NOT 2009-10-15 (provided courtesy of Canada NewsWire Group) register to receive future releases from Canada NewsWire Group
[CNW] Noront Resources Ltd. reports increases at Eagle's Nest deposit at McFaulds Lake
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Symbol: NOT:TSX-V
Shares Outstanding: 163,631,957
Fully Diluted: 173,461,957
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TORONTO, Oct. 15 /CNW/ - Noront Resources Ltd. ("Noront" or the
"Company") (TSX Venture: NOT) is pleased to report new assay results from the
Company's Eagle's Nest deposit at the McFaulds Lake Property located within
the Ring of Fire mineral district in the James Bay Lowlands. The results are
from the ongoing drilling targeted at extending the limits of 1B and 1C lenses
discovered in August 2009. Drilling to date suggests that the Eagle 1B and 1C
lenses may be a single unit with a current defined vertical length of over 700
metres.
Nine holes intersecting the Eagle's Nest mineralization are being
reported herein. Eight of the holes intersected significant assay results and
one hole intersected minor mineralization.
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HIGHLIGHTS:
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- Hole No. NOT-09-68 intersected 49.5 metres (672.4-721.9m) averaging
2.22% Ni, 0.74% Cu
- Including 5.5 metres (716.4-721.9m) averaging 7.49 % Ni, 0.95% Cu,
- Hole No. NOT-09-63 intersected 14 metres (517.6-531.6m) averaging
2.92% Ni, 1.14% Cu, 1.05gpt Pt and 5.21gpt Pd
- Including 3.4 metres (526.9-530.3m) averaging 7.28 % Ni, 1.71% Cu,
0.06gpt Pt and 6.43gpt Pd
- Hole No. NOT-09-67 intersected 101 metres (530.7-631.7m) averaging
1.75% Ni, 1.07% Cu
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All of the drill results reported herein, have contributed to the
expansion of the mineralization limits of Eagle1B and 1C, most significantly,
the area between the two lenses. Based on the continuity of the
mineralization, it now appears that there is a single mineralized unit rather
than two lenses.
Noront's President and CEO, Wes Hanson, states: "We are extremely
encouraged by our latest drilling at Eagle's Nest which has increased the
dimensions of the initial B and C lenses (now joined) and continues to
demonstrate additional potential at depth. Over the next six months, our focus
will be on continued drilling at Eagle's Nest with the immediate objective of
tracing the mineralization further to depth and upgrading a significant
portion of the deposit to measured and indicated resources."
Assays for platinum and palladium are incomplete at the time of
publishing of this press release but will be released as soon as they have
been received and approved.
The following table summarizes the results of the twelve holes disclosed
herein:
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HOLE ID FROM TO INT. MINERALIZATION Ni Cu Pt Pd
(m) (m) (m) TYPE % % g/t g/t
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Eagle 1B
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NOT-09-59 507.3 514.1 6.8 Massive 6.51 5.51 2.44 11.84
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NOT-09-60/61 Holes stopped due to excessive deviation at collar
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NOT-09-62 No Significant Mineralization
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NOT-09-63 517.6 531.6 14.0 Net-Textured, 2.92 1.14 1.05 5.21
Massive
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Including 526.9 530.3 3.4 Massive 7.28 1.71 0.06 6.43
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NOT-09-65 504.7 541.7 37.0 Net-Textured 1.23 0.39 0.68 1.8
-------------------------------------------------------------------------
NOT-09-66 584.0 633.4 49.4 Net-Textured 2.03 1.50
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NOT-09-67 530.7 631.7 101.0 Net-Textured 1.75 1.07
-------------------------------------------------------------------------
NOT-09-68 672.4 721.9 49.5 Net-textured, 2.22 0.74
Massive
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Including 716.4 721.9 5.5 Massive 7.49 0.95
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Eagle 1C
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NOT-09-53-W2 Drill rods stuck in hole prior to entering target area
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NOT-09-53-W3 841 856.4 15.4 Net-Textured 1.03 0.24 0.52 2.95
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NOT-09-53-W4 783 842 59 Net-Textured 1.73 0.81
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The mineralized intervals do not represent true widths, which cannot be
determined at this time.
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Please refer to Noront's website to view a surface plan (please view
http://norontresources.com/find/id/20/0e) showing the location of the drill
hole collars and a horizontal trace of their paths. Also on the Noront website
is a longitudinal section (please view
http://norontresources.com/find/id/21/l6) showing the pierce points and traces
of the mineralized intersections through the Eagle's Nest and the projected
outline of the mineralization zones. For further information on the Eagle's
Nest deposit, please refer to the Company's NI 43-101 - Standards of
Disclosure for Mineral Projects compliant technical report "Technical Report
and Preliminary Economic Assessment on the Eagle One Deposit, Double Eagle
Property, McFaulds Lake Area, James Bay Lowlands, Ontario" (effective: October
20, 2008)" available on the Company's website and at www.sedar.com.
Jeremy Niemi, Noront's Vice President Geology notes; "These are extremely
exciting times for the Noront exploration team. We have expanded the vertical
extents of both the 1B and 1C lenses removing the gap between the two and are
now defining the extents along strike and at depth. We have also added a fifth
drill which will allow us to increase the rate at which we test the vertical
extents of the mineralization."
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Exploration Update:
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Currently five drills are active and all are testing the dimensions of
the Eagle's Nest lenses. Three of the drills are testing the mineralized areas
down to a vertical depth of 1,000 metres and the fourth and fifth drills are
defining the lower extents of the mineralization to a depth of 1,500 metres.
An extensive review of all historical geophysical work conducted on the
McFaulds Lake property is currently underway with the intention of developing
additional highly prospective targets for the upcoming winter exploration
campaign. The winter campaign remains focused on defining the extents of the
Eagle's Nest, but the Company will also continue to test strong regional
targets.
Earlier this summer Noront drilled two holes at targets close to the
UC/Spider/KWG property boundary, approximately 15 kilometres to the west of
Eagle's Nest. Results revealed no significant mineralization in holes
NOT-09-1G123 and NOT-09-1G127 and there are currently no plans to conduct
additional work in this area.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the Eagle's
Nest 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. 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 and 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.
Preparation of drilling results in this press release has been supervised
by Noront's senior management including Jeremy Niemi, P.Geo. Vice President,
Geology, who is a Qualified Person under Canadian Securities Administrators
guidelines. At the current stage of exploration there is insufficient drilling
to determine the extent of continuity of the mineralization required to define
a mineral resource for all mineralization at the Eagle's Nest. Noront
anticipates delivering an updated mineral resource in second half of 2010.
About Noront:
Noront Resources Ltd. is focused on its 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
and well financed drill plan for the remainder of 2009 and 2010. All material
information on Noront can be found on the Company's website at
www.norontresources.com or at SEDAR at www.sedar.com.
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Wesley (Wes) Hanson
Chief Executive Officer
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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 parametres 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.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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%SEDAR: 00003339E
-0- 10/15/2009
/For further information: please contact Joanne Jobin, Vice President,
Corporate Communications, at (416) 367-1444 ext 126, or visit Noront's website
at: http://www.norontresources.com/
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