Toronto, Ontario, December 10, 2009. Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to report new assay results from the Eagle’s Nest deposits at the McFaulds Lake Property located within the Ring of Fire mineral district in the James Bay Lowlands. These results are from the ongoing drilling aimed at increasing the size of the Eagle’s Nest deposit.
- Eagle’s Nest confirmed continuation for another 100 metres to 1,100 metres; still open at depth
- Hole #NOT-09-071 intersected 130.29 metres averaging 1.55% Ni, 0.83% Cu
- Including 1.34 metres averaging 3.55% Ni, 1.63% Cu, 25.4gpt Pt and 13.6gpt Pd
- Hole #NOT-09-069A intersected 59.9 metres averaging 1.40% Ni, 0.84% Cu
- Eagle’s Nest-Blackbird Complex recognized as a key structural feature in the Ring of Fire
Four holes intersecting the Eagle’s Nest mineralization are being reported herein. Three of the holes exhibit significant assay results including intersections of massive mineralization and the fourth hole shows intersected disseminated mineralization. The most significant of the reported intervals, is hole NOT-09-069A which is the deepest intersection to date at Eagle’s Nest. This interval has now extended the known mineralization at Eagle’s Nest down to beneath 1,100 metres, which adds over 100 metres of vertical continuity to the deposit. In addition, the Company notes that along with a particularly long mineralized interval, significant platinum mineralization has once again been intersected, as assayed in hole NOT-09-071.
Wes Hanson, Noront’s CEO states; “Our exploration team continues to extend the Eagle’s Nest deposit at depth. They have done an outstanding job in expanding this resource though challenged by drills with limited capacity; they have managed to extend the mineralization to a depth of 1,100 metres from surface. A tremendous accomplishment! Most importantly, we continue to intersect consistent mineralization, in terms of grade, with the original Eagle One resource estimate. Hole NOT-09-69A offers the potential to add between 1,000,000 and 1,500,000 tonnes of mineralization. Furthermore, work by Dr. James Mungall suggests that the Ring of Fire deposits are emplaced as a single magmatic event. If this is indeed the case, the exploration potential of the Ring of Fire is significantly enhanced. Mr. Hanson adds; At present, our exploration team is taking a well-deserved break for the holidays which will allow us to address the sample backlog that has built up these past few months. They will return mid-January with the immediate objectives of tracing the Eagle’s Nest mineralization to the 2,000-metre level and drilling the upper 1,000 metres of the deposit to a level sufficient to allow an NI-43-101 resource update. On behalf of our shareholders, I would like to thank each and every member of our exploration team for the professionalism, hard work and dedication in making McFaulds Lake a project we can all be proud of.”
The quantity and grade expressed above are conceptual in nature. Insufficient exploration has been completed to date to allow a resource estimate. There is no guarantee that the conceptual mineralization above will be a mineral resource in the future. The quantity estimates above are based on observed dimensions implied from diamond drilling.
The following table summarizes the results of the four holes disclosed herein:
|Hole ID||From (m)||To (m)||Int. (m)||Mineralization Type||Ni %||Cu %||Pt g/t||Pd g/t|
|NOT-09-69A||1,094.1||1,154.0||59.9||Net Textured||1.40||0.84||Results Pending|
|NOT-09-071||720.9||851.2||130.3||Net Textured/Massive||1.55||0.83||Results Pending|
Jeremy Niemi, Noront’s Vice President, Geology notes; “2009 has been an incredible year for the Noront exploration team. Eagle’s Nest has been transformed from an intriguing surface deposit to a very impressive zone within a geologically significant complex that has challenged the limits of our drill equipment and is now tested to beneath 1,100 metres. We are anxiously awaiting the start of the 2010 campaign where we will begin to a drilling campaign to test down to below 2,000 metres. We will also continue to drill at AT12 and explore new targets in the Ring of Fire.”
