Toronto, Ontario, November 19, 2009. Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to report newly obtained assay results of completed drill holes from the Company’s Eagle’s Nest deposit at the McFauld’s Lake Property located within the Ring of Fire mineral district. The results are from the ongoing drilling, which continues to expand and define the extents of the mineralization at Eagle’s Nest.
Five holes intersecting the Eagle’s Nest mineralization are being reported herein. All five of the holes exhibit significant assay results including intersections of massive mineralization. The Company notes that Hole NOT-09-070-W1 intersected unusually high platinum grades within the massive sulphide mineralization.
- Hole #NOT-09-070-W1 intersected 22.8 metres averaging 4.41% Ni, 2.38% Cu, 28.07gpt Pt and 7.95gpt Pd
- Including 8.4 metres averaging 1.19% Ni, 1.46% Cu, 68.78gpt Pt and 7.55gpt Pd
- Also including 8.0 metres averaging 7.41% Ni, 2.19% Cu, 0.18gpt Pt and 9.33gpt Pd
- Hole #NOT-09-068-W1 intersected 135.2 metres averaging 1.65% Ni, 0.8% Cu (Pt and Pd pending)
- Hole #NOT-09-064 intersected 53.1metres averaging 1.94% Ni, 0.95% Cu, 0.60gpt Pt and 3.85gpt Pd
- Including 13.2 metres averaging 4.98% Ni, 1.92% Cu, 0.07gpt Pt and 6.71gpt Pd
Drilling results continue to expand the size of the Eagle’s Nest deposit and have definitively filled in all remaining gaps along the vertical length defining the mineralization to a depth of below 1,000 metres. Hole NOT-09-068-W1 was targeted to completely fill in the gap between what were formerly known as the B and C lenses at Eagle’s Nest. In addition, hole NOT-09-070-W1 intersected significant massive mineralization including the highest platinum grades encountered to date at Eagle’s Nest. The massive sulphide zone is taking shape and is close to being defined along the down-dip length of the deposit.
Wes Hanson, Noront’s CEO states; “We continue to aggressively expand the resource potential at Eagle’s Nest. We strongly believe that we have delivered on our stated target of tripling the Eagle One resource. Our drilling has established that the Eagle’s Nest deposit is continuous from surface to depths below 1,000 meters and the mineralization over most of that distance remains open along strike as well as at depth. Our geological team currently estimates between 10 and 15 million tonnes of mineralized material at Eagle’s Nest averaging approximately 2.0% nickel, 1.0% copper, 1-2 grams per tonne platinum and 3-5 grams per tonne palladium, consistent with the grades estimated in the existing 43-101 Resource Estimate for Eagle One. More importantly, the geometry of the deposit is ideally suited for underground mining which eliminates the need for expensive dikes and surface dewatering systems inherent to any open pit mining in this region of Canada.” Mr. Hanson further stated; “We will be inviting qualified, independent engineering firms to bid on updating the Eagle’s Nest resource estimate and plan to award this work by January, 2010.”
As required by NI 43-101, the reader is cautioned that:
– the potential quantity and grade noted in the paragraph above is conceptual in nature
– there has been, as of this date, insufficient exploration to define a mineral resource, hence it’s disclosure as mineralized material
– it is uncertain, at this time, if further exploration will result in discovery of a mineral resource.
The following table summarizes the results of the five holes disclosed herein:
|HOLE ID||FROM (M)||TO (M)||INT (M)||MINERALIZATION TYPE||NI (%)||CU (%)||PT (G/T)||PD (G/T)|
|Note: NOT-09-053-W5 ended in mineralization, reached drill depth capacity|
|NOT-09-068-W1||683.0||818.2||135.2||Net Textured||1.65||0.80||Results Pending|
The mineralized intervals do not represent true widths, which cannot be determined at this time. Due to extremely high platinum results encountered in hole NOT-09-070-W1 these samples are being re-run, although the results did pass Quality Control protocols. Missing platinum and palladium results in hole NOT-09-068-W1 will be reported when they become available. Hole NOT-09-070 encountered drilling problems prior to intersecting the mineralization and was stopped with the target intersected by wedging with hole NOT-09-070-W1.
Please refer to Noront’s website to view an updated surface plan (please view http://norontresources.com/find/id/28/xv showing the location of the drill hole collars and a horizontal trace of their paths. Also on the Noront website is an updated longitudinal section (please view http://norontresources.com/find/id/29/nk showing the pierce points and traces of the mineralized intersections through the Eagle’s Nest and the projected outline of the mineralization zones.
Jeremy Niemi, Noront’s Vice President, Geology notes; “We are very encouraged by having confirmed that the Eagle’s Nest is in fact a single continuous zone from surface down to below 1,000 metres. Along with expanding the limits along strike and at depth we are also specifically targeting the massive mineralization, which is showing indications of being a single, consistent zone with a predictable orientation. Exciting times for the Noront exploration team.”
AT 12 Update:
Drilling at AT12 is proceeding as planned and results will be reported in the coming weeks, as they are available from the lab and approved by Noront’s quality control manager.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the Eagle’s Nest 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 QC program. It can be said with confidence that all assays are 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 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 Activation Laboratories Ltd. Website at http://www.actlabsint.com.
Preparation of drilling results in 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. At the current stage of exploration there is insufficient drilling to determine the extent of continuity of the mineralization required to define a mineral resource for all mineralization at the Eagle’s Nest. Noront anticipates delivering an updated mineral resource in second half of 2010.
Noront Resources is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite 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 dominant 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 the remainder of 2009 and 2010. All material information on Noront can be found on the Company’s website at www.norontresources.com or at SEDAR at www.sedar.com
For further information please contact Joanne Jobin, Vice President Corporate Communications at (416) 367-1444 ext 126, or visit Noront’s website at: http://www.norontresources.com.
Wesley (Wes) Hanson
Chief Executive Officer
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