Noront reports discovery of vanadium mineralization in the McFauld's Lake area



    
    Symbol:               NOT:TSX-V
    Shares Outstanding:   154,578,457
    Fully Diluted:        161,033,457
    

    TORONTO, April 30 /CNW/ - Noront Resources Ltd. ("Noront" or the
"Company") (TSX Venture: NOT) is pleased to announce the discovery of a new
mineralized zone containing significant concentrations of vanadium, titanium,
and iron on its wholly owned Double Eagle Project in the James Bay Lowlands of
northern Ontario. The new occurrence called the "Thunderbird Anomaly"
constitutes a new type of mineralization in the Ring of Fire. Assay results
for a single drill hole completed during January are reported here. Assay
results from four other holes drilled in March and April 2009 are still
pending, as well as additional assays still pending from the first hole.

    
                                 HIGHLIGHTS

    -   Noront has intersected two zones of disseminated to semi-massive
        V-enriched magnetite over a width totalling 277.64 metres in hole
        NOT-09-2G21, mineralization continues downhole, additional assays are
        pending
    -   The A zone returned grades of 0.36% V2O5, 2.77 TiO2 and 24.72% Fe3O4
        over 178 metres from 132.55 to 310.58 metres in hole NOT-09-2G21,
        including 45.88 metres averaging 0.51% V2O5, 3.71% TiO2 and
        31.71% Fe3O4
    -   The B zone returned grades of 0.36% V2O5, 2.66% TiO2 and 23.58% Fe3O4
        over 99.64 metres from 397.20 to 496.84 metres in hole NOT-09-2G21,
        including 35.29 metres averaging 0.51% V2O5, 3.56% TiO2 and
        30.38% Fe3O4
    -   Similar mineralization was intersected over similar widths in two
        holes, one 300 metres north and the other 600 metres south of hole
        NOT-09-2G21; assays are pending
    -   A preliminary metallurgical study is planned to examine possible
        means to extract iron, vanadium, and titanium from the mineralization
    

    About Vanadium (V(2)O(5)):

    Vanadium is used in specialty steels to add hardness and corrosion
resistance for parts like tools, bearings and springs. It has widespread
application in the aerospace industry as an alloying agent with aluminum and
titanium for the construction of strong and lightweight materials. The oxide
also sees important uses as a catalyst in chemical processing. A common
approach to the extraction of vanadium from magnetite ores involves magnetic
separation to produce a pure V-rich magnetite concentrate and a separate
ilmenite concentrate. For this reason it is important to have mineralization
with cleanly separable ilmenite and magnetite. Ilmenite concentrate can be
treated or sold separately. The magnetite is smelted to produce pig iron and
and a V-rich slag from which vanadium can be chemically recovered to produce
flakes of V(2)O(5) (i.e., vanadium pentoxide). The vanadium pentoxide itself
can be smelted with scrap iron to produce ferrovanadium alloy, typically
containing 75 to 80% V. Recent and current spot prices for flake V(2)O(5) are
in the range from USD $4.50 to $5.50/lb. The 80% vanadium ferroalloy currently
sells for about USD $22 to $25/kg China FOB, down from peak prices last year
in the $75 range.
    Joseph Hamilton and Paul Parisotto, Co-CEO's of Noront Resources, state
that "The new vanadium discovery marks the beginning of an important new
chapter in the development of Noront's Ring of Fire multi metals high-grade
discovery group. With this addition to our portfolio of deposits and
occurrences, mineralization representative of each of the ingredients for the
production of stainless steel (Fe, Ni, Cr, and V) is now known to be present
in Noront's claims within and around the Ring of Fire. We look forward to
further testing the economic potential of these deposits and occurrences."

    Details of the geology of the occurence:

    During the winter of 2009 Noront has completed a program of 2,227 metres
of drilling on a group of geophysical anomalies in the Grid 2 area of its
Double Eagle property. The original Grid 2 was extended to the northeast to
the limits of Noront's properties and designated Grid 2 extension. Ground
magnetometer and gravity surveys were completed during the fall and winter
months to supplement existing airborne electromagnetic and magnetometer
surveys (VTEM survey by Geotech). At that time, two types of geophysical
anomaly were identified.

