TORONTO, Canada, August 5 /PRNewswire/ --
Symbol: NOT:TSX-V Shares Outstanding: 154,578,457 Fully Diluted: 164,098,457
Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to report complete assay results from recently drilled holes from the Company's Eagle One deposit, including hole NOT-09-49, at its McFauld's Lake Project located in the James Bay Lowlands within the Ring of Fire mineral district.
HIGHLIGHTS: Hole NOT-09-49 intersected two lenses of mixed disseminated to massive sulphides under the current Eagle One Deposit, now referred to as Eagle 1A: Eagle 1B (the first lens) located vertically under Eagle 1A returned; - 178.8 metres averaging 1.2% Ni, 0.5% Cu, 0.9 g/tonne Pt, 2.0 g/tonne Pd from 306.7 meters to 485.5 meters including; - 2.0 metres averaging 2.5% Ni, 2.0% Cu, 0.4 g/tonne Pt, 4.7 g/tonne Pd - 4.7 metres averaging 5.3% Ni, 1.3% Cu, 0.6 g/tonne Pt, 5.3 g/tonne Pd Eagle 1C (the second lens) also located vertically under Eagle 1A and directly under Eagle 1B returned; - 149.5 metres averaging 2.4% Ni, 1.1% Cu, 1.0 g/tonne Pt, 5.1 g/tonne Pd from 796.2 metres to 945.7 metres including; - 23.7 metres averaging 5.2% Ni, 1.0% Cu, 0.2 g/tonne Pt, 7.9 g/tonne Pd - 21.0 metres averaging 2.5% Ni, 1.0% Cu, 0.4 g/tonne Pt, 5.3 g/tonne Pd
As described in the Company's Press Release dated June 29, 2009 http://www.norontresources.com/News/getDocument/notpr-2009.06.29.pdf/147 Hole NOT-09-49 intersected two separate lenses of mixed disseminated and massive sulphide mineralization located vertically below the previously interpreted limits of the Eagle One deposit. It is Management's opinion that the following assay results confirm that both Eagle 1B and 1C, have the potential to increase Noront's nickel, copper and platinum group element resource base at the McFauld's Lake Project in the Ring of Fire. In October 2008, P&E Mining Consultants estimated a combined Indicated and Inferred resource for the Eagle One (Eagle 1A) lens of 2.9 M tonnes averaging 2.1% Ni, 1.2% Cu, 1.2 g/tonne Pt, 4.1 g/t Pd and 4.0 g/tonne Ag. For a detailed summary of the P&E resource estimate please refer to Noront's website http://www.norontresources.com/Investors/getDocument/ NI43101-2008.12.10-ringOf Fire.pdf
Noront's President and CEO Wesley Hanson P.Geo, states, "analytical results are consistent with the existing Eagle One NI 43 -101 resource estimate. More importantly we are pleased to note that the contained platinum and palladium grades suggest that both Eagle 1B and 1C were likely emplaced as part of a single mineralizing event, supporting the geological model proposed by our exploration team."
Exploration Update:
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At present, three drills are currently active, testing the extent of the newly discovered mineralization, which extends vertically below the original Eagle One deposit, and located entirely within Noront's existing land holdings. A total of five holes; NOT-09-45 through NOT-09-49 have been completed and assayed to date.
Hole No.NOT-09-45 through NOT-09-48 were all targeted below the interpreted bottom of the Eagle One discovery.
Holes 45 and 47 intersected the upper portion of the Eagle 1B lens.
Hole NOT-09-49, initially planned as a platform for borehole geophysical surveying, was a vertical hole targeted to trace the interpreted, vertical dipping conduit system that emplaced the original Eagle One discovery. The concept was to drill as close as possible to the conduit so that down-hole geophysics could be utilized to identify other potential lenses of nickel, copper sulphides. This was successively accomplished as the hole crossed in and out of the main footwall granodiorite-periodotite conduit contact no less than five times before reaching its final depth of 1004.1 meters. In the process, the hole cut two distinct lenses of mixed disseminated to massive sulphides.
