Shares Outstanding: 167,885,442
Fully Diluted: 179,169,260
TORONTO, May 12 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to report assay results from the full platinum group element analysis of hole NOT-09-070-W1 drilled last fall at Eagle's Nest as well as analytical results from the focused sampling campaigns on the Triple J gold zone and an update on the Company's Exploration Program. Highlights include:
Eagle's Nest Highlights: NOT-09-070-W1
- 22.8 metres averaging 28.1 gpt Pt, 8.0 gpt Pd, 0.60 gpt Rh, 0.12 gpt
Ir, 0.10 gpt Os, 0.29 gpt Ru and 0.11 gpt Re;
- including; sample 432113 (0.5 metres) returned 312 gpt Pt, 11.5
gpt Pd, 2.19 gpt Rh, 0.25 gpt Ir, 0.54 gpt Os, 0.85 gpt Ru and
0.16 gpt Re; and
- sample 432116 (0.15 metres) returned 943 gpt Pt, 11.3 gpt Pd, 3.13
gpt Rh, 0.24 gpt Ir, 1.05 gpt Os, 0.43 gpt Ru and 0.11 gpt Re
Triple J Highlights:
- NOT-08-1G013 sample 458843 intersected 1.5 metres averaging 18.3 gpt
- NOT-09-1G138 sample 530242 intersected 1.0 metre averaging 2.07 gpt
- NOT-08-1G039 sample 594372 intersected 1.0 metres averaging 1.92 gpt
- Six drills operating (five at Eagle's Nest, one at AT-12);
- Both deep drills are operating at Eagle's Nest
Noront has received results from the follow up sampling of hole NOT-09-070-W1 which intersected extremely high grade platinum and palladium last fall. Noront requested that the entire sample interval be assayed for the full suite of platinum group elements including rhodium, iridium, osmium, ruthenium and rhenium.
Results indicate that anomalous rhodium (Rh), iridium (Ir), osmium (Os), Ruthenium (Ru) and rhenium (Re) are present in the Eagle's Nest deposit. At this stage it appears that the high grade platinum and associated platinum group elements are coincident with and likely controlled by an extensive structure which is steeply dipping and intersects the Eagle's Nest deposit. Future infill drilling at Eagle's Nest will specifically target other portions of this structure within the deposit.
Jeremy Niemi, Noront's Vice President Geology notes; "Taking the time to take a closer look and utilize powerful tools to work with our data continues to demonstrate great value. We now have a much better understanding of the controls on the mineralization in the vicinity of Eagle's Nest and we will use this to our advantage in the current drilling campaign. Drilling is well underway at Eagle's Nest and at AT12, in the very near future we expect to drill our highest priority regional targets focusing on finding potential, additional nickel copper PGE mineralization. Many of these are proximal to Eagle's Nest."
Triple J Gold Zone:
The Triple J zone is a north-east trending shear zone, hosting erratically distributed gold. Noront's geologists identified and sampled the zone when logging drill holes targeting the Eagle Two and Blackbird deposits. Noront determined that the initial sampling was incomplete and therefore initiated a program to re-log and re-sample all the holes that intersected the Triple J shear zone. The shear zone was drill tested over a 1.1 kilometer length to a depth of 600 metres. It dips at 55 degrees to the north-west and the mineralization varies from tens of centimetres to tens of metres in thickness. Composited intervals for the Triple J Gold Zone are included with this press release and can be found on the Company's website -http://norontresources.com/Projects/Ring_Of_Fire/Triple_J_Gold_Zone/
The sampling at the Triple J gold zone was designed to fill in sampling gaps, examine potential trends and define the extents of the gold mineralization. These recent results suggest that the thickest and highest grade portions of the zone to date are closely related to the presence of cross cutting structural features that intersect the main trend of the shear zone hosting the mineralization.
Noront's geophysical interpretation of the area southwest of the drill-tested portion of Triple J suggests numerous cross cutting structural features along the interpreted extension of the Triple J zone. These structural features are believed to represent excellent targets for additional gold mineralization. Noront is currently operating an auger drill from surface, testing the bedrock/ overburden contact zone. Geochemical samples from this drilling will be used in conjunction with the geophysics and the structural model for Eagle's Nest - Blackbird complex to refine the exploration plan for the Triple J zone.
Currently five drills are operating at the Eagle's Nest deposit, one drill at AT12 and an auger drill at the Triple J extension target. Ground geophysical surveys are underway. Both of the new deep drills, designed to test Eagle's Nest to a depth of over two kilometers, are producing core and there are three additional drills performing infill drilling and testing for high grade mineralization along structural trends.
