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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Noront Continues to Outline World Class Chromite Mineralization at Blackbird One and Two
TORONTO, ONTARIO, Sep 23, 2008 (Marketwire via COMTEX News Network) --
Noront Resources Ltd. ("Noront or the Company") (TSX VENTURE:NOT) is pleased to present an update on its operations as well as additional chrome results on its chromium exploration activities in the McFaulds Lake area of northern Ontario in the James Bay Lowlands.
EXPLORATION HIGHLIGHTS
1) Assay results received from Hole NOT-08-1G31 (see Table 1) from Blackbird One returned 75 meters from 337.5 meters onwards, averaging 38.2% Cr2O3 containing 26.1% Chrome (Cr) and 15.2% Iron (Fe) including 12 meters from 373.5 meters onwards, averaging 58.4% Cr2O3 containing 39.9% Cr and 15.5% Fe (Cr:Fe ratio of 2.6)
2) Drilling at Blackbird Two located 1,000 meters to the east of Blackbird One continues to encounter visible chromite mineralization in several holes testing the 900 metre long gravity anomaly.
One drill is currently drilling at the Blackbird Two chrome occurrence, and will be moving to test the area between Blackbird One and Blackbird Two in systematic step outs of 100 meters to explore the area to determine continuity of the two zones. As previously announced (refer to press release dated July 29, 2008) Blackbird Two was discovered while testing a large gravity anomaly located approximately 800 meters to the east of Blackbird One and 1 kilometre south of the Eagle One magmatic massive sulphide (MMS) deposit.
The recent success of Noront's drilling at Blackbird One and Two, has been a very positive development in the Company's exploration for base and industrial minerals in the Ring of Fire. The grades of Cr2O3 that are typically being encountered by our drilling at Blackbird One, along with a favourable chromium to iron ratio, as well as the large crystals of chromite in a talc matrix observed during microscopic examination of core samples, will potentially place this discovery amongst the best chrome deposits in the world.
While it is still too early to comment on the metallurgical characteristics of the rock and anticipated chrome recoveries, the grades being encountered in holes reported to date, are consistently greater than 40% Cr2O3, have a Cr:Fe ratio that approximates 2:1. This conceptually, would allow for the rock to be fed directly into smelters without any further processing. Concentrating the rock on site could be by gravity separation, at relatively low cash costs after the initial capital investment for the mill facilities. This would allow for substantial value added to the discovery. At current world contract market prices for chrome, of $2.05 (USD) per pound (as per the European Q3 contract price), the grade of 40% Cr2O3 would command a price of around $600 per tonne delivered to a deep water port. Simple upgrading of the rock by use of an attrition/gravity mill that removes the talc matrix and liberates the chromite would enhance the value of the rock substantially.
Early drilling at Blackbird Two identified three parallel bands of massive chromitite that appear to be of similar size and visual nature to the Blackbird One discovery. Additional discoveries by the Spider/Freewest/KWG joint venture of 48 metres of massive chromite located only a few kilometres northeast of Blackbird Two, along with Freewest's recent discovery of 100 metres of chromite that included 60 meters of massive chromite, continue to lead the Company to believe that there is a potential for an extensive massive chromite belt in the current area of drilling. These four chromite occurrences discovered in the McFaulds Lake area to date are situated along a strike length of 10 kilometers within the Ring of Fire (ROF) as previously reported by Noront, Freewest and the Spider/KWG/Freewest JV in their recent press releases. This concentration of occurrences lends support to the comparison with the Kemi Mine in Finland, where multiple chromite lenses occur in a similar geological setting along a 15 kilometre belt as presented in Noront's recently filed NI-43-101 report on the project area. (to see the report, please refer to Noront website www.norontresources.com)
Noront and other ROF Companies who continue to drill in the area have encountered and are now delineating a potential new Chromite belt that is still open at both ends along strike, where the ROF continues on ground wholly owned by Noront. The Company is committed to further identifying the chromite footprint of Blackbird Two and testing its other holdings along the ROF for chromite and related copper-nickel massive sulphide mineralization.
