Shares Outstanding: 175,633,642
Fully Diluted: 187,075,793
TORONTO, Aug. 18 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to outline the regional exploration program at the Company's McFauld's Lake Project, James Bay Lowlands, Ontario.
- initial focus will be directed towards multiple targets within two
kilometers of Eagle's Nest;
- regional exploration will dominate the next six months of activity
and utilize two drills;
- drill targets were defined by down-hole and surface geophysical
methods that map or identify favorable geology and mineralization
- the ground north of Eagle's Nest has been prioritized as it shows
strong potential for additional nickel, copper, platinum and
- all holes will undergo bore hole geophysical survey; and
- exploration at AT-12 will resume in January 2011.
The Company's regional exploration program is directed towards identifying new nickel, copper, platinum group element ("Ni-Cu-PGE") mineralization proximal to Eagle's Nest. Two styles of mineralization have been identified to date at Eagle's Nest. Contact mineralization dominates and is localized at the contact of an ultramafic dyke with a granodiorite intrusion. Recent drilling has identified higher grade footwall mineralization that extends into the granodiorite and typically returns higher average grades, particularly for platinum and palladium, as seen in the Company's previously announced results for hole NOT-09-070W1 (please refer to the Company's press release dated May 12, 2010).
Drilling at Eagle's Nest has traced the ultramafic dyke to depths of greater than one kilometer. Recent geophysical interpretation of historical data, which the Company's geoscientists believe accurately maps the untramafic host rocks, extends the highly prospective ultramafic-granodiorite contact to a depth of nearly two kilometers where our deep drilling program is focused. At the same time, the interpretation identified numerous target areas within 200 to 300 metres of Eagle's Nest with excellent potential to host mineralization http://norontresources.com/find/id/49/92
Other target areas farther outbound of the Eagle's Nest deposit will be targeted during the winter season when the ground is frozen and more accessible. The Company has identified several favourable mineralization trends both within ultramafic host rocks and in structural offshoots. Over a dozen drill targets in and around Eagle's Nest have been identified. These drill targets were based on a thorough review of the Company's database, which is the largest database in the Ring of Fire. This database is continually being updated with new results from surface and down hole geophysical surveys, geochemical surveys and diamond drill hole results in order to further refine the Company's model and target identification.
The Company is currently drilling several strong bore hole electro-magnetic targets within two hundred metres of the Eagle's Nest deposit which are being drill tested.
Wes Hanson, CEO of Noront states; "We are pleased with the results of our infill drill program and are excited to begin our regional exploration program where we can utilize the knowledge gained at Eagle's Nest. With multiple airborne and bore hole targets identified near the Eagle's Nest deposit, the ability to map the favourable ultramafic rock units and the recent acquisition of the Probe claims, we look forward to a successful fall season."
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL;
A thorough quality control program has been in effect for the McFauld's Lake Project, which includes grouping samples into batches of 35 into which are added two certified reference material standards. Two field and pulp duplicates also form part of the quality control program. It can be said with confidence that all results that 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 Actlabs website at http://www.actlabsint.com
For further information on the McFauld's Lake Project, please refer to the Company's NI 43-101 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.
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.
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: Wes Hanson, President and CEO at (416) 367-1444, or visit Noront's website at: http://www.norontresources.com