FOR IMMEDIATE RELEASE: November 1, 2011
NORONT ANNOUNCES ADDITIONAL CHROMITE RESULTS FROM MCFAULDS LAKE
Toronto, Ontario, November 1, 2011. Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to announce the results from an additional 16 holes at the Company’s 100% owned Blackbird chromite deposit.
- NOT-11-1G215 intersected 15.62 metres averaging 42.81% Cr2O3at a 2.10:1 Cr to Fe ratio;
- NOT-11-1G217A intersected 22.36 metres averaging 42.67% Cr2O3at a 2.06:1 Cr to Fe ratio;
- NOT-11-1G221 intersected 19.93 metres averaging 42.40% Cr2O3at a 2.16:1 Cr to Fe ratio;
- NOT-11-1G223 intersected 23.58 metres averaging 40.71% Cr2O3at a 2.07:1 Cr to Fe ratio;
- NOT-11-1G226 intersected 14.72 metres averaging 42.96% Cr2O3at a 2.18:1 Cr to Fe ratio;
- NOT-11-1G227 intersected 18.42 metres averaging 40.03% Cr2O3at a 2.08:1 Cr to Fe ratio.
Wes Hanson, CEO of Noront states: “Drilling at Blackbird has been completed and results returned to date indicate that the limits of the high grade chromite deposit have expanded to the north-northeast along strike as well as down dip. The Company believes that this will translate into a material increase in the chromite resource relative to the December 2009 estimate. The Company plans to update the chromite resource and complete a Preliminary Assessment by the second quarter of 2012.” Mr. Hanson adds: “The Company continues to operate two drills, both of which are testing anomalies identified by an ongoing, ground based, geophysical survey that is underway at the Eagle’s Nest Complex. Company geologists believe these anomalies may represent buried nickel sulphide mineralization that airborne surveys failed to highlight.”
BLACKBIRD DRILL RESULTS
Noront’s summer drill program was undertaken to increase the existing chromite resource. To date 47 holes (21,137 metres) have been drilled. Of the holes drilled to date, assays have been received on 31 holes. The following table summarizes the results of the 16 holes for which assay data has been received since the original Press Release of September 13, 2011. Results for the remaining holes will be provided when received.
A plan map showing the location of the holes completed to date is available on the Company’s website.
|NOT-11-1G228||No significant results|
REGIONAL EXPLORATION UPDATE:
The Company has initiated a ground based geophysical survey over the Eagle’s Nest Complex (Eagle’s Nest, Eagle Two and Blackbird). Approximately 50% of the planned survey area has been completed. Preliminary analysis suggests that the survey successfully maps the contact between the barren granodiorites and the ultramafic rocks hosting nickel sulphide mineralization. A number of targets have been identified that may represent buried nickel sulphide mineralization.
The Company has initiated a limited drill program that will run from October through December 2011. Costs are estimated to be $2.0 million. The Company has sufficient cash on hand to complete the planned drilling.
Future exploration work will be dependent on the results of this drill program.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
All holes are systematically logged, sampled and shipped under strict chain of custody procedures to Activation Labs (“ActLabs”) in Thunder Bay, ON for sample preparation and initial analyses utilizing fusion X-ray fluorescence (“XRF”) methods.
A thorough quality control program has been in effect for the McFaulds Lake Project, which includes grouping samples into batches of 35 into which are added one blank, two internationally certified reference materials (“ICRMS”), one quarter sawn field duplicate, a coarse reject duplicate and a pulp duplicate. The pass/fail criteria demands that if the measured concentrations of the ICRMs exhibit a difference greater than two standard deviations above or below the established mean grade of the ICRM the entire batch is considered to have failed and must be re-analysed.
It can be said with confidence that all assays have passed the strict quality control guidelines established by Noront’s Qualified Person.
For more information on assay methodology please visit the Actlabs website athttp://www.actlabsint.com . For more information on the Blackbird chromite deposits, please refer to the Company’s National Instrument 43-101 compliant technical report “Technical Report on the Mineral Resource Estimate for the Blackbird Chromite Deposit, James Bay Lowlands, Ontario, Canada” (effective January 22. 2010) available on the Company’s website and at www.sedar.com.
The preparation of this press release has been supervised by Noront’s senior management including Mr. W. Hanson, P.Geo., President and CEO. Mr. Hanson is a “Qualified Person” as defined in NI 43-101.
About Noront:Noront Resources Ltd. is focused on developing the high-grade Eagle’s Nest nickel-copper-platinum-palladium deposit, the exploration and development of the Blackbird chromite discovery and regional exploration for additional mineral deposits within it’s large, highly prospective land position in an area known as the “Ring of Fire”, an emerging multi-metals camp located in the James Bay Lowlands of Ontario, Canada.
For further information please contact Wes Hanson, President and CEO at (416) 367-1444, access the Company’s website atwww.norontresources.comor search the Company’s publically filed documents atwww.sedar.com .
Wesley (Wes) Hanson
President & Chief Executive Officer
FORWARD LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company’s businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “planning”, “planned”, “expects” or “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “does not anticipate”, or “belief”, or describes a “goal”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Company’s publicly filed documents. Although Noront has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.