BLACKBIRD ONE CHROME OCCURRENCE
The Layered Chromite ("LC") zone at Blackbird One is best described as a complex of varying thicknesses of massive chromite bearing layers within the Peridotite Sill. These Chromitite layers dip steeply at approximately 60 degrees to the west paralleling the contact between the Peridotite Sill and the adjacent Granodiorite. The holes containing significant Chromite mineralization reported to date have delineated a chromite body along a strike length of 125 meters, down to a vertical depth of 500 meters over wide core widths with favorable high Cr/Fe ratios. Blackbird One chrome occurrence is open. During the reporting period since last press release an additional three holes were completed designed to test this chrome occurrence, assays for only one hole in its entirety have been received.
TABLE 1: Recently received significant Assay results (Blackbird One)
----------------------------------------------------------------------------
Hole ID From To Int. Cu Ni Pd Pt Au TPM Cr- Cr Fe
(m) (m) (m) % % (g/t) (g/t) (g/t) (g/t) 2O3% % %
----------------------------------------------------------------------------
NOT-08-
-1G31 337.5 412.5 75 0.02 0.15 0.24 0.18 0.03 0.45 38.2 26.1 15.2
----------------------------------------------------------------------------
Inclu-
ding 373.5 385.5 12.0 0.004 0.14 0.15 0.15 0.01 0.31 58.4 39.9 15.5
----------------------------------------------------------------------------
Due to the limited number of drill hole and assay results, true widths are not yet determined for the chromite (LC) zones at Blackbird One. Assays are pending for the following drill hole recently completed at the Blackbird One occurrence.
TABLE 2: Summary of Recent Drilling (Blackbird One, assays pending)
--------------------------------------------------------------------------
Hole North- East- North- East- Azimuth Dip Len- Observed
Number ing ing ing ing (deg- (deg- gth Mineral-
local local (UTM) (UTM) rees) rees) (m) ization
(m) (m)
--------------------------------------------------------------------------
NOT-08- 750 3245 5842060 546150 0 -90 546 248.5-249.3:
1G58 int cr beds
-----------------------------------------------------------
249.3-250.3:
massive cr
296.7-297.0:
massive cr
297.3-298.3:
massive cr
298.7-299.4 :
intermitt
cr beds
330.5-330.8:
massive cr
--------------------------------------------------------------------------
NOT-08- 5842100 546200 0 -90 454.3 no signif-
1G60 icant cr
mineralization
--------------------------------------------------------------------------
NOT-08- 5842138 546250 0 -90 804.6 705.0 -713.0:
1G62 Diss - int
cr short
massive cr
--------------------------------------------------------------------------
722.9 - 726.0:
diss - int
cr, short
mass cr
-------------
734.0-735.9:
diss - mass
cr, with
shortmass cr
--------------------------------------------------------------------------
Notwithstanding the foregoing, visual observations are estimates only and pending assay results may not confirm visual observations in whole or in part. The drill has been moved away from this site for the time being and has moved to continue drilling in the vicinity of Eagle One.
BLACKBIRD TWO CHROME OCCURRENCE
The Blackbird Two chrome occurrence was recently discovered (see press release dated July 30, 2008) while testing a 900 metre long gravity anomaly, centered approximately 1,000 metres to the east of Blackbird One. There have been 11 holes drilled to test this anomaly, 6 of which have intersected massive chromite layers. No assays have been received from this chromite occurrence. The following table provides location and descriptions of each hole drilled to test this anomaly, that has been traced along strike for 340 meters between UTM sections 546555 mE to 546895 mE.
TABLE 3: Summary of Recent Drilling (Blackbird 2 assays pending)
--------------------------------------------------------------------------
Hole North- East- North- East- Azimuth Dip Len- Observed
Number ing ing ing ing (deg- (deg- gth Mineral-
local local (UTM) (UTM) rees) rees) (m) ization
(m) (m)
--------------------------------------------------------------------------
NOT-08- 280 4000 5842238 547024 315 -50 516.8 152.5 - 170.4
1G57 semi-
massive cr
173.3 - 188.5:
diss -
massive cr
362.5 - 417.7
interm.
