Noront Resumes Drilling at McFaulds Lake and Announces Final Results for 2010 Exploration

TORONTO, Jan. 20 /CNW/ – Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to report all remaining assay results from the 2010exploration program, including results from holes drilled to collectmetallurgical samples, at the Company’s McFaulds Lake Project in theJames Bay Lowlands, Ontario. The Company is also pleased to announcethat exploration has resumed for the winter season.

Highlights – Metallurgical – geotechnical holes at Eagle’s Nest:

  • NOT-10-GT04 intersected 206.3 meters of 4.6% Ni, 2.1% Cu, 1.87 gpt Ptand 7.76 gpt Pd
  • NOT-10-GT01 intersected 48.3 meters of 1.9% Ni, 1.0% Cu, 1.03 gpt Pt and3.59 gpt Pd

Highlights – Regional Drilling 2010:

  • NOT-10-1G186 intersected 1.2 meters of 0.6% Ni, 0.2% Cu, 0.08 gpt Pt and0.76 gpt Pd
  • NOT-10-1G195 intersected 7.8 meters of 0.4% Ni, 0.1% Cu, 0.08 gpt Pt and0.41 gpt Pd

Noront’s President and CEO, Wes Hanson, notes, Hole NOT-10-GT04, targeted to intersect a broad interval of massivesulphide mineralization at Eagle’s Nest for metallurgical sampling,returned one of the best intervals to date confirming the predictiveaccuracy of resource model. The regional drilling program significantlyexpanded the limits of the ultramafic rocks that host nickel, coppersulphide mineralization. This expanded footprint has generatedadditional target areas prospective for nickel, copper sulphides withinNoront’s large land area.” Mr. Hanson adds: “The Company has resumed exploration for the winter season and ourfocus continues to be the discovery of additional nickel, coppersulphide resources. Initial drilling will focus on the Western andThunderbird intrusive complexes while ground geophysical surveys arecompleted at AT-12. On completion of the geophysics, drilling of theAT-12 Complex will commence. We are looking forward to drillingadditional targets at AT-12 where the Company has intersected the bestnickel, copper sulphides grades outside of Eagle’s Nest.”

2011 Winter Exploration Program:

The 2011 winter program is fully funded and consists of ground basedgeophysical surveys and diamond drilling. The focus is on the discoveryof additional nickel, copper sulphide mineralization similar to orlarger than the Eagle’s Nest discovery.

The Company believes additional nickel, copper sulphide mineralizationmay be buried and therefore does not provide a strong response usingairborne geophysics. As a result, ground geophysical surveys of theAT-12 Complex are planned to assist in identifying drill targets.

A total of 10,000 metres of drilling is planned during the winterprogram. Drilling will utilize two drill rigs for the duration of theprogram. One drill is currently testing strong borehole geophysicaltargets within the Western Complex approximately 3 to 4 kilometressouthwest of Eagle’s Nest. Once completed, this drill will move to theEagle’s Nest Complex to test borehole and surface electromagnetictargets identified in 2010. These targets have the potential to hostnickel, copper sulphide mineralization that could increase the mineralresources for the project.

The second drill is currently testing strong geophysical targets at theThunderbird Complex, specifically to the west of and the extension ofthe Thunderbird iron, titanium, vanadium (“Fe-Ti-V”) discovery. As withAT-12, access to this area in the summer months is difficult. The onsetof winter conditions allows the Company to drill at Thunderbird at asignificantly reduced cost.

Regional magnetic surveys indicate that the Thunderbird Complex has a7.0 kilometre strike length. Drilling to date has intersected elevatedFe-Ti-V mineralization over substantial thickness along a 1.0 kilometrestrike length. Iron occurs primarily as magnetite that may be amenableto magnetic separation to produce a quality iron concentrate. TheCompany plans to drill three to five holes to gain a betterunderstanding of the Thunderbird mineralization.

The following Table summarizes the results (previously reported) atThunderbird.

Thunderbird Drill Results (previously reported April 30, 2009 and July29, 2009)

HOLE ID FROM
(m)
TO
(m)
INT.
(m)
V2O5
%
TiO2
%
Fe3O4
%
NOT-09-2G21 132.55 310.58 178.03 0.36 2.77 24.72
and 397.2 496.84 99.64 0.36 2.66 23.58
NOT-09-2G24 64.73 229.59 164.86 0.36 2.79 24.63
and 319.91 433.56 113.65 0.33 2.65 23.2
NOT-09-2G25 75.8 317.21 241.41 0.37 3.07 25.85

The mineralized intervals above do not represent true widths, whichcannot be determined at this time.

At AT-12, the Company has initiated deep penetrating surface geophysicalsurveys that are designed to identify highly conductive mineralizationto depths approaching 600 metres. This will be the first time suchtechnology has been utilized by Noront in the Ring of Fire. Theobjective of the ground based geophysics is to identify potentiallyburied nickel, copper sulphide mineralization at AT-12.

