Toronto, Ontario, April 30, 2009 Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to announce the discovery of a new mineralized zone containing significant concentrations of vanadium, titanium, and iron on its wholly owned Double Eagle Project in the James Bay Lowlands of northern Ontario. The new occurrence called the “Thunderbird Anomaly” constitutes a new type of mineralization in the Ring of Fire. Assay results for a single drill hole completed during January are reported here. Assay results from four other holes drilled in March and April 2009 are still pending, as well as additional assays still pending from the first hole.
- Noront has intersected two zones of disseminated to semi-massive V-enriched magnetite over a width totalling 277.64 metres in hole NOT-09-2G21, mineralization continues downhole, additional assays are pending
- The A zone returned grades of 0.36% V2O5, 2.77 TiO2 and 24.72% Fe3O4 over 178 metres from 132.55 to 310.58 metres in hole NOT-09-2G21, including 45.88 metres averaging 0.51% V2O5 , 3.71% TiO2 and 31.71% Fe3O4
- The B zone returned grades of 0.36% V2O5, 2.66% TiO2 and 23.58% Fe3O4 over 99.64 metres from 397.20 to 496.84 metres in hole NOT-09-2G21, including 35.29 metres averaging 0.51% V2O5, 3.56% TiO2 and 30.38% Fe3O4
- Similar mineralization was intersected over similar widths in two holes, one 300 metres north and the other 600 metres south of hole NOT-09-2G21; assays are pending
- A preliminary metallurgical study is planned to examine possible means to extract iron, vanadium, and titanium from the mineralization
About Vanadium (V2O5):
Vanadium is used in specialty steels to add hardness and corrosion resistance for parts like tools, bearings and springs. It has widespread application in the aerospace industry as an alloying agent with aluminum and titanium for the construction of strong and lightweight materials. The oxide also sees important uses as a catalyst in chemical processing. A common approach to the extraction of vanadium from magnetite ores involves magnetic separation to produce a pure V-rich magnetite concentrate and a separate ilmenite concentrate. For this reason it is important to have mineralization with cleanly separable ilmenite and magnetite. Ilmenite concentrate can be treated or sold separately. The magnetite is smelted to produce pig iron and and a V-rich slag from which vanadium can be chemically recovered to produce flakes of V2O5 (i.e., vanadium pentoxide). The vanadium pentoxide itself can be smelted with scrap iron to produce ferrovanadium alloy, typically containing 75 to 80% V. Recent and current spot prices for flake V2O5 are in the range from USD $4.50 to $5.50/lb. The 80% vanadium ferroalloy currently sells for about USD $22 to $25/kg China FOB, down from peak prices last year in the $75 range.
Joseph Hamilton and Paul Parisotto, Co-CEO’s of Noront Resources, state that “The new vanadium discovery marks the beginning of an important new chapter in the development of Noront’s Ring of Fire multi metals high-grade discovery group. With this addition to our portfolio of deposits and occurrences, mineralization representative of each of the ingredients for the production of stainless steel (Fe, Ni, Cr, and V) is now known to be present in Noront’s claims within and around the Ring of Fire. We look forward to further testing the economic potential of these deposits and occurrences.”
Details of the geology of the occurence:
During the winter of 2009 Noront has completed a program of 2,227 metres of drilling on a group of geophysical anomalies in the Grid 2 area of its Double Eagle property. The original Grid 2 was extended to the northeast to the limits of Noront’s properties and designated Grid 2 extension. Ground magnetometer and gravity surveys were completed during the fall and winter months to supplement existing airborne electromagnetic and magnetometer surveys (VTEM survey by Geotech). At that time, two types of geophysical anomaly were identified.
- One type, interpreted as magnetite, was characterized by combined very strong total magnetic field combined with high residual Bouguer gravity anomaly. This anomaly type also shows distinct negative B-field anomalies in the intermediate time gates of the VTEM survey which are attributed to the presence of abundant polarizable minerals, probably magnetite.
- The other anomaly type was characterized by weak but high-conductance EM responses in the VTEM survey coupled with moderate to high magnetic field (interpreted as magnetite+pyrrhotite).
The map-scale form of the anomalies, coupled with subsequent observations in drill core, suggest that the Grid 2 extension area is underlain by an isoclinally folded sill-sediment complex comprising silicate iron formation and related siliciclastic sediments and mafic tuffs, intruded by numerous ferrogabbro sills. The ferrogabbro sills are interpreted as the mafic complement to the large ultramafic Double Eagle complex that hosts Noront’s Eagle One, Eagle Two, and Blackbird deposits. The concentric pattern of magnetic highs and lows indicates that the sill-sediment complex has been folded into a doubly-plunging synform. At the centre of the fold pattern there is a mass of strongly magnetic rock that produces a distinct linear peak 1.6 km long and about 400 metres wide in the total magnetic field. There is a pronounced positive Bouguer gravity anomaly several kilometres in diameter that is also centred exactly on the central magnetic anomaly, which is designated as the Thunderbird anomaly.
The ferrogabbro intrusions are situated on claims wholly owned by Noront, about 4.0 km east of Noront’s AT12 anomaly, a Ni-Cu-PGE occurence previously discovered by Noront in ultramafic rocks in 2008.
