TORONTO, ONTARIO-(May 9, 2008) -
Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) is pleased to announce the receipt of final assays on holes NOT-07-28, and NOT-08-30 to NOT-08-35 on its 100%-owned Eagle One deposit within Noront's Double Eagle Project in the McFauld's Lake Area of northeastern Ontario. "After much anticipation, the outstanding assays for the last series of holes into Eagle One have been reviewed and approved for entering into the resource data base. The results presented are encouraging and do not differ from what was expected by management" states Richard Nemis, President and CEO of Noront.
HIGHLIGHTS
- Hole 28 averaged 6.73% nickel, 5.11% copper, 0.05 g/t platinum, 14 g/t palladium, 0.41g/t gold and 12.9 g/t silver over 1.5 metre core length, within a much larger 73.2 metre section that averaged 1.31% nickel;
- Hole 30 averaged 3.5% nickel, 3.54% copper, 0.48 g/t platinum, 8.96 g/t palladium, 0.22 g/t gold and 9.3 g/t silver over 11.1 metres, within an 84.7 metre core length that averaged 1.1% nickel;
- Hole 34 averaged 6.88% nickel, 5.05% copper, 2.53 g/t platinum, 14.07 g/t palladium, 0.39 g/t gold and 15.1 g/t silver over 10.6 metres, within an 38.5 metre core length that averaged 2.34% nickel.
- Exploration continues on project through breakup period, third drill getting ready for anomaly testing;
- All analytical results for holes NOT-07-01 through to NOT-08-35 have been delivered to P&E Mining Consultants for incorporating into a resource study.
Seven holes testing Eagle One were completed during late January and early February 2008, including one hole (hole 28) that was started prior to the Christmas break, that is reported herein. As announced earlier (see press releases dated April 25 and May 2, 2008), delays at the laboratory were complicated by a series of quality assurance, quality control (QA/QC) issues. All outstanding work orders are now received and have passed Noront's QA/QC program. The remaining work orders for analysis with respect to the anomaly drilling in the vicinity of Eagle One, including Eagle Two are currently being processed and reviewed, results of which will be released as soon as they are available.
A full complement of exploration personnel has been actively exploring the Double Eagle project, completing line cutting, followed by very intense geophysical surveying using magnetic, gravimetric and electromagnetic (MaxMin, TerraTem, TDEM) techniques, following up on the earlier Aeroquest Aerotem2 survey, as well as a Geotech VTEM survey over specific areas.
HIGHLIGHTS OF ASSAYS RECENTLY RECEIVED
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Palla-
Hole # from to int Copper Nickel Platinum dium Gold Silver
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(m) (m) (m) % % g/t g/t g/t g/t
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NOT-07-28 169.0 242.2 73.2 0.71 1.31 0.63 2.62 0.34 2.2
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including 169.0 175.0 6.0 0.21 0.43 0.30 0.91 0,02 0.3
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followed by 175.0 217.0 42.0 0.84 1.62 0.80 3.13 0.49 2.8
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followed by 217.0 218.5 1.5 5.11 6.73 0.05 14.00 0.41 12.9
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followed by 218.5 242.2 23.7 0.33 0.63 0.45 1.44 0.16 0.8
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NOT-08-30 12.5 97.2 84.7 0.77 1.10 0.33 2.12 0.60 2.8
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including 12.5 23.6 11.1 3.54 3.50 0.48 8.96 0.22 9.3
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followed by 23.6 99.2 75.6 0.35 0.76 0.31 1.09 0.65 1.9
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NOT-08-31 no significant assay intervals
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NOT-08-32 182.8 240.5 57.7 0.87 1.89 1.13 3.70 0.16 9.0
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including 182.8 190.4 7.6 1.68 6.64 0.10 3.87 0.05 0.4
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followed by 190.4 196.1 5.7 0.19 0.08 0.66 0.87 0.06 0.3
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followed by 196.1 221.3 25.2 1.17 1.58 1.92 5.37 0.28 7.0
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followed by 221.3 240.5 19.2 0.37 0.94 0.64 2.27 0.06 1.2
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NOT-08-33 9.5 72.5 63.0 0.31 0.65 0.32 1.02 0.07 4.5
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including 9.5 19.4 9.9 0.24 0.54 0.10 0.31 0.03 0.3
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followed by 19.4 46.2 26.8 0.23 0.41 0.22 0.72 0.06 1.5
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followed by 46.2 61.5 15.3 0.66 1.48 0.68 2.39 0.12 1.9
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followed by 61.5 72.5 11.0 0.68 0.17 0.25 0.50 0.07 0.8
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NOT-08-34 26.0 64.5 38.5 1.65 2.34 2.21 5.45 0.16 4.9
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including 26.0 36.6 10.6 5.05 6.88 2.53 14.07 0.39 15.1
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followed by 36.6 64.5 27.9 0.36 0.63 2.08 2.18 0.07 0.9
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NOT-08-35 9.5 45.0 35.5 0.51 1.14 0.67 2.05 0.12 4.4
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including 9.5 24.0 14.5 0.87 2.29 0.78 3.02 0.17 3.7
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followed by 24.0 45.0 21.0 0.26 0.48 0.61 1.39 0.09 1.0
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Due to the irregular shape of the Eagle One Magmatic Massive Sulphide body, the drill intersections presented above are not true width. True width determinations will be referred to once the resource estimate is completed.
