NOT 2009-10-20 (provided courtesy of Canada NewsWire Group)
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[CNW] Noront Resources Ltd. reports updated assays for Eagle's Nest deposit at McFaulds Lake
TORONTO, Oct. 20 /CNW/ - Noront Resources Ltd. ("Noront" or the
"Company") (TSX Venture: NOT) is pleased to report updated assay results,
which now include platinum and palladium assays, which were incomplete from
the press release issued October 15, 2009. The updated assays are 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 49.5metres (672.4-721.9m) averaging
2.22% Ni, 0.74% Cu, 1.26gpt Pt and 3.68gpt Pd
- Including 5.5metres(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 (530.7-631.72m) averaging
1.75% Ni, 1.07% Cu, 0.86gpt Pt and 2.71gpt Pd
>>
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
NOT-09-59 507.3 514.1 6.8 Massive 6.51 5.51 2.44 11.84
-------------------------------------------------------------------------
NOT-09-60/
61 Holes stopped due to excessive deviation at collar
-------------------------------------------------------------------------
NOT-09-62 No Significant Mineralization
-------------------------------------------------------------------------
NOT-09-63 517.6 531.6 14.0 Net-Textured, 2.92 1.14 1.05 5.21
Massive
-------------------------------------------------------------------------
Including 525.9 530.4 3.4 Massive 7.28 1.71 0.06 6.43
-------------------------------------------------------------------------
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 0.76 2.99
-------------------------------------------------------------------------
NOT-09-67 530.7 631.7 101.0 Net-Textured 1.75 1.07 0.86 2.71
-------------------------------------------------------------------------
NOT-09-68 672.4 721.9 49.5 Net-textured, 2.22 0.74 1.26 3.68
Massive
-------------------------------------------------------------------------
Including 716.4 721.9 5.5 Massive 7.49 0.95 0.23 10.28
-------------------------------------------------------------------------
Eagle 1C
-------------------------------------------------------------------------
NOT-09-53-
W2 Drill rods stuck in hole prior to entering target area
-------------------------------------------------------------------------
NOT-09-53-
W3 841 856.4 15.4 Net-Textured 1.03 0.24 0.52 2.95
-------------------------------------------------------------------------
NOT-09-53-
W4 783 842 59 Net-Textured 1.73 0.81 1.08 4.08
-------------------------------------------------------------------------
>>
The mineralized intervals do not represent true widths, which cannot be
determined at this time.
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."
<<
Exploration Update:
-------------------
>>
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.
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