    
    -   One type, interpreted as magnetite, was characterized by combined
        very strong total magnetic field combined with high residual Bouguer
        gravity anomaly. This anomaly type also shows distinct negative
        B-field anomalies in the intermediate time gates of the VTEM survey
        which are attributed to the presence of abundant polarizable
        minerals, probably magnetite.
    -   The other anomaly type was characterized by weak but high-conductance
        EM responses in the VTEM survey coupled with moderate to high
        magnetic field (interpreted as magnetite+pyrrhotite).
    

    The map-scale form of the anomalies, coupled with subsequent observations
in drill core, suggest that the Grid 2 extension area is underlain by an
isoclinally folded sill-sediment complex comprising silicate iron formation
and related siliciclastic sediments and mafic tuffs, intruded by numerous
ferrogabbro sills. The ferrogabbro sills are interpreted as the mafic
complement to the large ultramafic Double Eagle complex that hosts Noront's
Eagle One, Eagle Two, and Blackbird deposits. The concentric pattern of
magnetic highs and lows indicates that the sill-sediment complex has been
folded into a doubly-plunging synform. At the centre of the fold pattern there
is a mass of strongly magnetic rock that produces a distinct linear peak 1.6
km long and about 400 metres wide in the total magnetic field. There is a
pronounced positive Bouguer gravity anomaly several kilometres in diameter
that is also centred exactly on the central magnetic anomaly, which is
designated as the Thunderbird anomaly.
    The ferrogabbro intrusions are situated on claims wholly owned by Noront,
about 4.0 km east of Noront's AT12 anomaly, a Ni-Cu-PGE occurence previously
discovered by Noront in ultramafic rocks in 2008.
    Three holes were drilled eastwards on 90 degree azimuths to test the
Thunderbird anomaly. Hole NOT-09-2G21 was drilled through the centre of the
magnetic and gravity anomaly at an inclination of -50 degrees, intersecting a
total of 277.64 metres of disseminated to semi-massive magnetite
mineralization in two distinct zones, the A zone between 132.55 and 310.58
metres and the B zone between 397.2 and 496.84 metres. Available assay results
for Hole NOT-09-1G21 are shown in Table 1, additional results from this hole
are pending and will provided once available. Hole NOT-09-2G24 was drilled
parallel to the first, some 300 metres to the north along the trend, again
intersecting two zones rich in magnetite from 90 to 215 metres and from
approximately 325 to 425 metres. Hole NOT-09-2G25 was drilled parallel to hole
NOT-09-2G21, 600 metres further south along the magnetic anomaly trend. This
third hole intersected a single broad zone of disseminated to semi-massive
magnetite from 100 to 315 metres. Assays for the samples from the two latter
holes are expected soon from the lab.
    Two holes, NOT-09-2G22 and -2G23 were drilled to test the coincident
magnetic/EM anomalies in the Grid 2 extension area approximately 2400 m south
of drill hole NOT-09-2G21. Neither intersected significant widths of sulfide
mineralization, however both contained intervals of ferrogabbro with
considerable amounts of disseminated magnetite and ilmenite resembling the
thicker zones in hole NOT-09-2G21. Assays from these magnetite zones are
pending.
    The presence of sustained high V(2)O(5) grades over the observed
mineralized widths is extraordinary. Preliminary petrographic work shows that
the deposit has undergone pervasive greenschist facies metamorphism, which has
allowed the oxide minerals to re-equilibrate at sub-solidus temperatures to
distinct equant grains of ilmenite and magnetite typically about 0.1 mm in
size. The proportion of total ilmenite that is present as fine exsolution
lamellae in magnetite is low, suggesting that separation of magnetite from
ilmenite may be feasible using conventional magnetic separation technology and
thereby facilitating the production of separate ilmenite and V-magnetite
concentrates. These observations and inferences will be tested over the coming
weeks by preliminary metallurgical tests at SGS Mineral Services (Lakefield,
ON) using Davis Tube magnetic separation.

