FOR IMMEDIATE RELEASE: June 28, 2011
NORONT IDENTIFES LOW-GRADE BULK TONNAGE POTENTIAL AT AT-12
Toronto, Ontario, June 28, 2011. Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to report final assay results from the 2010 /11 winter exploration program at the Company’s McFaulds Lake Project in the James Bay lowlands, Ontario.
NOT-11-2G50 359.70 metres averaging 0.29% Ni, 0.15% Cu, 0.11 g/t Pt and 0.34 g/t Pd;
NOT-11-2G52A 150.25 metres averaging 0.21% Ni, 0.14% Cu, 0.13 g/t Pt and 0.36 g/t Pd
Revised composites from previously reported drill holes:
NOT-08-2G15 419.00 metres averaging 0.28% Ni, 0.07% Cu, 0.06 g/t Pt and 0.18 g/t Pd;
NOT-09-2G30 114.43 metres averaging 0.51% Ni, 0.20% Cu, 0.23 g/t Pt and 0.74 g/t Pd
NOT-10-2G41 232.97 metres averaging 0.24% Ni, 0.04% Cu, 0.08 g/t Pt and 0.23 g/t Pd
NOT-10-2G42 337.94 metres averaging 0.22% Ni, 0.04% Cu, 0.07 g/t Pt and 0.19 g/t Pd
Noront’s President and CEO, Wes Hanson, states:“The exciting discovery of pervasive nickel mineralization and establishing the geometry of the AT-12 ultramafic dike are very significant events. Preliminary estimates suggest that AT-12 averages 0.30 to 0.35% nickel, comparable to many nickel projects currently being evaluated for economic exploitation. The Company believes AT-12 may be amenable to bulk mining methods, which would significantly increase the life of our Eagle’s Nest advanced development project and could potentially increase that projects throughput rate. Establishing the geometry of the AT-12 ultramafic dike, specifically the plunge, will assist in our efforts to identify higher grade nickel-copper sulphide mineralization at the lower contact of the dike where irregularities allow pooling of the nickel-copper sulphide mineralization as observed in the cluster of drill holes at the north-northeastern limit of the dike where it intersects surface.”
2010-11 WINTER DRILL RESULTS
The Company completed 16 holes (8,006 metres) during the winter field season.
Seven holes were completed at AT-12 to test geophysical anomalies identified from surface surveys.
The majority of the drill holes identified pervasive nickel mineralization within the ultramafic dike hosting the AT-12 mineralization. The core of the dike is an olivine-pyroxenite – peridotite that grades outward to pyroxenite at the margins. Nickel grades range from 0.20% to 0.70% nickel over core intervals ranging from several tens of metres to several hundred metres. Sampling correctly focused on areas where visible sulphides were observed in the core. Areas where sulphide mineralization was sparse were not routinely sampled resulting in gaps in the sampling record. The Company has identified additional intervals to eliminate the sampling gaps.
The identification of pervasive nickel in the 2011 drilling was supported by a review of the historical assay records at AT-12. This review identified a number of long nickel intercepts that had not previously been reported within the AT-12 dike.
Table 1 presents the results of the new composites from the historical drilling, the originally reported intervals of the historical drilling and the latest results from the winter 2010 – 2011 winter drill program.
The nickel mineralization at AT-12 has been traced by drilling for 1,400 metres along strike to an average depth of 600 metres from surface. The dike dips sub-vertically, averages 200 metres in width and plunges to the south-southwest at 60 to 70. Nickel grades range from 0.2% to 0.7% within the ultramafic dike. The nickel mineralization at AT-12 compares favourably to a number of nickel sulphide deposits elsewhere in Canada and the USA in terms of both grade and size.
Higher nickel grades, in excess of 1.0%, previously reported in holes NOT-09-2G34 to 2G37 are localized at the north-northeast limit of the AT-12 dike where it intersects the topographic surface. Company geologists believe that this area may represent the lower contact of the AT-12 dike. Given the plunge to the south-southwest, the Company believes that exploration along the lower contact may yield additional high-grade nickel-copper sulphide mineralization as irregularities along the contact could create areas where nickel-copper sulphides mineralization could accumulate.
Spatial analysis of the AT-12 data confirms that the nickel mineralization is confined to the host ultramafic dike. The interpreted lower contact of the dike has only been drilled at the north-northeast limit where it comes to surface. Further drilling along the lower contact offers an excellent target for additional high-grade nickel, copper, platinum and palladium mineralization. The Company is planning a follow up exploration program during the upcoming winter season.
