TORONTO, July 20 – Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to report assay results from the 2010 drilling program at the Company’s McFaulds Lake property in the James Bay Lowlands. Seven holes from the Eagle’s Nest deposit and eight holes from AT12 are discussed. Please visit our website at www.norontresources.com to access maps and diagrams referenced in this press release.
- NOT-10-083 intersected 87.4 metres averaging 1.93% Ni, 0.82% Cu,1.80 gpt Pt and 3.17 gpt Pd;
- Including 7.5 metres averaging 4.83% Ni, 1.85% Cu, 11.14 gpt Ptand 6.69 gpt Pd
- NOT-10-087A intersected 89.3 metres averaging 2.49% Ni, 0.99% Cu,0.85 gpt Pt and 3.97 gpt Pd;
- Including 13.8 metres averaging 6.97% Ni, 1.03% Cu, 0.70 gpt Ptand 7.72 Pd
- NOT-10-084 intersected 89.2 metres averaging 1.75% Ni, 0.87% Cu,0.80 gpt Pt and 3.29 gpt Pd;
- Including 5.2 metres averaging 5.21% Ni, 2.54% Cu, 0.81 gpt Pt and11.10 gpt Pd
- NOT-10-2G41 intersected 146.5 metres averaging 0.24% Ni, 0.04% Cu,0.08 gpt Pt and 0.21 gpt Pd;
Wes Hanson, CEO of Noront states; “In the past year we have significantly increased the Eagle’s Nest resource, and we have established a geological database for nickel, copper and PGE mineralization in the Ring of Fire. We have interpreted, tested and proven where and why mineralization occurs in the Eagle’s Nest deposit and are now ready to apply that knowledge elsewhere within our land position. This knowledge, combined with the results of the deep penetrating ground geophysics currently underway, will allow us to identify and prioritize new drill targets proximal to the Eagle’s Nest deposit. We believe these targets have the potential to host new nickel, copper, PGE mineralization.”
Three of the seven holes at Eagle’s Nest intersected massive sulphide mineralization as predicted by the Eagle’s Nest model. The massive sulphide mineralization at Eagle’s Nest has now been traced from surface to 1,200 metres.
Hole NOT-10-083 targeted and intersected a structure bearing high grade platinum mineralization as predicted by the Company’s geological model.
At AT12, ten kilometers to the northeast of Eagle’s Nest, the Company continues to encounter broad intersections (up to 145 metres) of disseminated nickel-copper sulphide mineralization within host rocks identical to those hosting the Eagle’s Nest deposit.
Noront holds 116,000 hectares of mineral claims in the Ring of Fire, which it continues to aggressively, and systematically explore. Currently six drill rigs are operating on site with efforts focused on targets accessible during the summer season. Our exploration teams are also preparing targets for the upcoming winter campaign.
To date Noront has committed C$20 million to its drill program for 2010 and 2011, which includes regional targets.
Drilling at Eagle’s Nest continues to verify structural controls that influence the location and grade of nickel-copper mineralization and platinum-palladium mineralization within the deposit. It has also largely finalized the limits of the mineralization above the 1,200 metre level, and has increased the extent and limits of massive sulphide material as shown in the plan map and long section included with this press release. (Figure One https://norontresources.com/find/id/41/S2 and Figure Two https://norontresources.com/find/id/45/BM). The infill program will be completed shortly and the exploration focus will shift to testing new targets for new Ni-Cu-PGE sulphide deposits in the immediate vicinity of Eagle’s Nest.
Deep drilling at Eagle’s Nest has encountered technical difficulties which have delayed results. We will report results from the deep drilling when they become available. Two holes are currently underway to test the promising structural convergence zone at depth at Eagle’s Nest
Drilling at AT12 continues to intersect thick intervals of favourable ultramafic host rocks containing low grade Ni-Cu-PGE mineralization. While the nickel grades of mineralization encountered in this shallow drilling remain low, the Company is extremely encouraged by the wide intersections of disseminated nickel mineralization found at the footwall at AT12 (up to 145 metres in drill core). Company geologists are optimistic that this mineralization has the potential to coalesce into a larger volume of net-textured or massive Ni-Cu Sulphide mineralization if a structural embayment in the footwall can be located.
