TORONTO, June 3 – Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to report initial assay results from our McFaulds Lake Project in the James Bay Lowlands of Ontario. The following results are from infill drilling at the Eagle’s Nest nickel, copper, platinum and palladium deposit where the Company recently more than tripled its mineral resource estimate as disclosed in March, 2010.
- NOT-10-081 intersected 157.0 metres averaging 2.6% Ni, 1.6% Cu, 1.7gpt Pt and 4.2 gpt Pd;
- including 19.0 metres averaging 6.6% Ni, 2.7% Cu, 0.8 gpt Pt, 7.3gpt Pd and 1.1 gpt Au; and 4.3 metres averaging 0.2% Ni, 0.4% Cu, 10.5 gpt Pt and 2.3 gptPd; and 5.5 metres averaging 7.8% Ni, 2.0% Cu, 0.2 gpt Pt and 7.9 gptPd
- NOT-10-076 intersected 97.5 metres averaging 1.9% Ni, 1.0% Cu, 0.8gpt Pt and 3.0 gpt Pd;
- Including 3.6 metres averaging 5.1% Ni, 1.5% Cu, 0.5 gpt Pt and6.6 gpt Pd
- NOT-10-076-W1 intersected 43.5 metres averaging 3.2% Ni, 1.2% Cu, 0.5gpt Pt and 4.2 gpt Pd
- Including 13.1 metres averaging 7.0% Ni, 2.2% Cu, 0.3 gpt Pt and8.5 gpt Pd
Results from five holes have been returned to date. All five holes are part of the infill drill program at Eagle’s Nest with the objective of upgrading the mineral resource in advance of completing a feasibility study. Three of the five holes (NOT-10-076, 076W1 and 081) were drilled in a north to south orientation, parallel to the interpreted strike of the deposit. These holes were targeted to test the continuity and extent of the interpreted massive sulphide mineralization at Eagle’s Nest. The remaining two holes were targeted at gaps in the drilling, closer to surface. A table disclosing the results of the drilling is included in this release.
Noront’s President and CEO, Wes Hanson, states: “These additional results are very encouraging as they continue to confirm the presence of high grade mineralization as predicted by our geological and structural models. We believe Noront is more advanced in terms of our geological and structural modeling than other companies operating in the Ring of Fire. This, coupled with a budgeted expenditure approaching $C40M, demonstrates that we continue to be a leader in developing this exciting mineral district. As a management team, we are focused on three primary areas: increasing resources through exploration, converting resources to reserves through engineering and establishing our social license to operate through focused corporate social responsibility. We have made numerous mineral discoveries in the past 36 months and we are the only Ring of Fire company to discover nickel, copper sulphide resources. We intend to continue advancing our Eagle’s Nest deposit towards commercial production while maintaining significant exploration upside with regional targets.”
Jeremy Niemi, Noront’s Vice President Geology notes: “We are very pleased with these early results from the infill program. Once again we see that the Eagle’s Nest has the potential to provide pleasant surprises, even within the known mineralization limits. These intersections of massive mineralization and high grade metal demonstrate that we are on-track and continue to add value at Eagle’s Nest.”
The following table summarizes the significant results of the five holes at Eagle’s Nest.
|HOLE ID||FROM (m)||TO (m)||INT. (m)||NI %||CU %||Pt g/t||Pd g/t||Au g/t|
Note: Holes NOT-10-076, NOT-10-076-W1 and NOT-10-081 were drilled in a north-south orientation to provide additional information about continuity of massive mineralization. Holes NOT-10-077 and NOT-10-078 were drilled as part of the infill program to test open portions at approximately the 250 metre depth.CORPORATE UPDATE:On May 12, 2010 Noront completed a $13.9 million flow through financing lead by Dundee Securities Corporation with a syndicate that included Wellington West Capital Markets Inc. and Canaccord Genuity Corp.With a planned Budget approaching $40 million, Noront continues to lead the Ring of Fire in terms of exploration expenditures. The 2010 Budget focuses on three key areas:
- Exploration to increase the nickel, copper, platinum and palladiumresources at Eagle’s Nest and regionally;
- Engineering to quantify projects costs, risks, opportunities andeconomics of our Eagle’s Nest deposit; and
- Corporate Social Responsibility where the Company is activelyengaging First Nations communities with a view to providing jobs and business opportunities in the future, and to ensure the environmental viability of our areas of operation.
Plans for 2010 remain focused on completing the infill drilling and testing the Eagle’s Nest deposit at depth. The Company has commenced drilling at prioritized geophysical targets proximal to the Eagle’s Nest deposit. Currently we have six drills operating with five dedicated to the Eagle’s Nest program. The sixth drill will focus on regional target follow up.
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.
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 Activation Laboratories Ltd. Website at http://www.actlabsint.com.
Preparation of the drilling results disclosed 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. At the current stage of exploration there is insufficient drilling to determine the extent of continuity of the mineralization required to define a mineral resource for all mineralization at the Eagle’s Nest. Noront anticipates delivering an updated mineral resource in second half of 2010.
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, McFauld’s Lake Project, James Bay Lowlands, Ontario Canada” (effective April 23, 2010) available on the Company’s website and at www.sedar.com.
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.