Toronto, Ontario, Canada, June 5, 2007 – Richard E. Nemis, President and CEO of Noront Resources Ltd. (NOT:TSX-V), today announces the acquisition of the Lizar gold and base-metal property (the “Property”) located in northwestern Ontario. The Property was optioned from Freewest Resources Canada Inc. (FWR:TSX-V), whose exploration activities over the last 5 years on it, resulted in the discovery of several new high-grade gold occurrences.The Lizarproperty consists of 504 claim units, or 81 square kilometres and is situated in Lizar, Breckenridge, Namiegos and Mosambik townships, 500 kilometres east of Thunder Bay and 90 kilometres east of the Hemlo gold mining operations near Marathon.
The Property is underlain by Archean metavolcanic and metasedimentary rocks of the Kabinakagami greenstone belt within the Wawa Subprovince. Significant producing mineral deposits in the White River- Schreiber area of the Wawa Subprovince include the Winston Lake (3.1MT @ 1.0% Cu, 15.6% Zn, 30.9 g/t Ag) and Geco (58.4 MT @ 1.9% Cu, 3.5% Zn, 50.0 g/t Ag) volcanic-hosted massive sulphide deposits and the David Bell, Williams and Golden Giant gold deposits at Hemlo (22 million contained ounces). Lizar has demonstrated potential to host felsic volcanic-hosted disseminated gold deposits, volcanic-hosted massive sulphide deposits and magmatic copper-nickel-platinum group element deposits.
Gold mineralization at Lizar is hosted within felsic volcanic and intrusive rocks, as irregular and anastamosingzones of wallrock-hosted quartz-sericite-pyrite alteration. Such is the case at the new discoveries at the Kirk, Kyle, Sting and 42 zones, situated in the central portion of the Property. Grab and channel samples have yielded assays of up to 32.0, 5.1, 13.1 and 106.6 g/t gold respectively, from these zones. Quartz veins are minor and appear to have no relationship with the high gold values. Garnet alteration, sericitic alteration and mafic dyke complexes are common proximal to gold mineralization. Well defined induced polarization (IP) anomalies are closely associated with the auriferous alteration zones and are suggestive of a potentially large mineralizing system.The Property also hosts a number of historic gold occurrences including the Stenabaugh discovery, made by Cominco in 1937. This occurrence reportedly assayed 3.4 g/t gold over 8.8 metres in a channel sample. The Stenabaugh and the new gold occurrences have never been tested by diamond drilling.
Significant base-metal mineralization occurs in the southwest portion of the Property at the Namiegos zone, within felsic volcanic rocks. Heavily disseminated to semi-massive sulphides comprising pyrrhotite, pyrite, and lesser chalcopyrite and sphalerite occur over widths of up to 25 metres and an intermittent strike length of 300 metres. Intense sericite alteration characterizes the host rocks and aluminous alteration including kyanite and staurolite occur in surrounding rocks. The mineralized zone coincides with a strong horizontal- loop electromagnetic (HLEM) conductor and as the case with the gold occurrences, has not been tested by diamond drilling.
Komatiitic flows and ultramafic intrusions occur near the base of the volcanic pile at Lizar and offer potential for magmatic nickel-copper-platinum group element deposits. A single historic drill hole completed within the ultramafic rocks yielded assays of 0.5% nickel and 1.3 g/t palladium over a 3-metre core length.
Noront is currently planning an initial program of diamond drilling comprising 2000 metres, to test the Namiegos base-metal zone as well as the numerous new gold occurrences on the Property. It is anticipated that the diamond drilling program will commence in mid June.
Under the terms of the option agreement with Freewest Resources Canada Inc. Noront may earn a 60% interest in the Property by incurring $1,000,000 of exploration expenditures over a three-year period and making a one-time cash payment of $20,000. Noront is committed to spending $400,000 on exploration during the first year of the agreement. Upon Noront earning a 60% interest in the Property, further exploration and/or development of it will be under a joint-venture agreement involving Noront Resources Limited (60%) and Freewest Resources Canada Inc. (40%).