The mineralized intervals do not represent true widths, which cannot be determined at this time. Results for platinum and palladium grades were incomplete at the time of the release and will be reported once they are available and have been reviewed.
Please refer to Noront’s website to view an updated Eagle’s Nest surface plan (please view https://norontresources.com/find/id/35/y1) showing the location of the drill hole collars and a horizontal trace of their paths. Also on the Noront website is an updated Eagle’s Nest longitudinal section (please view https://norontresources.com/find/id/32/o!) showing the pierce points and traces of the mineralized intersections through the Eagle’s Nest and the projected outline of the mineralization zones. Please refer to Noront’s website to view an updated AT12 surface plan (please view https://norontresources.com/find/id/34/$!) showing the location of the drill hole collars and a horizontal trace of their paths.
Eagle’s Nest – Blackbird Complex
Within a four square kilometer block of land, two by two kilometers, the company has defined four mineral occurrences including our two key assets the Eagle’s Nest and Blackbird deposits. This new structure is now being referred to as the Eagle’s Nest-Blackbird Complex (“ENB Complex”). These two deposits currently are separated by a one-kilometre gap, which has yet to be thoroughly explored. In addition, the Blackbird deposits are flanked to the north by the Triple J gold zone and to the southwest by the Eagle Two nickel-copper deposit. It is our belief that the surrounding geology demonstrates the highly prospective nature of the entire ENB Complex and therefore it will continue to be a dedicated focal point for the Company, both in an expanded exploration capacity and in scoping studies to investigate shared mining infrastructure.
Ring of Fire Geological Understanding
Noront has completed the thorough review of all historical geophysical data and as a result generated a series of new targets. Currently these targets are being prioritized and a new geological map of the Ring of Fire will be generated.
In addition, the Company continues to fund ongoing research by Dr James Mungall and his students at the University of Toronto to assist the Company in clarifying and understanding the geological setting and structure of the Eagle’s Nest, Blackbird, and Thunderbird deposits. Recently acquired geochronological and lithogeochemical data now provide strong evidence to show that these deposits were formed as part of a single magmatic event of regional extent which also was responsible for the formation of the McFauld’s lake VMS deposits and for the intrusion of similar ultramafic and mafic bodies around the entire extent of the Ring of Fire.
For further information on the McFaulds Lake Property, please refer to the Company’s NI 43-101 – Standards of Disclosure for Mineral Projects compliant technical report “Technical Report and Preliminary Economic Assessment on the Eagle One Deposit, Double Eagle Property, McFaulds Lake Area, James Bay Lowlands, Ontario” (effective: October 20, 2008) available on the Company’s website and at www.sedar.com
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 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 independent 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 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 contents of this press release have been read and approved by Mr. Niemi. 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.
Under the current Offer, for each seven (7) Freewest shares held, Noront will issue two (2) freely tradeable Noront shares and one (1) five-year (5) purchase warrant with a strike price of C$4.00. The implied value at the time of the offer was estimated to be C$0.86 per Freewest share and is currently C$0.95 per Freewest share.
Noront’s Offer has been extended and now expires on December 11, 2009. All Freewest shareholders are urged to tender their shares to the Noront bid, the only bid that will provide all Freewest Shareholders with the opportunity to partake in the upside of the Ring of Fire
For more information on the Freewest Offer, please visit Noront’s website at www.norontresources.com or contact Noront’s Investor Relations Department at +1 (416) 367 1444. ext 126
To tender your Freewest shares, please contact;
Laurel Hill at Laurel Hill Advisory Group
North American Toll Free Phone: +1 (888) 882 6742
Outside North America, Banks and Brokers Call Collect: +1 (416) 637 4661
Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite 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 the remainder of 2009 and 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
For further information please contact Joanne Jobin, Vice President Corporate Communications at (416) 367-1444 ext 126, or visit Noront’s website at: http://www.norontresources.com.
Wesley (Wes) Hanson
Chief Executive Officer