TORONTO, ONTARIO October 10, 2007 Noront Resources Ltd. (“Noront”)(TSX Venture: NOT) is pleased to announce progress of diamond drilling program on its’ Company’s Double Eagle project located in James Bay Lowlands, northeastern Ontario.
- Hole NOT-07-07 that undercut hole NOT-07-05 intersected the mineralized zone at 72.5 meters core length and remained in it until 123.5 meters, including a total of 24.7 meters of massive sulphide;
- Hole NOT-07-09 intersected the mineralized zone at 45.8 meters core length and remained in it until 88.55 meters, including two sections of massive sulphide totaling 22 meters, followed by a section of net textured peridotite;
- Drilling completed on Eagle One Ni-Cu-PGE occurrence infers a massive sulphide magmatic nickel mineralized, surrounded in part by net textured sulphides in peridotite within a much larger variably mineralized steeply dipping peridotite that has an 80 degree dip to the west, with a steep plunge along a southerly strike;
- QA/QC program underway, first three batches fall within the limits as determined by acceptable industry practice;
- Noront increases land position to 30,208 hectares, and staking continues around the “Ring of Fire”.
- Detailed ground geophysical program continues, large airborne survey contract awarded to Aeroquest International Limited, overseen by Scott Hogg and Associates;
- Latest hole underway NOT-07-12, a 37.5 meter southerly step-out from hole NOT-07-01 and NOT-07-02 intersected massive sulphide mineralization between 83.6 meters and 92 meters for a massive sulphide intersection of 8.4 meters, followed by net textured nickel and copper sulphide mineralization to 182 meters after which 30.3 meters of lean sulphide bearing peridotite host rock was encountered, this hole is currently still in highly altered peridotite and will be stopped once the granodiorite is encountered.
Noront has completed 1,825.8 meters of diamond drilling in 11 diamond drill holes (not including hole 12) on the Eagle One Ni-Cu-PGE occurrence since starting the drill program in late August. The following table summarizes drill hole locations (based upon local grid) and provides details of the drilling completed thus far:
Summary of Drill holes (Table 1)
|Hole #||Section (mNE)||Line (mNW)||azimuth (degrees)||dip (degrees)||length (m)||start||finish|
New drill hole data (all assays pending)
Hole NOT-07-07 has recently been completed. This hole was positioned at the same collar location as holes NOT-07-01 and NOT-07-02 (7 meters away to allow for drill setup), however the azimuth was set at 090 degrees, to undercut Hole NOT-07-05 from the west. The initial dip of this hole was set at -45 degrees. The hole entered the peridotite bearing sulphide unit at 72 meters core length, then hit the massive sulphide zone at 75.2 meters, remaining in massive sulphides until 89.5 meters. It then entered a mixed zone of net-textured massive sulphides from 89.5 to 103.8 meters downhole, and remained in mineralized peridotite until 123.5 meter core length for a total mineralized drill intercept of 51.5 meters. Samples from this hole have been selected and were sent to ALS Chemex for rush analysis in late September.
Hole NOT-07-08 has also been completed. This hole was positioned at the same collar location as hole #7 and drilled in the same direction 090 degrees azimuth, however the dip of the hole was steepened to -70 degrees. This hole entered the peridotite at 128.8 meters and had only a short section of mineralized peridotite containing sulphides between 131.5 and 136.9 meters. The hole then entered the granodiorite and was stopped at 171 meters.
Hole NOT-07-09 was completed on October 2, and was designed to determine northerly strike and up plunge potential of the mineralized zone, drilled along an east-west oriented drill section 25 meters to the north of NOT-07-05. This hole was drilled from the northwest (for local grid co-ordinates and collar information refer to Table 1). The hole entered peridotite at 43 meters core length and then entered massive sulphides at 45.8 and remained in massive sulphide mineralization until 63.2 meters core length. After a short section of peridotite, the hole re-entered massive sulphides at 65.3 meters core length and then re-entered the peridotite at 69.9 meters. This section of peridotite was well mineralized with net textured sulphides until 88.6 meters core length when granodiorite was encountered. The hole was terminated at 99 meters in granodiorite.