HOLE LOCATIONS
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Hole Northing Easting Northing Easting Azimuth Dip Length
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number (local) (local) UTM UTM (degrees) (deg- (m)
rees)
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NOT-07-28 1069 5174 5843598 547363 270 -52 253
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NOT-08-30 1146 5080 5843597 547221 90 -45 298.8
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NOT-08-31 1179 5207 5843712 547287 133 -45 101
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NOT-08-32 1247 4974 5843600 547080 90 -45 266
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NOT-08-33 1123 5107 5843600 547253 90 -46 111
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NOT-08-34 1177 5156 5843675 547255 90 -45 89.6
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NOT-08-35 1136 5036 5843562 547195 90 -45 80.6
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The above table provides local and UTM grid co-ordinates for holes mentioned in this press release. Each of these holes was designed to provide infill or extensions (to depth and/or along strike) of known mineralization in Eagle One. All holes have been surveyed down-hole with light logging equipment, to provide more accuracy with respect to location of holes within the occurrence, as required for resource evaluation and modeling.
GEOLOGIC SUMMARY OF HOLES (ASSAYS REPORTED)
Hole NOT-07-28 was set at the same collar location as hole NOT-07-26. After 14.8 meters of overburden and limestone, this hole entered a mafic dike until 17.8 meters. Between 17.8 and 128.1 the hole entered granodiorite, followed by an olivine rich gabbro until 140.1 meters. Variably mineralized peridotite was encountered between 140.1 to 242.2 meters, including mineralized peridotite between 169 and 175 meters, followed by net textured mineralized peridotite between 175 and 217 meters, followed by massive sulphides between 217 and 218.5 meters, then net textured peridotite from 218.5 to 223.2 meters. The latter part of the peridotite was weakly mineralized. The hole then entered granodiorite at 242.2 and remained in granodiorite until 253 meters, when the hole was stopped.
Hole NOT-08-30 was drilled at local grid collar location 11+46 N at 50+80 E with initial azimuth of 090 degrees and initial dip of -45 degrees. After passing through 12 meters of overburden and limestone the hole entered granodiorite until 12.5 meters. Several massive sulphide lenses intermingled with net textured mineralized peridotite, and thin felsic dikes were encountered between 12.5 meters and 99.5 meters, when weakly mineralized peridotite was encountered. Massive sulphide intersections included 12.5 meters to 13.5 meters, 15.8 meters to 17.8 meters, and 21.3 meters to 22 meters, the rest of this section consisted of mostly net textured mineralized peridotite. At 101.4 to 102.2 meters down-hole a fault was encountered followed by a gabbro until 111.1 meters. Granodiorite with several mafic dikes were encountered between 111.1 to the end of the hole at 298.8 meters. Mafic dikes encountered were between 151.6 and 153.6 meters, 175.3 and 178.8 meters, 216.9 and 218.3 meters and then 274.5 and 285.5 meters down-hole.
NOT-08-31 was drilled at local grid collar location 11+79 N at 52+07 E with an initial azimuth of 133 degrees and an initial dip of -45 degrees. This hole was designed to test the northeast extension of Eagle One. After 11.4 meters of overburden and limestone, granodiorite was encountered until 14.1 meters. Then a mafic volcanic flow was encountered to 35.3 meters, followed by a mafic dike until 40.9 meters down-hole. Granodiorite was then encountered to the end of the hole at 101 meters. No samples were taken from this hole.
