TORONTO, March 4 /CNW/ – Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to provide an updated mineral resource estimate for theEagle’s Nest deposit, located at its McFaulds Lake Property in theJames Bay Lowlands.
The NI 43-101 Resource estimate for Eagle’s Nest deposit hassignificantly increased and is now estimated to contain:
- Measured and Indicated resource of 11.0million tonnes grading 1.78% Ni,0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au;
- Inferred resource of 9.0 million tonnes grading 1.10% Ni, 1.14% Cu, 1.16gpt Pt and 3.49 gpt Pd and 0.30 gpt Au;
- Inferred resource of 1.6 million tonnes grading 0.31% Ni, 0.09% Cu, 0.12gpt Pt and 0.45gpt Pd and 0.04 gpt Au;
Noront’s President and CEO, Wes Hanson, states: “For a second consecutive year the Company has realized a resourceincrease at Eagle’s Nest. Drilling at Eagle’s Nest in 2010 wasundertaken to improve the geological confidence of the mineral resourcedisclosed in March 2010 and to increase the inferred resource at depth.This updated resource estimate confirms that both objectives weresuccessfully accomplished. The East Zone, approximately 200 metres eastof Eagle’s Nest, is indicative of the potential for future resourceincreases within the Eagle’s Nest Complex. Our winter explorationcontinues as planned with two drills currently operating. One drill istesting targets at AT12, the second drill is testing targets at theWestern Intrusive Complex. We are also expanding the ground basedgeophysical survey to assist in prioritizing previously identifiedairborne targets within the Eagle’s Nest Complex.”
The updated mineral resource is based on the exploration drillingcompleted during the 2010 field season, and updates the previous NI43-101 compliant resource estimate for the Eagle’s Nest Depositannounced on March 9, 2010.
During 2010, the Company drilled 20,200 metres at Eagle’s Nest. Thedrilling was focused on improving the confidence and classification ofprevious resources estimates through in-fill drilling. In addition, the2010 program also aimed at expanding the deposit at depth based on adrilling program. Despite challenges in the deep drilling program, theCompany was successful in both objectives.
The extent of the mineralization now extends to a depth of approximately1,650 metres from surface. The Eagle’s Nest resource includes inferredresource along strike and down dip below 1,100 metres providingsignificant potential for further resource growth. It is anticipatedthat the nickel grade of the inferred resource will increase duringfurther delineation drilling. Due to the depth of this inferredresource, further drilling on this target will be more effective froman advanced exploration program utilizing an underground explorationramp.
Micon International Limited (“Micon”) Qualified Persons responsible forthe resource estimate are Charley Murahwi, P.Geo., MAusIMM and Alan J.San Martin, MAusIMM. The work was supervised by Richard Gowans, P.Eng.All are Qualified Persons under the definitions of NI 43-101. Thecurrent resource estimate for Eagle’s Nest is summarized as:
|Tonnes||Ni %||Cu %||Pt g/t||Pd g/t||Au g/t|
Eagle`s Nest Main Zone resources are reported at a 0.50% nickel cutoffwithin a geological limit defined by a nickel cutoff grade of 0.25%.The East Zone is reported within a geological limit defined by a 0.25%nickel cut-off grade with no cut-off grade used to report the resource.Total tonnages are rounded to the nearest hundred thousand andindividual categories are rounded to the nearest thousand tonnes.
The revised resource estimate was compared with the previous Eagle’sNest estimate to demonstrate the growth of the resource both intonnages and contained metal by resource classification. Thiscomparison is summarized below:
Eagle’s Nest Increase From March 9, 2010 Estimate
Note- metal increase based on metal included within resource estimate
The updated resource is based on 116 holes (58,300 metres) which definethe mineralization envelope. The limits of the resource weredetermined by the natural break in the mineralization at 0.25% Ni. TheEagle’s Nest Main Zone extends approximately 125 metres along strike,1,650 metres down-dip, and averages 40 metres in thickness. A blockmodel was constructed and grades estimated using inverse distance tothe third power interpolation with composite samples 1.5 metres inlength.
Micon is currently in the process of completing a NI 43-101 compliantTechnical Report supporting the estimate disclosed herein which will befiled with SEDAR and made available on the Company’s website within 45days of the date hereof.
This resource estimate reported in this press release includes theEagle’s Nest Deposit and the newly reported East Zone. Micon is in theprocess of compiling a resource estimate for the Eagle Two deposit.
The Company is currently drilling targets identified at AT-12 and AT-4and will report results from these programs when available. The Companyhas all essential supplies on site to continue exploration throughuntil the end of May.