Hole NOT-07-10 was drilled to test for massive sulphides below NOT-07-09. This hole did not intersect any massive sulphides; it is assumed that it went below the massive sulphide zone however the hole went through 12.1 meters of peridotite containing minor sulphide between 86.9 and 99 meters downhole. The hole was terminated in granodiorite at 119 meters.
Hole NOT-07-11 was drilled to test for massive sulphides below NOT-07-09 and above hole NOT-07-10. This hole encountered the peridotite between 52.3 meters and 93.4 meters downhole, that contained two sections of well mineralized massive sulphides between 58.5 and 60.1 meters (1.6 meters) followed by another massive sulphide section between 74.4 and 75.8 meters (1.4 meters). The hole was terminated in granodiorite at 113.8 meters.
Hole NOT-07-12 was drilled as a 37.5 meter southerly step out from holes NOT-07-07 and, 01 and 02 along an east-west oriented drill section. This hole intersected the peridotite at 82.5 meters and then intersected massive sulphides between 83.6 meters downhole and 92 meters downhole. From 92 meters to 113 meters a semi-massive section of sulphides was encountered consisting of pyrrhotite, pentlandite and chalcopyrite followed by net textured nickel and copper sulphide mineralization to 182 meters after which 30.3 meters of lean sulphide bearing altered peridotite host rock was encountered, the hole continues.
Due to the irregular shape of the mineralized zone, that is being delineated and updated with each hole drilled, it is difficult to give an accurate estimate of true width. It is currently interpreted that the mineralized body is a massive sulphide magmatic nickel-copper mineralized body, of irregular dimensions, surrounded in part by net textured sulphides in peridotite within a much larger variably mineralized steeply dipping peridotite that has an 80 degree dip to the west, with a plunge along a southerly strike.
Property Expansion Status
In light of this exciting Nickel – Copper and PGE discovery, with high economic potential, Noront continues with an aggressive exploration and staking campaign and have dubbed the area the “Ring of Fire”. Prior to Noront’s initial discovery of the “Eagle One Ni-Cu-PGE occurrence”, Noront held 32 individual claims totaling 491 units (7,856 hectares). Since the discovery on August 25, 2007, Noront has recorded an additional 38 claims totaling 608 units (9,728 hectares). An additional 48 claims have been staked totaling 623 units (9,968 hectares) and are in the process of being recorded by Noront. Presently, Noront has amassed an area within the “Ring of Fire” of 118 mining claims totaling 1,888 units (30,208 hectares).
A second diamond drill for the project is due to arrive on the property during the present week, being supplied by Cabo Drilling. In addition, Noront is planning to drill through the freeze-up period with the two drills. In addition to the intense ground geophysical program already referred to in earlier press releases, an airborne survey contract has been awarded to Aeroquest International Limited using their helicopter mounted AeroTEM-2 system. The survey personnel are scheduled to arrive at McFaulds Lake camp today to start the preparation work for the survey. They will initially focus the survey in the vicinity of the Eagle One occurrence and then work out around the Ring of Fire to complete as much survey work as possible (weather permitting) covering the newly acquired claims.
On Site Quality Assurance / Quality Control Measures
The aforementioned assay and sample information, as well as geological descriptions are taken from drill logs as prepared by two site geologists for the drill program, Dr. Howard Lahti, P.Geo., of Fredericton, New Brunswick and Mike Kilbourne, geologist from Newmarket, Ontario. 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.
Independent Quality Assurance and Quality Control Protocol
Gold, 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 will be monitored on an on-going, real time basis for accuracy, contamination and precision by P&E.
Independent QA/QC report received September 28, 2007
Tracy Armstrong P.Geo. of P&E reports “The QC results have been examined for the three batches received to date from ALS Chemex. Results for the blanks, duplicates and certified reference material standards all fall within the limits as determined by acceptable industry practice, i.e. within ± 2 standard deviations from the mean for the certified reference materials, at or below detection limit for the blank material, and precision on the duplicate assays of very close to a 1:1 ratio for all metals.”
Revision To Terms of Investor Relations Agreement
Pursuant to a press release on September 4, 2007, the Company advises a revision to the Agreement with Agoracom in which the stock options have now been priced to $CDN .68 per share from the original price of $CDN .50 per share.