 20.6 meters. A narrow felsic dike was encountered between 20.6 and 21.7 meters, followed by net textured mineralization until 99 meters for a total mineralized length of 86.5 meters. The hole encountered peridotite/gabbro until 114 meters after which granodiorite was encountered.
Assay results are pending for holes NOT-07-20 through to 26 as well as hole 28. Due to the presence of rhodium in selected samples, additional sampling is underway on all earlier holes to determine the presence of rhodium in this Platinum Group Element enriched massive sulphide occurrence.
Start Up of 2008 Winter OperationsField crews have now returned to the project area. The line cutting crew and geophysical crews along with the geological team arrived in early January. The first drill crew arrived during the first week of January to complete hole 28 started prior to the Christmas break. Aeroquest returned to the area during the second week of January and has commenced the continuation of the airborne program around the remainder of the "Ring of Fire". Two new drills have also arrived at the project site, contracted from Forage Orbit Garant of Val D'Or Quebec. Both of these rigs are now on site and have commenced drilling. Photos of these two new drill rigs can be found by following the link:
http://www.norontresources.com/projects/double-eagle/index..htmlGround geophysical surveys are now underway to define several anomalies detected in recently completed Aeroquest airborne surveys. The exploratory drill program will initially focus on these anomalies with one drill dedicated to testing anomalies, the other two drills will continue drilling holes at Eagle One as needed for a compliant resource estimate. Drill pattern is set at 37.5 meter pierce point spacing, felt by management as sufficient for resource definition for this type of mineral occurrence.
On Site Quality Assurance / Quality Control MeasuresThe aforementioned assay and sample information, as well as geological descriptions are taken from drill logs as prepared by the Project geologist for the drill program, Mike Kilbourne. 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.
All assay work and sampling procedures have been included in earlier news releases. Chain of Custody includes delivery to ALS Chemex Laboratory in Vancouver BC, where all samples undergo analysis using ALS Chemex assay procedure AA46 for nickel, copper and silver, and ICP24 for Au, Pt, and Pd. When samples received over-limit values they underwent further analysis using ALS Chemex assay procedure ICP27 (for gold, platinum and palladium), as well as GRA21 for gold. The reader is referred to: www.alschemex.com for details of these analytical procedures.
Independent Quality Assurance and Quality Control ProtocolGold, 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 are being monitored on an on-going, real time basis for accuracy, contamination and precision by P&E. The current sample set will be reviewed by Ms. Armstrong once some additional batches are completed, and will be reported upon in a timely manner.
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., and has been approved for dissemination by Neil Novak P.Geo., a director Vice President Exploration of Noront, being a Qualified Person under Canadian Securities guidelines.
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 118,478,582 shares issued to date.
Investors are invited to visit Noront's 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.CONTACT INFORMATION:Noront Resources Ltd.
Richard Nemis
(416) 864-1456
Fax: (416) 367-5444
Email: info@norontresources.com
Website: http://www.norontresources.com