Noront announces historic chromite resource estimate for Blackbird deposit at
McFaulds' Lake
Symbol: NOT:TSX-V Shares Outstanding: 163,631,957 Fully Diluted: 173,461,957
Highlights:
- Measured and indicated resource of 8.9 million tonnes sufficient for a 15 year project producing 200,000 - 225,000 tonnes of ferrochrome annually and a further inferred resource of 6.0 million tonnes with the potential to add an additional 10 years to the project. Mineralization remains open at depth; - Canada's first independent NI-43-101 resource estimate for chromite; - Estimate based on 154 drill holes (52,375 metres); - The resource is a classic stratiform deposit with original chromite layers broken up into segments 300 to 400 metres in length; - The chromite layers are sub-vertical and extend from surface to beyond 300 metres; - There are four massive segments, grading approximately 35% Cr(2)O(3) and ranging from 7 to 18 metres in average true thickness; - There are two intercalated lenses, grading approximately 25 to 28% Cr(2)O(3) and ranging in thickness from 150 to 200 metres; - All chromite layers are open at depth and additional gravity targets that have potential to expand the resource have not been drill tested to date; and - Deposit geometry is very well suited for a low impact, underground mine with a limited environmental footprint.
During the fourth quarter of 2008, Noront's management committed the funding necessary to identify a chromite resource at Blackbird. Management's objective was to define a Measured and Indicated chromite resource sufficient to support a 200,000 to 225,000 tonne per annum ferrochrome furnace for 15 years. At then current prices, Noront management estimated that a project of this size would generate approximately
By the second quarter of 2009, Noront had completed 154 drill holes totaling 52,375 metres on the Blackbird chromite project. Drilling was completed on sections spaced at 50 metres. Noront contracted Micon International Ltd. ("Micon"), one of only a few North American firms with the requisite expertise and experience to estimate chromite resources, to complete an NI 43-101 resource estimate and Technical Report.
Micon estimated the massive and intercalated resources independently. The layers of massive chromite lenses host a Measured and Indicated resource of 7.6 million tonnes grading 36% Cr(2)O(3) with a chrome to iron ratio of 1.94 Cr:Fe. A further 3.5 million tonnes @ 35% Cr(2)O(3) and 1.95 Cr:Fe are classified as Inferred resources. The currently identified Measured and Indicated resource is more than adequate to supply a 200,000 to 225,000 tonne per annum ferrochrome facility for at least 15 years, the design goal of the drill program approved by Noront in 2008. Infill drilling of the identified Inferred resource has the potential to add a further 5-10 years of production and, more importantly, the deposit remains open at depth. The intercalated resource can readily be upgraded to a high quality concentrate, offering an additional 5-10 years of mine life.
Noront's President and CEO,
Micon is currently in the process of completing the NI 43-101 Technical Report supporting the estimate and this Technical Report will be filed with SEDAR and made available on the Company's website within 45 days of this press release. The table following this press release summarizes Micon's resource estimate.
Preparation of this press release has been supervised by Noront's senior management including
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 Preliminary Economic Assessment on the Eagle One Deposit, Double Eagle Property, McFaulds Lake Area,
------------------------------------------------------------------------- BLACKBIRD MINERAL RESOURCE SUMMARY REPORT BY CATEGORY ------------------------------------------------------------------------- MASSIVE CHROMITE RESOURCES ------------------------------------------------------------------------- AVG Cr:Fe DEPOSIT ZONE TONNES Cr(2)0(3)% Ratio ------------------------------------------------------------------------- BLACKBIRD 2 BB 2-1 1,635,000 38.42 1.97 Measured BB 2-2 881,000 35.35 1.95 BB 2-4 1,675,000 35.36 1.90 ------------------------------------------------------------------------- BLACKBIRD 1 BB 1 1,895,000 36.56 1.97 ------------------------------------------------------------------------- BLACKBIRD 2 BB 2-1 816,000 36.75 1.94 Indicated BB 2-2 438,000 32.91 1.88 BB 2-4 223,000 35.76 1.85 ------------------------------------------------------------------------- Total Measured and Indicated 7,562,000 36.34 1.94 ------------------------------------------------------------------------- BLACKBIRD 2 BB 2-1 2,142,000 36.07 1.95 Inferred BB 2-2 624,000 24.83 1.65 BB 2-4 772,000 40.26 2.19 ------------------------------------------------------------------------- Total Inferred 3,488,000 34.93 1.95 ------------------------------------------------------------------------- ------------------------------------------------------------------------- INTERCALATED CHROMITE RESOURCES (FRAGMENTED ZONES) ------------------------------------------------------------------------- AVG Cr:Fe DEPOSIT ZONE TONNES Cr(2)0(3)% Ratio ------------------------------------------------------------------------- Measured BLACKBIRD 2 BB 2-3a(301) 450,000 20.35 1.39 BB 2-3b(302) 537,000 29.63 1.79 ------------------------------------------------------------------------- Indicated BLACKBIRD 2 BB 2-3a(301) 245,000 25.42 1.55 BB 2-3b(302) 61,000 28.31 1.67 ------------------------------------------------------------------------- Total Measured and Indicated 1,293,000 25.54 1.60 ------------------------------------------------------------------------- BLACKBIRD 2 BB 2-3a(301) 121,000 22.38 1.37 Inferred BB 2-3b(302) 185,000 30.51 1.84 BB 2-Lenses(50) 2,280,000 31.94 1.78 ------------------------------------------------------------------------- Total Inferred 2,586,000 31.39 1.77 -------------------------------------------------------------------------
Note: MICON International Limited, ("Micon") is an independent consulting firm commissioned by Noront Resources Ltd. The Micon estimate was prepared under the supervision of Mr
Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may also be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues. There is no guarantee that Noront will be successful in obtaining any or all of the requisite consents, permits or approvals, regulatory or otherwise for the project or that the project will be placed into production. Micon is currently in the process of completing the NI 43-101 Technical Report supporting the estimate and the Technical Report will be filed within 45 days of this press release with SEDAR at www.sedar.com and made available on the Company's website at www.norontresources.com.
Freewest Offer --------------
Under Noront's current Offer, for each seven (7) Freewest shares held, Noront will issue two (2) freely tradeable Noront shares and one (1) five-year (5) purchase warrant with a strike price of C$4.00. The implied value at the time of the offer was estimated to be C$0.86 per Freewest share and is currently C$0.95 per Freewest share.
Noront's Offer expires on
For more information on the Freewest Offer, please visit Noront's website at www.norontresources.com or contact Noront's Investor Relations Department at +1 (416) 367 1444. ext 126
To tender your Freewest shares, please contact; Laurel Hill at Laurel Hill Advisory Group North American Toll Free Phone: +1 (888) 882 6742 Email: [email protected] Outside North America, Banks and Brokers Call Collect: +1 (416) 637 4661
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
Wesley (Wes) Hanson 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.
%SEDAR: 00003339E
For further information: 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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