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HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
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| Press Release | Source: Noront Resources Ltd. |
Noront Resources Ltd.: Double Eagle Update
Wednesday April 2, 9:00 am ET
TORONTO, ONTARIO--(Marketwire - April 2, 2008) - Noront (TSX VENTURE:NOT - News) wishes to present the following progress report on its exploration activities in the McFaulds Lake area of northeastern Ontario in the James Bay Lowlands. The anomaly drilling program on the Double Eagle project commenced in January and is continuing with 2 drills now being employed at 2 different locations testing visible chromite and sulphide mineralization located by geophysical surveying. Resource studies at the Eagle One have commenced but this work, as well as progress on the anomaly drilling, has been hampered by the lengthy turn around time the independent analysis of the company's drill core is experiencing due to the current heavy demand on the Analytical Laboratories. Consequently, this release contains no assay results but favourable results on the anomaly drilling program warrants an update on these activities. The Company is now shipping samples to a new laboratory in Thunder Bay owned by ActLabs of Ancaster, Ontario with whom Noront has entered into an agreement to provide a faster assay turnaround.
The Company's geologists report the following highlights from their core logging followed by more detailed interpretations of the two geophysical anomalies being assessed;
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- Further drilling at Eagle Two (Anomaly AT2) continues to trace a Shear Hosted Sulphide ("SHS") zone containing bands of massive sulphide mineralization with visible copper-nickel minerals from the Precambrian rock surface (starting at 10 meters below surface) to 190 meters below surface where the approximately up to 21 meters thick, 75 meters long oval-shaped mineralized zone is within 30 meters of the favourable underlying granodiorite intrusive contact.
- Massive Chromite beds up to 48.4 meters in core thickness at AT2 have been encountered in the near vertical dipping, wide peridodite sill occupying the non-conformity between the underlying granodiorite intrusive to the north and overlying Precambrian volcanic stratigraphy to the south.
- At anomaly AT3, a steep north-dipping stringer sulphide zone with some visible copper mineralization are being discovered and now intersected in 4 drill holes over substantial core widths.
- Several new excellent anomalies resulting from the continuing airborne geophysical program are being located around the Ring of Fire on Noront's claims and additional ground is being staked for Noront covering other areas around the Ring of Fire.
Airborne surveying utilizing the Aeroquest (Aerotem2) and Geotech (VTEM) helicopter systems is continuing on Noront's holdings around the Ring of Fire. Line cutting and ground geophysical crews continue to locate the more favourable airborne targets on the ground in preparation for diamond drill testing.
Since the completion of definition drilling at the Eagle One occurrence, two drills have initially tested airborne targets AT1, AT2 and AT3 with encouraging results having been encountered at AT2 (Eagle Two) as well as AT3 as described in more detail below. A third drill has arrived on site to speed up the drilling program and will commence on airborne electromagnetic ("AEM") target AT5. Drilling will continue throughout the spring break-up period with access by helicopter.
AT1
This short, strong, deep airborne target was tested with four drill holes and although the favourable peridotite host rock was encountered, no explanation of the geophysical response was obvious. Deeper penetrating ground surveys, including down-hole probing will be carried out here to guide future drilling at greater depths. The four holes all along local grid line 4500E, tested the peridotite down to a vertical depth of 150 meters.
AT1 Table of Drill Holes
----------------------------------------------------------------------------
Hole Grid Azimuth Dip Final Overburden Mineralization
No. Location Depth (meters) (meters)
(meters)
----------------------------------------------------------------------------
1G1 4475E,419N 090 -45 282 7.0 Nil
----------------------------------------------------------------------------
1G4 4510E,375N -- -90 144 6.7 Nil
----------------------------------------------------------------------------
1G5 4500E,550N 135 -60 300 8.6 Nil
----------------------------------------------------------------------------
1G7 4500E,550N 135 -50 312 8.0 Nil
----------------------------------------------------------------------------
AT2
Drill testing the strong, but short coincident Magnetic - EM anomaly on line 3200E (2 km south Eagle One) resulted in the discovery of a Shear Hosted Sulphide zone lying at the Precambrian surface beneath the shallow limestone cover (see press release dated February 25, 2008). To date eight holes have traced the short, flat northwest dipping (-30 degrees) approximately 75 meters long, up to 21 meters thick, oval-shaped body to a vertical depth of 190 meters. The eight holes have encountered semi-massive to massive sulphide bands of mineralization with visible amounts of pyrrhotite, pyrite, copper and nickel sulphides in a fault, breccia environment within the peridotite sill occupying the granodiorite/volcanic non-conformity, called the Ring of Fire.
Drilling is continuing at deeper elevations to follow the Shear Hosted Sulphide mineralization downwards towards the same favourable granodiorite-peridotite contact that hosts the Eagle One occurrence.
The five other holes completed within the AT2 anomalous area were off the ends of the short Shear Hosted Sulphide zone and were barren. Hole numbers 1G9, 1G17 and 1G20 intersected strong chromite mineralization beneath the shear hosted sulphides in the layered peridotite host rock and the latter will also be followed at depth. The chromite beds are being analyzed for cobalt, precious metals and other possible potentially significant elements. The latest hole completed, 1G21, intersected the SHS occurrence from 169.5 to 190.1 meters with bands of semi-massive to massive bands of copper-nickel sulphide mineralization.