Three holes were drilled eastwards on 90º azimuths to test the Thunderbird anomaly. Hole NOT-09-2G21 was drilled through the centre of the magnetic and gravity anomaly at an inclination of -50º, intersecting a total of 277.64 metres of disseminated to semi-massive magnetite mineralization in two distinct zones, the A zone between 132.55 and 310.58 metres and the B zone between 397.2 and 496.84 metres. Available assay results for Hole NOT-09-1G21 are shown in Table 1, additional results from this hole are pending and will provided once available. Hole NOT-09-2G24 was drilled parallel to the first, some 300 metres to the north along the trend, again intersecting two zones rich in magnetite from 90 to 215 metres and from approximately 325 to 425 metres. Hole NOT-09-2G25 was drilled parallel to hole NOT-09-2G21, 600 metres further south along the magnetic anomaly trend. This third hole intersected a single broad zone of disseminated to semi-massive magnetite from 100 to 315 metres. Assays for the samples from the two latter holes are expected soon from the lab.
Two holes, NOT-09-2G22 and -2G23 were drilled to test the coincident magnetic/EM anomalies in the Grid 2 extension area approximately 2400 m south of drill hole NOT-09-2G21. Neither intersected significant widths of sulfide mineralization, however both contained intervals of ferrogabbro with considerable amounts of disseminated magnetite and ilmenite resembling the thicker zones in hole NOT-09-2G21. Assays from these magnetite zones are pending.
The presence of sustained high V2O5 grades over the observed mineralized widths is extraordinary. Preliminary petrographic work shows that the deposit has undergone pervasive greenschist facies metamorphism, which has allowed the oxide minerals to re-equilibrate at sub-solidus temperatures to distinct equant grains of ilmenite and magnetite typically about 0.1 mm in size. The proportion of total ilmenite that is present as fine exsolution lamellae in magnetite is low, suggesting that separation of magnetite from ilmenite may be feasible using conventional magnetic separation technology and thereby facilitating the production of separate ilmenite and V-magnetite concentrates. These observations and inferences will be tested over the coming weeks by preliminary metallurgical tests at SGS Mineral Services (Lakefield, ON) using Davis Tube magnetic separation.
|Hole||From (m)||To (m)||Interval (m)||V2O5 (%)||TiO2 (%)||Fe3O4 (%)|
|NOT-09-1G21 (A zone)||132.55||310.58||178.03||0.36||2.77||24.72|
|Then (B Zone)||397.20||496.84||99.64||0.36||2.66||23.58|
Please follow the link to Noront’s website for locations of the aforementioned holes. http://norontresources.com/find/id/9
The three holes drilled in the Thunderbird magnetic and gravity anomaly span a strike length of 900 metres. If the remaining assays and preliminary metallurgical results are favorable then Noront plans to drill more holes along this trend to test for continuity between the current intersections and up towards surface, and to extend to the limits of this 1.6 km linear magnetic trend. Numerous other linear highly magnetic anomalies with characteristic polarizability anomalies exist within the Grid 2 extension area and all are considered targets for exploration for further V-magnetite mineralization. These other targets collectively represent a further 3 km of prospective strike length within the ferrogabbro sill complex.
Quality Assurance and Quality Control:
All holes drilled are systematically logged and then sampled. Samples are shipped regularly to Actlabs in Thunder Bay, Ontario for sample preparation and initial analysis (TD-ICP) following strict chain of custody procedures. Whole rock assay including V2O5, TiO2, and Fe2O3 is performed at Actlabs by fusion X-ray fluorescence analysis (fusion XRF). For fusion XRF assays the samples are melted with borate fluxes and quenched to a glass bead, which is then irradiated with X-rays. The secondary X-ray emissions are counted and used, with reference to several calibrants, to determine the whole rock composition including the analytes and all other major oxide components of the rock. For more information on Actlabs analytical procedures please visit the Actlabs website at: http://www.actlabs.com. Under Noront’s QA/QC program each batch of 35 samples includes one blank, two internationally certified reference materials (ICRM; henceforth referred to as standards), one quarter-sawn field duplicate, a coarse reject duplicate, and a pulp duplicate. The pass/fail criteria for the new V standard are are the same as for the Cr, Cu, Ni, Au, Pd and Pt standards previously reported. In particular, if measured concentrations in standards differ from accepted values by more than two standard deviations of the method as determined by numerous XRF repeats on the standards at Actlabs, the entire batch fails and is re-analysed. Duplicates and standards will be monitored to detect and correct, if necessary, any drift bias or changes in precision that might appear through time. All QA/QC procedures and checks are carried out by Tracy Armstrong, PGeo, of P&E Mining Consultants Inc, who acts as the Qualified Person for Noront on matters pertaining to assays.
This press release has been reviewed and approved for dissemination by Noront’s senior management including Chief Geologist Jim Mungall Ph.D., P.Geo.,. Exploration Manager Jim Atkinson M.Sc., P.Geo., and Chief Operating Officer John Harvey P.Eng., all being Qualified Persons under Canadian Securities guidelines.
For further information please contact the Investor Relations Department at (416) 238 7226, or visit Noront’s website at: http://www.norontresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS:
”Paul A. Parisotto and Joe Hamilton”
Co-Chief Executive Officers