Toronto, Ontario, December 10, 2009. Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to provide new assay results from its AT12 deposit at the McFaulds Lake Property located within the Ring of Fire mineral district in the James Bay Lowlands. Results include assays from six holes from the Company’s revitalized exploration campaign at the AT12 property, and four holes drilled this past summer. Three of the six holes from AT12 assayed, contain encouraging nickel-copper-platinum group element (Ni-Cu-PGE) mineralization.
- Hole #NOT-09-2G28 intersected 14.7 metres averaging 1.02% Ni, 0.5% Cu, 0.43gpt Pt and 1.07gpt Pd
- Including 1.6 metres averaging 4.16% Ni, 1.72% Cu, 1.51gpt Pt and 0.70gpt Pd
- Hole #NOT-09-2G30 intersected 10.5 metres averaging 1.08% Ni, 0.56% Cu
The AT12 deposit is located approximately eight kilometers northeast of the Eagle’s Nest-Blackbird complex and within two kilometers of the Company’s Thunderbird vanadium deposit. The AT12 property has a similar geophysical signature as the Eagle’s Nest, which triggered the initial drilling. The first phase of drilling was hampered by very difficult ground conditions and later the results from this program were overshadowed and delayed due to the Company’s concentrated exploration efforts at Eagle’s Nest.
As part of the comprehensive data review conducted in the fall of 2009, the drilling and borehole geophysics were reviewed and all significant holes were re-surveyed and re-logged. This has lead to a new interpretation of the emplacement and potential orientation of the mineralization. An expanded exploration program for 2010 will test the new interpretation through ground geophysics and continued drilling.
Wes Hanson, Noront’s CEO states, “Results at AT12 continue to indicate the presence of nickel-copper sulphides. Our additional drilling, coupled with down-hole geophysics and a geological review led by Dr. James Mungall, all offer the potential that a larger, higher grade deposit is situated nearby.” Mr. Hanson adds: “The seasonal break allows our field crews the opportunity to recharge and refocus while the assay backlog is eliminated. It also provides an opportunity for our geological staff to work with our geophysical consultants in evaluating the results to date and, if necessary, adjust the drill program in the new year.”
The following table summarizes the results of the six holes disclosed herein:
|Hole ID||From (m)||To (m)||Int. (m)||Mineralization Type||Ni %||Cu %||Pt g/t||Pd g/t|
|NOT-09-2G26||No significant mineralization|
|NOT-09-2G27||No significant mineralization|
|NOT-09-2G29||No significant mineralization|
|NOT-09-2G30||143.2||153.7||10.5||Net Textured/Disseminated||1.08||0.56||Results Pending|
|NOT-09-2G31||228.1||237||8.9||Net Textured/Disseminated||0.58||0.42||Results Pending|
The mineralized intervals do not represent true widths, which cannot be determined at this time. Results for platinum and palladium grades were incomplete at the time of the release and will be reported once they are available and have been reviewed.
Please refer to Noront’s website to view an updated AT12 surface plan (please view http://norontresources.com/find/id/34/$!) showing the location of the drill hole collars and a horizontal trace of their paths.
Jeremy Niemi, Noront’s Vice President, Geology notes; “Our closer look at AT12 is providing some very promising signs and prompted us to expand our efforts moving forward. The experience of logging and interpreting such an abundance of significant nickel-copper mineralization at Eagle’s Nest and Eagle Two have given us a unique perspective in the Ring of Fire. We are looking forward to placing the pieces together and unlocking this exciting development at AT12.”
QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the McFaulds Lake Projects 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 Jeremy Niemi, P.Geo., 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 Actlabs 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 and has read and approved the contents of this press release.
For further information on the McFaulds Lake Property, please refer to the Company’s NI 43-101 – Standards of Disclosure for Mineral Projects compliant technical report “Technical Report and Preliminary Economic Assessment on the Eagle One Deposit, Double Eagle Property, McFaulds Lake Area, James Bay Lowlands, Ontario” (effective: October 20, 2008) available on the Company’s website and at www.sedar.com
Under the current Offer, for each seven (7) Freewest shares held, Noront will issue two (2) freely tradeable Noront shares and one (1) five-year (5) purchase warrant with a strike price of C$4.00. The implied value at the time of the offer was estimated to be C$0.86 per Freewest share and is currently C$0.95 per Freewest share.
Noront’s Offer has been extended and now expires on December 11, 2009. All Freewest shareholders are urged to tender their shares to the Noront bid, the only bid that will provide all Freewest Shareholders with the opportunity to partake in the upside of the Ring of Fire
For more information on the Freewest Offer, please visit Noront’s website at www.norontresources.com or contact Noront’s Investor Relations Department at +1 (416) 367 1444. ext 126
To tender your Freewest shares, please contact;
Laurel Hill at Laurel Hill Advisory Group
North American Toll Free Phone: +1 (888) 882 6742
Outside North America, Banks and Brokers Call Collect: +1 (416) 637 4661
Noront Resources Ltd. 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