NOT-08-32 was drilled at local grid collar location 12+47 N at 49+74 E with an initial azimuth of 090 degrees and an initial dip of -45 degrees. This hole initially passed through 11.1 meters of overburden, limestone and sandstone, and then entered granodiorite with two thin mafic dikes until 182.2 meters down-hole. Massive sulphide mineralization was encountered between 182.2 to 198.7 meters, including highly altered, silicified quartz feldspar porphyry between 190.4 and 196.1 meters. The massive sulphide zone was then followed by variably mineralized peridotite and net textured peridotite until 248.2 meters down-hole when the hole entered granodiorite. The hole was stopped at 266 meters total depth.
NOT-08-33 was drilled at local grid collar location 11+23 N at 51+07 E with an initial azimuth of 090 degrees and an initial dip of -46 degrees. After drilling through 9.5 meters of overburden and limestone the hole entered peridotite until 17.2 meters, followed by a felsic dike between 17.2 and 18.5 meters then gabbro until 19.4 meters. Peridotite was then encountered between 19.4 meters and 37.3 meters, followed by another felsic dike until 40.4 meters down-hole. Variably mineralized peridotite was then encountered between 40.4 meters and 72.5 meters including net textured mineralized peridotite between 46.2 meters and 61.5 meters. At 72.5 meters granodiorite was encountered until 81.3 meters when a mafic dike was intersected until 85.4 meters, after which granodiorite was encountered to the end of the hole at 111 meters.
NOT-08-34 was drilled at local grid collar location 11+77 N at 51+56 E with an initial azimuth of 090 degrees and an initial dip of -45 degrees. After drilling through 14.6 meters of overburden and limestone, the hole entered gabbro until 18 meters. This was followed by granodiorite until 25.3 meters, then a mafic dike until 26 meters. Massive sulphides were then intersected between 26 meters and 36.6 meters followed by peridotite until 48.3 meters then mineralized peridotite until 64.5 meters. Granodiorite was encountered between 64.5 meters and 69.3 meters, followed by a mafic dike until 72.3 meters then granodiorite until the end of the hole at 89.7 meters.
NOT-08-35 is the last hole drilled into Eagle One at this time. It was collared at local grid co-ordinate 11+36 N at 50+36 E with an initial azimuth of 090 degrees and an initial dip of -45 degrees. After drilling through 9.5 meters of overburden and limestone the hole entered mineralized peridotite to 45 meters followed by weakly mineralized peridotite to 64.6 meters. A felsic dike was then encountered to 65.9 meters followed by peridotite until 80.6 meters when the hole was terminated.
ON SITE QUALITY ASSURANCE / QUALITY CONTROL MEASURES
The aforementioned assay and sample information, as well as geological descriptions are taken from drill logs as prepared by the Project geologist for the drill program, Mike Kilbourne. Billiken Management Services Inc. is providing all services on site for the Noront Double Eagle Project, from their base camp at McFaulds Lake. Billiken is a holder of Certificate of Authorization issued by the Association of Professional Geoscientists of Ontario.
All samples from the early part of the 2008 exploration program were submitted to SGS Laboratory in Toronto, Ontario. Samples were selected in the field under the supervision of the site geologist, then were cut by diamond saw. One half of the sample is retained for record at the base camp, the other half of the sample was placed in a plastic bag and individually sealed. The sealed bags are then placed in durable rice bags in batches of 5 and a numbered security tag seals each rice bag. The rice bags are placed in plastic pails and batches of 40 samples were sent by bonded courier to SGS Laboratory in Toronto Ontario.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program was implemented for the Double Eagle project which included grouping samples into batches of 35 into which was added 2 certified reference material standards, 2 field blanks comprised of sterile drill core, and a field duplicate. It can be said with confidence that all assays as reported in this Press Release have passed the strict quality control guidelines as set out by Noront's QP.
This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements".
Drilling results in this press release have been completed under the supervision of Noront's senior management including Neil Novak P.Geo., a director and Vice President-Exploration and John Harvey P.Eng. Executive Vice President of Noront, being Qualified Persons under Canadian Securities guidelines.
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 125,568,083 shares issued to date.
Investors are invited to visit Noront's IR Hub at
http://www.agoracom.com/IR/Noront where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to NOT@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
ON BEHALF OF THE BOARD OF DIRECTORS:
R. Nemis, President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Noront Resources Ltd.
Richard Nemis
(416)864-1456
(416) 367-5444 (FAX)
Email: info@norontresources.com
Website: www.norontresources.com
