TORONTO, ONTARIO–(Marketwire – July 9, 2012) – Noront Resources Ltd. (“Noront” or the “Company”) (TSX VENTURE:NOT) is pleased to announce drill results from the winter exploration program at its McFaulds Lake Property, James Bay Lowlands, Ontario.
|NOT-12-AT12-002||10.3 metres averaging 1.02% Ni, 0.23% Cu, 0.31 g/t Pt and 1.47 g/t Pd;|
|NOT-12-AT12-003||12.2 metres averaging 0.89% Ni, 0.34% Cu, 0.39 g/t Pt and 2.04 g/t Pd;|
Wes Hanson, President and CEO notes: “The winter drill program successfully intersected nickel sulphide mineralization at AT2 that previous airborne geophysical surveys had not identified. Drilling at AT12 intersected long, down-hole intervals averaging from 0.2% to 0.7% nickel within an ultramafic intrusive measuring approximately 200 metres in width and has been traced over a strike length of 1,200 metres to an average depth of 400 metres. The resulting exploration target (1) may host 150 to 300 million tonnes of 0.25% nickel. Within this exploration target are zones of higher-grade nickel sulphide mineralization with associated copper, platinum and palladium, ranging from 1.0% to 4.0% nickel. The Company is currently examining these high grade intersections relative to the geological model developed for the camp to determine the geological continuity of these zones, an effort that will continue throughout the summer.” Mr. Hanson adds: “The Company is also actively evaluating the potential economic benefit(s) related to recent government of Ontario announcements on infrastructure development in northwestern Ontario. Provincial participation in infrastructure development is welcomed news as is participation by other industry partners.”
- The reader is cautioned that:
- the potential quantity and grade is conceptual in nature;
- there has been insufficient exploration to define a mineral resource; and
- it is uncertain if further exploration will identify a mineral resource.
In March the Company announced that it had completed exploration drilling of select ground based geophysical targets at AT2 and AT12 that were cross-validated by bore hole electro-magnetic surveys (“BHEM”) and the Company’s geological model.
Three holes at AT2 tested buried targets which were identified 150 to 350 metres below surface and 150 to 200 metres east of the previously identified nickel sulphide mineralization at Eagle Two.
Three holes at AT12 tested a buried target which was identified 100 to 200 metres below surface.
The Company is pleased to report that all six holes intersected low-grade nickel sulphide mineralization, suggesting that the ground based geophysical surveys are a valuable exploration tool going forward. This system has dramatically increased the Company’s success rate in testing multiple targets within the Ring of Fire claims for nickel sulphide mineralization. The fact that all holes from the late winter program intersected nickel sulphide mineralization is a significant improvement from past drill programs.
Eagle Two Area (AT2):
Holes NOT-12-1G001 and NOT-12-1G002A tested a geophysical response identified approximately 150 to 200 metres east of Eagle Two. Both holes intersected multiple lenses of low grade nickel sulphide mineralization.
Hole NOT-12-1G003 was drilled further to the northeast to intersect a second geophysical target with a coincident BHEM response. This hole intersected 8.0 metres of low-grade nickel sulphide mineralization and included an interval grading 1.2% Ni over 0.9 metres.
An updated plan map noting the location of the three drill holes is available on the Company’s website. http://www.norontresources.com/find/id/64/1l
Table 1 summarizes the results at Eagle Two (AT2).
|The intervals above represent down-hole intervals, true widths are not known at this time.|
Holes NOT-12-AT12-001, 002 and 003 all tested a geophysical target identified at AT12 with a coincident BHEM response. All three holes intersected low-grade nickel sulphide mineralization over intervals ranging from 10.0 to 60.0 metres down hole and averaging from 0.2% to 0.7% nickel content. Minor intervals, ranging from a few metres to less than a metre, returned higher grade mineralization, consistent with results elsewhere at AT12.
The results, summarized in Table 2, confirm that AT12 has potential as a large tonnage, low-grade source of additional mill feed to augment throughput from the Eagle’s Nest deposit.
An updated plan map noting the location of the three drill holes is available on the Company’s website. http://www.norontresources.com/find/id/63/Gr
|The intervals above represent down-hole intervals, true widths are not known at this time.|
The Company will be completing geotechnical, metallurgical and condemnation drill programs over the summer and fall field season. No exploration drilling is planned at this time.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
Nickel, copper, platinum, palladium, gold and silver
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. 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 three 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.
All samples reported upon herein were submitted to Activation Labs (“Actlabs”) of Ancaster, Ontario, for multi-element analysis. Nickel and copper were analyzed using a four acid digestion method. Samples returning values exceeding the established limits are subjected to ICP-OES analysis.
Gold, platinum and palladium are analyzed using standard fire assay procedure based on a 30 gram aliquot with an ICP finish. Silver analyses are completed using a 3-acid digestion method with an ICP finish. For more information on assay methodology please visit the Actlabs website at http://www.actlabsint.com.
For further information on the McFaulds Lake Project, please refer to the following NI 43-101 compliant technical reports:
“Technical Report and Resource Estimate, McFaulds Lake Project, James Bay Lowlands, Ontario Canada” (effective April 18, 2011) and
“NI 43-101 Technical Report, Pre-Feasibility Study, McFaulds Lake Property, Eagle’s Nest Project, James Bay Lowlands, Ontario, Canada” (effective date August 23, 2011) both of which are available on the Company’s website (www.norontresources.com) and SEDAR (www.sedar.com).
The content of this Press Release has been reviewed by Mr. M. Downey, P.Geo., Senior Geologist, Noront Resources Ltd., a qualified person as per Canadian Securities Administrators guidelines.
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.
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.
Manager, Corporate Communications