The estimate of mineral resources may be materially affected byenvironmental, permitting, legal, title, taxation, socio-political,marketing or other relevant issues. There is no guarantee that Norontwill be successful in obtaining any or all of the requisite consents,permits or approvals, regulatory or otherwise for the project or thatthe project will be placed into production.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the McFauldsLake Project, which includes grouping samples into batches of 35 intowhich are added 2, certified reference material standards, 2 field andpulp duplicates also form part of the quality control program. It canbe said with confidence that all assays are reported in this PressRelease have passed the strict quality control guidelines as set out byNoront’s Qualified Person.
All samples taken since the August 2008 Resource Estimate, and used inthis resource update, were analyzed by Activation Laboratories Ltd.(“Actlabs”) of Ancaster, Ontario. The samples submitted to Actlabswere analyzed for multi-elements, including Ni and Cu using a four aciddigestion and by ICP analysis. The samples that received base metalvalues greater than the upper limit for the method underwent furtheranalysis using ICP-OES. For the Au, Pd and Pt, the assay methodologywas Fire Assay on a 30 gram aliquot with an ICP finish. Silver wasanalyzed using a 3-acid digest with an ICP analysis. For moreinformation on assay methodology please visit the Actlabs website at http://www.actlabsint.com.
Preparation of this press release has been supervised by Noront’s seniormanagement and reviewed by Jeremy Niemi, P.Geo., Vice President,Geology, who is a Qualified Person under Canadian SecuritiesAdministrators guidelines.
The contents of this press release have been read and approved by Mr.Richard Gowans of Micon, who is a Qualified Person under CanadianSecurities Administrators guidelines.
About Noront: Noront Resources Ltd. is focused on its significant and multiple,high-grade nickel-copper-platinum-palladium, chromite, gold andvanadium discoveries in an area known as the “Ring of Fire”, anemerging multi-metals district located in the James Bay Lowlands ofOntario, Canada. Noront is the dominant land holder at the Ring of Fireand continues to delineate and prove up its discoveries with NI 43-101technical and economic reports and an aggressive and well financeddrill plan for 2010. All material information on Noront can be found onthe 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 ofapplicable Canadian securities legislation, including predictions,projections and forecasts. Forward-looking statements include, but arenot limited to, statements that address activities, events ordevelopments that the Company expects or anticipates will or may occurin the future, including such things as future business strategy,competitive strengths, goals, expansion, growth of the Company’sbusinesses, operations, plans and with respect to exploration results,the timing and success of exploration activities generally, permittingtime lines, government regulation of exploration and mining operations,environmental risks, title disputes or claims, limitations on insurancecoverage, timing and possible outcome of any pending litigation andtiming and results of future resource estimates or future economicstudies.
Often, but not always, forward-looking statements can be identified bythe use of words such as “plans”, “planning”, “planned”, “expects” or”looking forward”, “does not expect”, “continues”, “scheduled”,”estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “doesnot anticipate”, or “belief”, or describes a “goal”, or variation ofsuch words and phrases or state that certain actions, events or results”may”, “could”, “would”, “might” or “will” be taken, occur or beachieved.
Forward-looking statements are based on a number of material factors andassumptions, including, the result of drilling and explorationactivities, that contracted parties provide goods and/or services onthe agreed timeframes, that equipment necessary for exploration isavailable as scheduled and does not incur unforeseen break downs, thatno labour shortages or delays are incurred, that plant and equipmentfunction as specified, that no unusual geological or technical problemsoccur, and that laboratory and other related services are available andperform as contracted. Forward-looking statements involve known andunknown risks, future events, conditions, uncertainties and otherfactors which may cause the actual results, performance or achievementsto be materially different from any future results, prediction,projection, forecast, performance or achievements expressed or impliedby the forward-looking statements. Such factors include, among others,the interpretation and actual results of current explorationactivities; changes in project parameters as plans continue to berefined; future prices of gold; possible variations in grade orrecovery rates; failure of equipment or processes to operate asanticipated; the failure of contracted parties to perform; labourdisputes and other risks of the mining industry; delays in obtaininggovernmental approvals or financing or in the completion ofexploration, as well as those factors disclosed in the Company’spublicly filed documents. Although Noront has attempted to identifyimportant factors that could cause actual actions, events or results todiffer materially from those described in forward-looking statements,there may be other factors that cause actions, events or results not tobe as anticipated, estimated or intended. There can be no assurancethat forward-looking statements will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.
For further information:
Wes Hanson, President & CEO at (416) 367-1444, or visit Noront’s websiteat: http://www.norontresources.com