TORONTO, Sept. 28 – Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to report initial assay results from the deep drilling program at the Eagle’s Nest deposit at the Company’s McFaulds Lake Project in the James Bay lowlands, Ontario.
- NOT-10-085-W1 intersected 104.7 metres averaging 1.66% Ni, 0.81% Cu
- Including 2.4 metres averaging 7.45% Ni, 0.23% Cu
- NOT-10-085-W2 intersected 203.3 metres averaging 1.69% Ni, 1.01% Cu
Platinum and palladium results of the two holes reported are not complete at this time. These results will be released at a later date.
Noront’s President and CEO, Wes Hanson, states: “The deep drill results confirm the potential for future resource increases at Eagle’s Nest. Our recently completed PA did not include any of this blue sky potential. The Company continues to believe that the intersection of the Eagle’s Nest conduit with the Blackbird sill is an exploration target with great potential to further increase the Eagle’s Nest resource, an interpretation supported by the geophysical surveys of the deep drill holes completed thus far. The Company believes that the difficulties experienced with the deep drill program to date have been addressed and that further deep drilling is warranted.”
Hole NOT-10-085-W1 intersected largely net-textured sulphides over the entire 104.7 metre interval. This hole scissors hole NOT 09-69A which intersected 59.9 metres averaging 1.40% Ni and 0.84% Cu.
Hole NOT-10-085-W2 intercepted over 200 meters of predominantly net textured sulphide mineralization. This extends the down dip length of Eagle’s Nest conduit by 200 metres and it is the deepest and longest mineralized interval drilled to date at Eagle’s Nest. The current Eagle’s Nest National Instrument 43-101 compliant resource estimate, which extends the mineralization to a depth of 1,200 metres, demonstrates that there is approximately 1 million tonnes of resource for every 100 vertical metres of down dip extent. Based on the results of hole NOT-10-085-W2, the Company estimates that the Eagle’s Nest resource has increased by 1.5 to 2.0 million tonnes. Down hole geophysics indicate that the Eagle’s Nest conduit continues at depth offering excellent potential for future resource growth.
The long intersection in hole NOT-10-085-W2 and orientation of the mineralization supports the Company’s interpretation of a widening of the mineralization as the Eagle’s Nest conduit meets the Blackbird sill. More importantly, borehole geophysics from NOT-10-085-W2 indicates that the Eagle’s Nest mineralization continues at depth and trends to the southwest, as shown in the long section https://norontresources.com/find/id/50/iR
The following table summarizes the significant results of the two holes reported at Eagle’s Nest.
The mineralized intervals do not represent true widths, which cannot be determined at this time.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
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 2, certified reference material standards, 2 field and pulp duplicates also form part of the quality control 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 Actlabs website at http://www.actlabsint.com.
For further information on the McFaulds 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. The potential quantities and grades disclosed herein are conceptual in nature. 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.
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.