Shares Outstanding: 167,852,109
Fully Diluted: 179,169,260
TORONTO, March 30 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to report that drilling and exploration have resumed at its McFaulds Lake Project in the James Bay Lowlands.
Noront reports that the Company has now resupplied the camp with fuel and other supplementary items necessary for continuous operations. Noront has resumed drilling, ground geophysics and regular crew rotations in and out of camp.
The Company plans to operate five drills during the spring / summer program. The first of two drills capable of drilling to depths of 2,000 metres (vertical) from surface has arrived and is being assembled. The second drill is expected to arrive within the next seven to ten days. The Company's plans call for the two deep drills to expand the Eagle's Nest inferred resource below the current 1,200 metre elevation. Two other drills will focus on converting inferred mineralization above the 1,200 metre elevation at Eagle's Nest to the measured and indicated classification.
A fifth drill will be dedicated to the AT-12 anomaly where ground geophysical surveys are currently being conducted with the intent of identifying any buried mineralized structures similar to Eagle's Nest.
Wes Hanson CEO of Noront states: "We are very pleased to resume active exploration at McFaulds Lake. Our resupply effort has been very successful and our logistics staff has done a great job of pre-positioning fuel and supplies in advance of our exploration effort. In the coming months, our focus will be directed towards increasing the 11.2 million tonne indicated and inferred resource at Eagle's Nest disclosed on March 9, 2010. The deep drills we are currently mobilizing to site will allow us to test below the 2,000 metre elevation. Geophysical surveys are underway at AT-12 with the objective of identifying a nickel, copper sulphide system similar to the Eagle's Nest."
Drilling and Exploration:
Noront's exploration program will focus on the Eagle's Nest nickel, copper sulphide deposit. The objective of the upcoming exploration program is to expand the resource along strike and at depth and to improve the confidence level in the resource above 1,200 metres. This supports future economic evaluations and engineering studies.
On March 9, 2010 the company issued an indicated and inferred resource update at Eagle's Nest:
The resource estimate, by Golder and Associates ("Golder"), estimated:
Indicated 6.9 M tonnes averaging 2.04% Ni, 0.95% Cu, 1.3 gpt Pt and
3.4 gpt Pd
Inferred 4.3 M tonnes averaging 1.42% Ni, 0.87% Cu. 0.8 gpt Pt and
3.4 gpt Pd.
Golder's estimate considered mineralization to a maximum depth of 1,200 metres and Golder noted that the mineralization remains open along strike and to depth.
Noront's exploration program in 2010 will increase and improve the confidence level of the resources above the 1,200 metre level while expanding the inferred resource below the 1,200 metre level to a depth of at least 2,000 metres.
A fifth drill will be dedicated to the AT-12 anomaly. Ground geophysical surveys are currently being deployed at AT-12. This survey system provides deeper penetration and higher clarity than the surveys previously completed at AT-12 and have been successfully utilized in Canada's other nickel camps to identify buried mineralized horizons up to 400 metres below surface.
Noront is currently finalizing contracts and the scope of work for a feasibility study on the Eagle's Nest project. The feasibility study will be focused on early production and revenue from the initial development of the Eagle's Nest deposit. Although the key focus is the development of the Eagle's Nest Ni-Cu-PGE deposit, synergies with the Blackbird chromite deposit will be evaluated as the study proceeds and considered in more detail if warranted.
Paul Semple, Noront's Chief Operating Officer stated, "I am very pleased with the interest that we have received from world class engineering and construction companies in assisting us with the development of our projects. We look forward to finalizing our engineering team in the near future and quickly advancing our projects to the feasibility stage later this year."
Noront is pleased to advise that dialogue with both Chief Moonias of Marten Falls First Nation (MFFN) and Chief Wabasse of Webequie First Nation (WFN) continues, with the goal of developing and cultivating stronger ties between Noront and the First Nations. Noront is pleased to report that initiatives, including immediate employment opportunities, are currently being put into place and Noront is assisting both communities with their continued government initiatives to create opportunities that will positively impact their communities.
Noront has an existing Exploration Agreement with Marten Falls and anticipates finalizing a similar agreement with Webequie in the near future. Noront is also developing a work and employment policy for all contractors and companies whom Noront intends to engage at McFaulds Lake in the future.
CEO Wes Hanson notes: "Noront is committed to establishing strong working relationships with the First Nations communities of the Ring of Fire. We will be introducing numerous initiatives aimed at assisting the communities in benefitting from the development of the Ring of Fire. We continue to work collaboratively with the provincial government on this and other important matters."
The provincial government has recently recognized the Ring of Fire and its potential long-term, positive impact on Ontario's economy. On March 25th, as part of Ontario's Budget, the provincial government announced that it is developing a Ring of Fire Office in Thunder Bay to act as a conduit for all enquiries from parties involved with the Ring of Fire. The role of this office is to bring together competing interests, from First Nations to mining companies, the government and environmentalists. Furthermore, the government also announced that it will be providing $45 million over three years for training and skills development for First Nations to ensure greater involvement and opportunities in the development of the Ring of Fire.
Wes Hanson CEO of Noront states: "Official recognition of the Ring of Fire in the Ontario Speech from the Throne and the Budget has certainly increased the focus on development in this district. It is an opportunity for all levels of government, industry and local First Nation communities to build a world-class mineral district that balances environmental concerns with technological innovation for the benefit of all Ontarians. It is an opportunity that will allow Canada to highlight its place as a leader in global mining. Noront looks forward to not just participating in but to play a leading role in development of the Ring of Fire."
Preparation of 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.
For further information on the McFaulds Lake Project, please refer to the Company's press release dated March 9, 2010 and NI 43-101 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.
About Noront: 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. 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.
SOURCE NORONT RESOURCES LTD.
For further information: For further information: Joanne Jobin, Vice President Corporate Communications at (416) 367-1444, or visit Noront's website at: http://www.norontresources.com