The following table summarizes the results of holes NOT-09-45 through NOT-09-49.
Table 1: Eagle 1B and Eagle 1C Assay Results ------------------------------------------------------------------------- FROM TO INT. MINERALIZATION Ni Cu Pt Pd Au Ag HOLE ID m m m TYPE % % g/t g/t g/t g/t ------------------------------------------------------------------------- NOT-09-45 EAGLE 1B- LENS ------------------------------------------------------------------------- 445.68 460.30 14.62 Overall 0.77 0.27 0.43 1.30 0.06 0.52 ------------------------------------------------------------------------- Incl. 445.68 446.83 1.15 Disseminated 0.39 0.18 0.48 0.88 0.03 0.23 ------------------------------------------------------------------------- and 446.83 447.19 0.36 Massive 3.27 2.28 1.00 7.18 0.21 3.04 ------------------------------------------------------------------------- and 447.19 454.38 7.19 Disseminated 0.42 0.09 0.29 0.68 0.03 0.07 ------------------------------------------------------------------------- and 454.38 460.30 5.92 Net Textured 1.12 0.38 0.56 1.77 0.09 0.98 ------------------------------------------------------------------------ NOT-09-46 No Significant Assays ------------------------------------------------------------------------ NOT-09-47 EAGLE 1B- LENS ------------------------------------------------------------------------- 362.80 364.95 2.15 Massive 6.11 1.56 1.71 5.98 0.10 3.76 ------------------------------------------------------------------------- NOT-09-48 No Significant Assays ------------------------------------------------------------------------- NOT-09-49 EAGLE 1B- LENS ------------------------------------------------------------------------- 269.21 270.98 1.77 Massive 5.16 3.04 0.69 6.45 0.07 8.10 ------------------------------------------------------------------------- 270.98 306.68 35.70 Disseminated 0.48 0.13 0.33 1.03 0.02 0.25 ------------------------------------------------------------------------- 306.68 485.52 178.84 Overall 1.19 0.53 0.87 2.01 0.10 1.32 ------------------------------------------------------------------------- Incl. 306.68 308.68 2.00 Massive 2.53 1.97 0.39 4.68 0.11 4.94 ------------------------------------------------------------------------- and 308.68 312.84 4.16 Disseminated 0.63 1.22 3.89 1.70 0.05 2.31 ------------------------------------------------------------------------- and 312.84 344.56 31.72 Net Textured 1.12 0.66 1.26 2.12 0.07 1.79 ------------------------------------------------------------------------- and 344.56 404.15 59.59 Disseminated 0.57 0.26 0.73 1.23 0.15 0.55 ------------------------------------------------------------------------- and 404.15 464.69 60.54 Net Textured 1.39 0.58 0.66 2.20 0.08 1.53 ------------------------------------------------------------------------- and 464.69 469.34 4.65 Semi Massive 5.29 1.29 0.59 5.29 0.16 2.77 ------------------------------------------------------------------------- and 469.34 485.52 16.18 Net Textured 1.70 0.55 0.77 2.72 0.07 1.34 ------------------------------------------------------------------------- 510.43 511.75 1.32 Semi Massive 1.05 1.15 5.04 3.14 0.10 4.05 ------------------------------------------------------------------------- NOT-09-49 EAGLE 1C- LENS ------------------------------------------------------------------------- 796.20 945.67 149.47 Overall 2.43 1.09 1.04 5.10 0.58 4.32 ------------------------------------------------------------------------- Incl. 796.20 852.88 56.68 Net Textured 2.11 0.63 1.17 4.36 0.10 2.92 ------------------------------------------------------------------------- and 852.88 866.41 13.53 Semi-massive 1.66 3.12 2.13 5.40 0.58 8.99 ------------------------------------------------------------------------- and 866.41 893.14 26.73 Net Textured 1.54 1.28 1.18 4.69 2.53 5.18 ------------------------------------------------------------------------- and 893.14 916.82 23.68 Massive 5.18 1.04 0.19 7.92 0.10 5.18 ------------------------------------------------------------------------- and 916.82 937.82 21.00 Net Textured 2.52 0.97 0.42 5.34 0.08 3.66 ------------------------------------------------------------------------- and 937.82 945.67 7.85 Net Textured 0.66 0.68 1.91 2.16 0.16 2.55 -------------------------------------------------------------------------
None of the intersections reported here represent true widths, which cannot be determined at this time. Hole NOT-09-49 was orientated parallel to the vertical plunge of the Eagle One conduit and as such it is assumed the vertical depth extent of the new Eagle 1B and 1C lenses will each attain a minimum 200 meters.