AT2 Table of Drill Holes
----------------------------------------------------------------------------
Hole Grid Azimuth Dip Final Overburden Mineralization
No. Location Depth (meters) (meters)
(meters)
----------------------------------------------------------------------------
1G2 3217E,573N 155 -55 239 10.0 39.0-42.0
(sulphides, Cu-Ni)
----------------------------------------------------------------------------
1G3 3217E,573N 155 -65 200 10.0 42.3-46.7
(sulphides, Cu-Ni)
----------------------------------------------------------------------------
1G6 3250E,710N 155 -50 348 12.1 113.2-131.0
(sulphides, Cu-Ni)
----------------------------------------------------------------------------
1G8 3250E,710N 155 -65 336 8.0 121.5-129.5
(sulphides, Cu-Ni)
----------------------------------------------------------------------------
1G9 3300E,820N 155 -50 309 14.5 229.0-249.0
Chromite beds
----------------------------------------------------------------------------
1G11 3300E,820N 135 -50 324 14.0 Nil
----------------------------------------------------------------------------
1G13 3250E,710N 135 -50 306 8.0 Nil
----------------------------------------------------------------------------
1G15 3200E,650N 135 -45 195 8.0 Nil
----------------------------------------------------------------------------
1G16 3000E,640N -- -90 186 15.0 Nil
----------------------------------------------------------------------------
1G17 3225E,680N -- -90 267 10.0 137.0-144.0
(sulphides, Cu-Ni)
194.6-243.0
Chromite beds
----------------------------------------------------------------------------
1G20 3200E,680N -- -90 288 9.0 144.0-165.0
(sulphides, Cu-Ni)
246.5-285.6
Chromite beds
----------------------------------------------------------------------------
IG21 3175E,680N -- -90 9.0 169.5-190.1
(sulphides, Cu-Ni)
No Chromite beds
----------------------------------------------------------------------------
AT3
Four holes to-date have tested this moderately strong, 1000 meter long airborne anomaly with a coincident ground magnetic and EM response. Hole number 1G10 with 71.1 meters minor sulphides (mainly pyrite) from 24.9 to 96.0 meters in the hole and hole no. 1G12 with a low percentage sulphide intersection of 68.6 m from 204.0 to 237.0 meters (mainly pyrite and some visible copper sulphide mineralization) explained the anomaly which is dipping steeply north within the main peridotite sill.
Hole number 1G14 on grid line 700 East, 200 meters to the southwest, intersected disseminated iron and copper sulphides from 216.9 to 225.9 meters and hole no. 1G18, drilled at -70 degrees south along the grid line 700E encountered the visible copper bearing sulphide mineralization from 288.0 to 362.0 meters down the hole.
Additional immediate drilling here will further test this sulphide bearing target to depth and along strike with additional grid south orientated holes.
AT3 Table of Drill Holes
----------------------------------------------------------------------------
Hole Grid Azimuth Dip Final Overburden Mineralization
No. Location Depth (meters) (meters)
(meters)
----------------------------------------------------------------------------
1G10 900E,925N 315 -50 281 6.0 24.9-96.0
(minor sulphides
with cpy)
----------------------------------------------------------------------------
1G12 900E,1100N 135 -45 312 31.5 204.0-237.0
(5% sulphides with
cpy)
----------------------------------------------------------------------------
1G14 700E,1100N 135 -45 228 18.5 216.9-225.9
(1-2% sulphides
with cpy)
----------------------------------------------------------------------------
1G18 700E,1100N 135 -75 405 20.2 288.0-362.0
(1-5% sulphides
with cpy)
----------------------------------------------------------------------------
Due to the Company's continued success in discovering new significant mineralization at the Double Eagle project, field survey production is being increased including geophysical ground work to advance the companies other properties, including its several joint ventured claim groups around the Ring of Fire, to the diamond drill testing stage. As a result Aerotem anomalies, AT4, AT5 and AT6, are now awaiting drill scheduling and a fourth drill has been ordered for delivery after the spring break-up. The Company will continue to operate with helicopter supported three drills during the spring breakup period however, a few weeks of geophysical survey time may be lost due to adverse grid line conditions.
The widths of mineralization mentioned above are core widths as true widths cannot be determined at this time.
On Site Quality Assurance / Quality Control Measures
Billiken Management Services Inc. is providing all services on site for the Noront Double Eagle Project, from their base camp at McFaulds Lake and a drill camp at the Eagle One occurrence site. The aforementioned drill hole information, as well as geological descriptions are taken from drill logs as prepared by Billiken Project geologists on site. Billiken is a holder of a Certificate of Authorization issued by the Association of Professional Geoscientists of Ontario.
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".
Comments on 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. Both Novak and Harvey returned last week from the McFaulds Lake area and have approved the contents of this press release.
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 125,573,082 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.
Contact:
Richard NemisSource: Noront Resources Ltd.
Noront Resources Ltd.
(416) 864-1456
Website: www.norontresources.com
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