President and CEO Wes Hanson adds: "We have a $35 to $40 million Budget that focuses with three key areas: exploration, engineering and First Nations initiatives. Approximately 33% of the Budget will be focused on increasing our nickel, copper and PGE resources through potential new discoveries within our claim group, following up on new, geophysical interpretation of our extensive database. Approximately 22% of the Budget will be focused on increasing and upgrading the Eagle's Nest resource, converting the resources above 1,100 metres while adding resources below the 1,100 metre level. Finally, 30% of our Budget will be directed towards engineering studies that will begin to highlight risks and opportunities and begin estimating capital and operating costs of the project." Mr. Hanson adds; "Our Budget includes monies dedicated to working with the First Nations communities that will be involved in our project to identify future job opportunities and business opportunities that benefit the communities in the Ring of Fire. Our recently announced flow-through financing provides us with greater flexibility in terms of exploration, especially on the regional discovery front. We believe there is excellent potential to increase the resources at Eagle's Nest this season and with the renewed focus on regional exploration there is the further possibility that we will identify additional magmatic massive sulphide targets within our existing mineral claims."
For further information on the McFaulds Lake property, please refer to the Company's NI 43-101 - Standards of Disclosure for Mineral Projects compliant technical report "Technical Report and Resource Estimate, McFaulds Lake Project, James Bay Lowlands, Ontario, Canada" (effective: April 23, 2010) available on the Company's website and at www.sedar.com.
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 quality control 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 Qualified Person.
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.
Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold 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 2010 and 2011. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com
Wesley (Wes) Hanson
President & Chief Executive Officer
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 parameters 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.
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.
COMPOSITED INTERVALS FOR TRIPLE J GOLD ZONE
Hole From To Length Au_gpt
NOT-08-1G006 83.50 88.75 5.25 0.33
NOT-08-1G008 91.36 97.00 5.64 0.40
NOT-08-1G009 175.75 181.93 6.18 0.34
NOT-08-1G011 170.09 189.00 18.91 0.41
NOT-08-1G013 92.50 112.50 20.00 1.61
NOT-08-1G015 20.40 22.95 2.55 0.28
NOT-08-1G017 93.52 105.30 11.78 0.53
NOT-08-1G020 91.10 108.00 16.90 1.75
NOT-08-1G021 85.00 107.70 22.70 0.69
NOT-08-1G022 73.15 98.00 24.85 0.72
NOT-08-1G024 153.00 166.50 13.50 0.56
NOT-08-1G025 172.00 174.00 2.00 1.04
NOT-08-1G031 254.50 264.00 9.50 0.56
NOT-08-1G032 194.00 220.50 26.50 0.11
NOT-08-1G035 220.00 241.00 21.00 0.37
NOT-08-1G038 117.60 144.00 26.40 1.03
NOT-08-1G039 255.00 309.00 54.00 0.61
NOT-08-1G040 251.17 282.00 30.83 0.16
NOT-08-1G042 248.50 286.50 38.00 0.46
NOT-08-1G043 279.62 301.06 21.44 0.11
NOT-08-1G045 328.65 347.79 19.14 0.32
NOT-08-1G047 278.62 291.20 12.58 1.10
NOT-08-1G051 366.00 430.07 64.07 0.41
NOT-08-1G052 349.32 365.44 16.12 0.26
NOT-08-1G055 535.50 590.04 54.54 0.33
NOT-08-1G058 176.30 191.00 14.70 1.71
NOT-08-1G059 116.87 120.00 3.13 0.64
NOT-08-1G060 209.00 233.22 24.22 0.41
NOT-08-1G061 275.00 289.00 14.00 0.21
NOT-08-1G062 216.40 231.15 14.75 1.13
NOT-08-1G064 126.00 130.15 4.15 0.72
NOT-08-1G065 102.65 116.00 13.35 0.62
NOT-08-1G069 92.46 97.00 4.54 0.81
NOT-08-1G070 92.02 97.97 5.95 0.11
NOT-08-1G071 82.50 92.00 9.50 0.54
NOT-09-1G090 11.00 34.00 23.00 0.46
NOT-09-1G099 45.00 50.50 5.50 0.22
NOT-09-1G101 89.42 94.50 5.08 0.15
NOT-09-1G106 48.00 50.15 2.15 0.51
NOT-09-1G107 46.00 71.85 25.85 0.35
NOT-09-1G111 48.60 70.52 21.92 0.21
NOT-09-1G117 63.50 76.34 12.84 0.61
NOT-09-1G119 73.25 86.50 13.25 0.34
NOT-09-1G122 91.70 101.55 9.85 0.57
NOT-09-1G125 41.50 42.24 0.74 0.22
NOT-09-1G126 51.60 75.27 23.67 0.21
NOT-09-1G136 47.80 48.73 0.93 0.66
NOT-09-1G138 82.50 102.00 19.50 0.59
NOT-09-1G151 31.80 33.38 1.58 0.37
NOT-09-1G160 36.15 51.00 14.85 0.23
NOT-09-1G174 101.20 109.00 7.80 0.18
NOT-09-1G177 70.76 73.00 2.24 0.44
NOT-09-1G179 54.00 56.20 2.20 0.47
NOT-09-1G183 79.50 88.00 8.50 0.57
SOURCE NORONT RESOURCES LTD.
For further information: For further information: please contact Joanne Jobin, Vice President Corporate Communications at (416) 367-1444, or visit Noront's website at: http://www.norontresources.com