The following table summarizes the significant results of the seven holes reported at Eagle’s Nest and eight holes from AT12. (Figure 3 https://norontresources.com/find/id/46/3g)
|HOLE ID||FROM (m)||TO (m)||INT. (m)||Ni %||Cu %||Pt g/t||Pd g/t||Au g/t|
|NOT-10-079||No significant results|
|NOT-10-080||No significant results|
|NOT-10-082||No significant results|
|NOT-10-2G38||No significant results|
|NOT-10-2G39||No significant results|
|NOT-10-2G40||No significant results|
REGIONAL EXPLORATION UPDATE:
Drilling in and around Eagle’s Nest (Airborne Targets)
In 2008, several Airborne Targets (“AT”) proximal to the Eagle’s Nest deposit were tested by shallow drill holes, many of which intersected ultramafic rocks similar in nature to those that host the Eagle’s Nest deposit. As the Company’s geological model of the camp continues to evolve, it is apparent that this previous drilling did not fully identify the source of many of the geophysical anomalies, some of which returned weak intersections of nickel and copper. Currently one drill is being utilized to drill test favourable targets in the immediate vicinity of Eagle’s Nest.
The exploration program at AT 12, while promising, has been put on hold until the winter season due to the demanding ground conditions. Drilling and geophysical surveying is difficult during the summer season. AT 12 remains a high priority exploration target, however, the AT anomalies in the immediate vicinity of Eagle’s Nest have assumed a higher priority, in part, a result of our evolving geological model at Eagle’s Nest combined with ease of access and dry ground conditions that allow drilling and geophysical surveying. Exploration drilling and ground geophysical surveys at AT 12 have been rescheduled for the winter 2010 season.
Triple J and Ekwan gold anomalies
Overburden drilling at the Triple J gold discovery and the Ekwan Region, located 40 kilometres north of Eagle’s Nest has been completed. This drill program consisted of a number of shallow auger holes that penetrated 2-3 metres into the bedrock. Samples of the bedrock were collected and are currently being analyzed, primarily for gold. Results will be reported when they become available.
Noront’s deep penetrating ground time-domain electromagnetic survey around Eagle’s Nest Is well underway. Approximately five square kilometers are being covered using Crone’s SQUID system, which utilizes large loops and provides deep penetration. This system was very successful in the Raglan nickel camp. The Company has confirmed that this technique is capable of identifying known Ni-Cu-PGE mineralization below 300 metres at the 50 degree dipping Eagle Two deposit. As a result several new key targets have already been identified in and around the Eagle’s Nest complex, which would benefit from deep-looking geophysics. Please view the plan map included in this press release for more information on ground geophysics. (Figure 4 https://norontresources.com/find/id/43/A*).
Ring of Fire Structural Modeling
Noront’s understanding of the Ring of Fire conduit system for the magmatic intrusion is crucial in locating new deposits, especially those deeper than what existing airborne geophysics can identify which currently ranges between 100 and 200 metres from surface. The Company has assembled the largest drill hole database in the Ring of Fire. This includes the only data on the Ring of Fire on nickel copper PGE deposits and extensive geophysical data sets. As a result, the Company has been able to generate a litho-structural model and interpret the model to depths greater than a kilometre. This model, combined with deep penetrating geophysical surveys, will allow Noront to target new areas proximal to the Eagle’s Nest deposit that previous exploration failed to fully test. In the coming weeks, ground geophysics will be completed over the most promising structural trends and the regional drill targets will be refined.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the Eagle’s Nest project, which includes grouping samples into batches of 35 into which are added 2, certified reference material standards, 2 field and pulp duplicates also form part of the QC program. It can be said with confidence that all assays are reported in this Press Release have passed the strict quality control guidelines as set out by Noront’s Qualified Person (“IQP”).
All samples reported upon herein were completed by Activation Labs (Actlabs) of Ancaster, Ontario. The samples submitted to Actlabs were analyzed for multi-elements, including Ni and Cu using a four acid digestion and by ICP analysis. The samples that received base metal values greater than the upper limit for the method underwent further analysis using ICP-OES. For the Au, Pd and Pt, the assay methodology was Fire Assay on a 30 gram aliquot with an ICP finish. Silver was analyzed using a 3-acid digest with an ICP analysis. For more information on assay methodology please visit the Actlabs website at http://www.actlabsint.com
For further information on the McFauld’s Lake Project, please refer to the Company’s NI 43-101 compliant technical report “Technical Report and Resource Estimate, McFaulds Lake Project, James Bay Lowlands, Ontario Canada” (effective April 23, 2010) available on the Company’s website and at www.sedar.com.
Preparation of drilling results in this press release has been supervised by Noront’s senior management including Jeremy Niemi, P.Geo. Vice President, Geology, who is a Qualified Person under Canadian Securities Administrators guidelines.
About Noront: Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the “Ring of Fire”, an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for 2010. All material information on Noront can be found on the Company’s website at www.norontresources.com or at SEDAR at www.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.