    
    -------------------------------------------------------------------------
    Hole            From       To       Interval  V(2)O(5)  TiO(2)  Fe(3)O(4)
                     (m)       (m)         (m)       (%)      (%)      (%)
    -------------------------------------------------------------------------
    NOT-09-1G21
     (A zone)      132.55     310.58     178.03     0.36     2.77      24.72
    -------------------------------------------------------------------------
    including      230.50     276.38      45.88     0.51     3.71      31.71
    -------------------------------------------------------------------------
    and            289.00     296.47       7.47     0.64     4.08      36.71
    -------------------------------------------------------------------------
    Then (B zone)  397.20     496.84      99.64     0.36     2.66      23.58
    -------------------------------------------------------------------------
    including      397.20     404.67       7.47     0.58     3.77      33.42
    -------------------------------------------------------------------------
    and            427.81     463.10      35.29     0.51     3.56      30.38
    -------------------------------------------------------------------------
    and            481.00     496.84      15.84     0.42     7.23      26.58
    -------------------------------------------------------------------------
    

    Notes: Drill intercepts are not true width intercepts; all measurements
are in metres. Fe is reported as Fe(3)O(4) to serve as an approximate estimate
of the modal abundance of magnetite in the whole rock. Actual magnetite modes
are somewhat lower because some Fe is also contained in ilmenite and silicate
minerals. To calculate Fe as Fe(3)O(4), one multiplies the concentration
stated as Fe(2)O(3) by a factor of 0.9666.

    Please follow the link to Noront's website for locations of the
aforementioned holes. http://norontresources.com/find/id/9

    The three holes drilled in the Thunderbird magnetic and gravity anomaly
span a strike length of 900 metres. If the remaining assays and preliminary
metallurgical results are favorable then Noront plans to drill more holes
along this trend to test for continuity between the current intersections and
up towards surface, and to extend to the limits of this 1.6 km linear magnetic
trend. Numerous other linear highly magnetic anomalies with characteristic
polarizability anomalies exist within the Grid 2 extension area and all are
considered targets for exploration for further V-magnetite mineralization.
These other targets collectively represent a further 3 km of prospective
strike length within the ferrogabbro sill complex.

    Quality Assurance and Quality Control:

    All holes drilled are systematically logged and then sampled. Samples are
shipped regularly to Actlabs in Thunder Bay, Ontario for sample preparation
and initial analysis (TD-ICP) following strict chain of custody procedures.
Whole rock assay including V(2)O(5), TiO(2), and Fe(2)O(3) is performed at
Actlabs by fusion X-ray fluorescence analysis (fusion XRF). For fusion XRF
assays the samples are melted with borate fluxes and quenched to a glass bead,
which is then irradiated with X-rays. The secondary X-ray emissions are
counted and used, with reference to several calibrants, to determine the whole
rock composition including the analytes and all other major oxide components
of the rock. For more information on Actlabs analytical procedures please
visit the Actlabs website at: http://www.actlabs.com. Under Noront's QA/QC
program each batch of 35 samples includes one blank, two internationally
certified reference materials (ICRM; henceforth referred to as standards), one
quarter-sawn field duplicate, a coarse reject duplicate, and a pulp duplicate.
The pass/fail criteria for the new V standard are are the same as for the Cr,
Cu, Ni, Au, Pd and Pt standards previously reported. In particular, if
measured concentrations in standards differ from accepted values by more than
two standard deviations of the method as determined by numerous XRF repeats on
the standards at Actlabs, the entire batch fails and is re-analysed.
Duplicates and standards will be monitored to detect and correct, if
necessary, any drift bias or changes in precision that might appear through
time. All QA/QC procedures and checks are carried out by Tracy Armstrong,
PGeo, of P&E Mining Consultants Inc, who acts as the Qualified Person for
Noront on matters pertaining to assays.

    This press release has been reviewed and approved for dissemination by
Noront's senior management including Chief Geologist Jim Mungall Ph.D.,
P.Geo., Exploration Manager Jim Atkinson M.Sc., P.Geo., and Chief Operating
Officer John Harvey P.Eng., all being Qualified Persons under Canadian
Securities guidelines.

    
    ON BEHALF OF THE BOARD OF DIRECTORS:

    "Paul A. Parisotto and Joe Hamilton"
    Co-Chief Executive Officers
    

    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.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    

    %SEDAR: 00003339E




For further information:

For further information: please contact the Investor Relations
Department at (416) 238-7226, or visit Noront's website at:
http://www.norontresources.com

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