The Company’s geologists and advisors believe that AT-12 is part of afeeder system that is geologically similar to the Eagle’s Nestdiscovery. Previous drilling has intersected significant nickel, coppersulphide mineralization at AT-12. Considering the size and extent ofthe chromite discoveries to the south of AT-12, the Company believesthat the AT-12 feeder system could potentially be much larger than thefeeder system at Eagle’s Nest. (https://norontresources.com/find/id/55/Qp).

Metallurgical and Geotechnical Drilling Program:

The Company completed a five-hole drill program to acquire geotechnicaldata and to collect representative samples for initial metallurgicaltesting of the Eagle’s Nest deposit. Hole NOT-10-GT04 was targeted tointersect massive sulphide mineralization over a broad interval length.This hole successfully intersected over 200 metres of massive sulphidemineralization as planned, confirming the predictive accuracy of thecurrent resource model for Eagle’s Nest.

With the exception of NOT-10-GT02, samples collected from the drillholes were split with half of the core sent for assay and the otherhalf used to generate metallurgical samples for future testing. In thecase of NOT-10-GT02 the core was not split and the entire mineralizedinterval was used for metallurgical samples. Therefore, no assay datais available. Hole NOT-10-GT02 did intersect nickel, copper sulphidemineralization as planned. (https://norontresources.com/find/id/56/qD) (https://norontresources.com/find/id/57/d2)

Metallurgical samples have been received at SGS Lakefield labs inPeterborough, Ontario. The metallurgical test work is currentlyunderway with results anticipated in the first quarter of 2011.

The following Table summarizes the results of all holes completed forthe metallurgical and geotechnical field program. All of the holesdrilled for metallurgical and geotechnical purposes are located withinor near the Eagle’s Nest nickel, copper, platinum and palladiumdiscovery.

HOLE ID FROM
(m)
TO
(m)
INT.
(m)
Ni % Cu % Pt gpt Pd gpt Au
gpt
NOT-10-GT01 147.2 195.5 48.3 1.88 0.96 1.03 3.59 0.12
NOT-10-GT02 Hole not sampled, whole core used to form metallurgical compositesamples
NOT-10-GT03 Excessive deviation, restarted as NOT-10-GT03A
NOT-10-GT03A 633.8 701.5 67.7 1.57 0.88 1.04 2.90 0.31
NOT-10-GT04 47.0 253.3 206.3 4.58 2.10 1.87 7.76 0.19
NOT-10-GT05 117.4 138.5 21.1 2.14 2.02 2.42 4.51 0.30

The mineralized intervals above do not represent true widths, whichcannot be determined at this time.

2010 Regional Exploration:

Regional drilling in the fall of 2010 increased the lateral extent ofthe ultramafic host rocks to the north and west of Eagle’s Nest,providing an expanded footprint for future exploration. At the WesternComplex, west of Eagle’s Nest, drilling encountered narrow zones ofdisseminated sulphide mineralization, indicating potential for largerzones.(https://norontresources.com/find/id/58/58).

The following table presents the complete results from the regionalexploration drill program from the fall 2010 program.

HOLE ID FROM
(m)
TO
(m)
INT.
(m)
Ni % Cu % Pt gpt Pd gpt Au
gpt
NOT-10-099 No significant assays
NOT-10-1G186 358.7 359.9 1.2 0.62 0.19 0.08 0.76 0.04
NOT-10-1G187 100.6 100.7 0.1 0.00 1.15 0.01 0.01 0.01
NOT-10-1G188 No significant assays
NOT-10-1G189 No significant assays
NOT-10-1G190 672 674 2.0 0.0 0.0 0.0 0.0 0.66
NOT-10-1G191 566.6 567.0 0.4 0.59 0.11 0.11 0.24 0.01
NOT-10-1G192 318.1 318.4 0.3 0.63 0.17 0.54 1.54 0.07
NOT-10-1G193 No significant assays
NOT-10-1G194 242.1 242.5 0.4 0.00 0.70 0.00 0.00 0.25
Also 251.3 251.5 0.2 0.02 1.00 0.00 0.01 0.45
NOT-10-1G195 72.2 80.0 7.8 0.36 0.09 0.08 0.41 0.06
NOT-10-1G196 No significant assays
NOT-10-1G197 No significant assays

The mineralized intervals do not represent true widths, which cannot bedetermined at this time.

The Company advises that no further assay results are outstanding atthis time.

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 reported in this Press Releasehave passed the strict quality control guidelines as set out byNoront’s Qualified Person.

All samples reported upon herein were completed by Activation Labs(“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.

For further information on the McFaulds Lake Project, please refer tothe Company’s NI 43-101 compliant technical report “Technical Reportand Resource Estimate, McFaulds Lake Project, James Bay Lowlands,Ontario Canada” (effective April 23, 2010) available on the Company’swebsite and at www.sedar.com.

The preparation of this press release has been supervised by Noront’ssenior management including Jeremy Niemi, P.Geo. Vice President,Geology, who is a Qualified Person under Canadian SecuritiesAdministrators 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 largest 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 2011. 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.

norontresourceNoront Resumes Drilling at McFaulds Lake and Announces Final Results for 2010 Exploration