The Company plans to collect composite samples of the AT-12 nickel mineralization for metallurgical testing.
Three holes tested airborne and down-hole geophysical targets at AT-4 exploring for potential volcanogenic massive sulphide targets. These holes intersected minor copper, zinc and gold mineralization over narrow widths although a significant amount of quartz veining was observed in drill core.
Two holes tested the flanks of the Thunderbird iron-titanium-vanadium discovery. Both holes intersected iron-titanium-vanadium mineralization as planned but vanadium grades were lower than the initial drilling while titanium grades were significantly higher.
Thunderbird remains a compelling target given market interest in vanadium. The Company is considering additional field work at Thunderbird.
Eagle’s Nest Complex
Three drill holes tested down-hole and surface geophysical targets near the Eagle’s Nest discovery. All three holes failed to intersect any significant mineralization.
EAGLE’S NEST UPDATE
The Eagle’s Nest Feasibility Study is in progress with a planned completion date of Q1, 2012. The Company is evaluating options to reduce the capital and operating costs presented in the Preliminary Assessment dated October 2010. Results of the metallurgical testing from Eagle’s Nest are anticipated in the coming weeks.
Field crews are currently mapping, sampling and completing fish and bird studies along the proposed road corridor from Pickle Lake to Eagle’s Nest.
As part of the Company’s consultation process, a number of meetings and open houses are planned during the summer. The objective of these meetings is to present Noront’s proposed development plan in the Ring of Fire to the First Nation communities.
The company continues to meet with government and other industry representatives to coordinate efforts on infrastructure development to the Ring of Fire.
Drilling at Blackbird resumed in May with two drills focused on expanding the Blackbird chromite resource along strike and down dip. Ten to twelve thousand metres of drilling is planned over the summer field season. The Company’s objective is to double the total chromite resource in advance of a Pre-Feasibility Study slated for completion in H1, 2012.
Drilling at Blackbird will allow for limited testing of the Eagle 2 nickel copper sulphide discovery. Eagle 2 remains open down dip and there is potential to increase the Company’s nickel-copper resource through additional drilling.
On June 17, 2011, the Company staked six mineral claims comprising 32 units on open ground that lies directly to the north of Noront claims 4226694 and 4226662 (and directly south of Fancamp Exploration Limited’s claims 3012257 and 3012258). These two 16-unit claims were formerly claims 4221148 and 4221149 of MacDonald Mines Exploration Ltd. Another exploration company active in the Ring of Fire has announced that they have staked these claims.
The Company has filed notice with the Mining Recorders Office contesting the validity of the staking by the other company.
Noront also staked another 16-unit mineral claim, further to east. This claim lies directly to the north of Noront’s claim 4226616 and lies on the west shore of McFaulds Lake, and was formerly claim 4212366 of MacDonald Mines Exploration Ltd.
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 athttp://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 18, 2011) available on the Company’s website and atwww.sedar.com .
The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource for some of the targets disclosed herein. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.
Preparation of drilling results in this press release has been supervised by Noront’s senior management including Wes Hanson, P.Geo. President and CEO of Noront, 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 atwww.sedar.comFor further information please contact Noront at (416) 367-1444, or visit Noront’s website at:http://www.norontresources.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.
TABLE 1 – SUMMARY OF AT-12 DRILL RESULTS
|NO SIGNIFICANT VALUES||Released 15/09/08|
|NO SIGNIFICANT VALUES||Released 15/09/08|
|NO SIGNIFICANT VALUES||Released 15/09/08|
|NOT-08-2G10||NO SIGNIFICANT VALUES||Released 06/10/08|
|NOT-08-2G13||NO SIGNIFICANT VALUES||Released 23/01/09|
|NO SIGNIFICANT VALUES||Released 10/12/09|
|NO SIGNIFICANT VALUES||Released 10/12/09|
|NOT-09-2G29||NO SIGNIFICANT VALUES||Released 10/12/09|
|NOT-09-2G38||NO SIGNIFICANT VALUES||Released 20/07/10|
|NOT-09-2G39||NO SIGNIFICANT VALUES||Released 20/07/10|
|NOT-09-2G40||NO SIGNIFICANT VALUES||Released 20/07/10|
|NOT-11-2G48||NO SIGNIFICANT VALUES||NEW DATA|
|NOT-11-2G49||NO SIGNIFICANT VALUES||NEW DATA|
|NOT-11-2G52||Hole lost||NEW DATA|
TABLE 2 – SUMMARY OF AT-4 DRILL RESULTS
TABLE 3 – SUMMARY OF THUNDERBIRD DRILL RESULTS