Current drilling continuing at Eagle One consists of a series of angle holes targeting the Eagle 1B and 1C lenses to further delineate their dimensions.
To view a plan and cross-section of the new drill holes as well as holes being currently drilled below Eagle One, please refer to Noront's website http://norontresources.com/find/id/15/rb. Results on new holes are pending and will be released when available.
Currently, all drilling at site is utilizing directional drilling tools and all completed holes are surveyed using down-hole electromagnetics (EM). The down-hole electromagnetic surveys will assist in defining the Eagle 1B and 1C lenses in advance of follow up drilling.
John Harvey, Chief Operating Officer, notes, "the discovery of the new base metal mineralization beneath Eagle One has greatly stimulated our exploration efforts and we look forward to increasing the Eagle 1 resource estimate. All future drilling will focus on defining the new lenses of nickel, copper and platinum group elements along the vertical trend below Eagle 1A."
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the Eagle One 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 QC program. Approximately 10% of the samples are sent to a secondary lab as a monitor on the principal lab. 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 ("IQP").
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 followed 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.
Drill results in this press release have been approved by John Harvey, P.Eng. Chief Operating Officer and Director of Exploration Jim Atkinson, P. Geo. both Qualified Persons under Canadian Securities guidelines.
Quality Assurance and Quality Control:
All holes drilled are systematically logged and then sampled. Samples are shipped regularly to Actlabs in Thunder Bay, Ontario for sample preparation and initial analysis (TD-ICP) following strict chain of custody procedures. Whole rock assay including V(2)O5, TiO(2), and Fe(2)O(3) is performed at Actlabs by fusion X-ray fluorescence analysis (fusion XRF). For fusion XRF assays the samples are melted with borate fluxes and quenched to a glass bead, which is then irradiated with X-rays. The secondary X-ray emissions are counted and used, with reference to several calibrants, to determine the whole rock composition including the analytes and all other major oxide components of the rock. For more information on Actlabs analytical procedures please visit the Actlabs website at: http://www.actlabs.com.
Under Noront's QA/QC program each batch of 35 samples includes one blank, two internationally certified reference materials (ICRM; henceforth referred to as standards), one quarter-sawn field duplicate, a coarse reject duplicate, and a pulp duplicate. The pass/fail criteria for the new V standard are the same as for the Cr, Cu, Ni, Au, Pd and Pt standards previously reported. In particular, if measured concentrations in standards differ from accepted values by more than two standard deviations of the method as determined by numerous XRF repeats on the standards at Actlabs, the entire batch fails and is re-analysed. Duplicates and standards will be monitored to detect and correct, if necessary, any drift bias or changes in precision that might appear through time. All QA/QC procedures and checks are carried out by Tracy Armstrong, PGeo, of P&E Mining Consultants Inc, who acts as the Qualified Person for Noront on matters pertaining to assays.
About Noront:
Noront Resources is focused on its McFauld's Lake Project, a which includes 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 drill plan for 2009. All material information on the company can be found on its website at http://www.norontresources.com or on SEDAR at www.sedar.com
ON BEHALF OF THE BOARD OF DIRECTORS: "Wesley (Wes) C. 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: Joanne Jobin, Vice President, Corporate Communications at +1-(416)-367-1444 ext 126, or visit Noront's website at: http://www.norontresources.com/ (NOT.)
Noront Resources Ltd.
For further information: Joanne Jobin, Vice President, Corporate Communications at +1-(416)-367-1444 ext 126, or visit Noront's website at: http://www.norontresources.com/ (NOT.)