cr beds
--------------------------------------------------------------------------
NOT-08- 500 4000 5842340 546895 135 -50 390 127.6 - 129.6
1G59 diss -
massive cr
175.6 - 177.1
diss -
massive cr
273.0 - 283.2
massive cr
292.5 - 294.2
massive cr
--------------------------------------------------------------------------
NOT-08- 700 4000 5842540 546730 135 -50 600 280.4 - 297.75
1G61 semi-
massive cr
336.0 - 339.0
interm -
diss cr
345.0 - 357.6
diss -
massive cr
369.0 - 370.7
diss -
massive cr
375.0 - 417.2
diss -
mass cr
451.8 - 455.5
diss cr
465.0 - 468.6
diss cr
501.0 - 504.0
interm -
semi mass cr
504.0 - 535.6:
massive cr
--------------------------------------------------------------------------
NOT-08- 426 4200 5842509 547105 155 -50 567 no significant
1G63 cr mineral-
ization
--------------------------------------------------------------------------
NOT-08- 287 4925 5842370 546830 155 -70 636 504.0 - 509.0:
1G64 interm cr
509.0 - 537.2:
massive cr
537.2 - 540.3:
interm cr
--------------------------------------------------------------------------
NOT-08- 287 4925 5842370 546830 155 -50 417 123.3 - 133.6:
1G65 interm cr
189.0 - 234.2:
interm cr
362.6 - 398.5:
interm cr
438.2 - 438.4:
massive cr
--------------------------------------------------------------------------
NOT-08- 340 4430 5842595 547275 155 -60 519 no significant
1G66 cr mineral-
ization
--------------------------------------------------------------------------
NOT-08- 340 4430 5842595 547275 155 -45 no significant
1G67 cr mineral-
ization
--------------------------------------------------------------------------
NOT-08- 390 4330 5842559 547182 155 -50 429 no significant
1G68 cr mineral-
ization
--------------------------------------------------------------------------
NOT-08- 5842330 546740 155 -50 690 156.4 - 159.2:
1G69 massive cr
160.7 - 168.5
massive cr
168.5 - 226.5:
dissem cr
261 - 267:
diss to
massive cr
267 - 280:
diss cr
280 - 378.5:
diss -
massive cr
418 - 422:
semi
massive cr
609.14 - 611.8:
massive cr
--------------------------------------------------------------------------
NOT-08- 5842245 546555 155 -50 und- 140.0 - 145.5:
1G7 erway semi-massive
- mass cr
146.1 - 149.7:
interm cr beds
161.9 - 162.2:
mass - semi
mass cr
220.1 - 221.5:
interm
cr layers
226.5 - 241.5:
interm
cr layers
261.4 - 265.4:
interm
cr layer
337.5 - 342.0:
interm
cr layers
--------------------------------------------------------------------------
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the Double Eagle project which includes grouping samples into batches of 35 into which are added 2 certified reference material standards, 2 field blanks comprised of sterile drill core, and a field duplicate. Coarse reject 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 as 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 digest 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 final chrome analysis, on the samples where elemental chrome using the ICPOES multi-element analysis methodology provides greater than 1% Cr, the samples are then submitted for additional analysis using INAA that involves irradiating the samples prior to final analysis. This methodology provides analysis in percent for elemental Cr as well as Cr2O3 and elemental Fe. For more information on assay methodology please visit the Activation Laboratories Ltd. Website at http://www.actlabsint.com.
DELAYS IN REPORTING FINAL CHROME ASSAYS
Due to the high number of samples that are being submitted for INAA analysis and the dependency on a research reactor located at MacMaster University in Hamilton Ontario, Canada, there is currently a large backlog of samples awaiting final analysis. Actlabs assures Noront that they are working their way through the backlog as quickly as they can.
Drilling results in this press release have been reviewed in the field and approved for dissemination by Noront's senior management including John Harvey, P.Eng. Chief Operating Officer of Noront and Dr. Jim Mungall P.Geo., Noront's new Chief Geologist, both being Qualified Persons under Canadian Securities guidelines.
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 129,824,783 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 updated in real time.
ON BEHALF OF THE BOARD OF DIRECTORS:
R. Nemis, President and Chief Executive Officer
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".
SOURCE: Noront Resources Ltd.
Noront Resources Ltd. Neil Novak P.Geo. (416) 864-1456 Website: www.norontresources.com
Copyright (C) 2008 Marketwire. All rights reserved.
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