TORONTO, Feb. 26 /CNW/ - Noront Resources Ltd. ("Noront" or the
"Company") (TSX Venture: NOT) is pleased to present an update on its
exploration activities in the McFaulds Lake area of northern Ontario in the
James Bay Lowlands.
Drilling and Exploration:
In early January, 2009, Noront employed two diamond drills for the
Blackbird Chrome area. The Blackbird chrome project is located approximately
two kilometres south of the Eagle One Magmatic Massive Sulphide deposit. The
primary goal of this drilling campaign at the chrome project is to define a
National Instrument 43 - 101 compliant resource for the Blackbird discoveries
by completing sufficient drilling at an optimum drill hole spacing to provide
both inferred and indicated resources depending on the density of sampling and
the domain type (massive vs. disseminated chrome).
A third drill, deployed in early February, is now focused on Noront's
claims located nine kilometres to the northeast, in the general area of the
AT12 nickel, copper, PGE occurrence and beyond, testing geophysical anomalies.
To date, Noront has completed 21 holes of diamond drilling totalling
approximately 6,000 metres on this phase of drilling in both the Black Bird
chromite discovery and AT12 areas.
In addition to its diamond drilling programs, Noront continues with an
aggressive geophysical program, and has completed 74 kilometres of ground
gravity surveying, along with 1,850 kilometres of airborne gradient gravity
surveying. These surveys are required for drill planning purposes to further
define structures for both base metals and chrome potential. The airborne crew
recently concluded their field work and the results will be used to guide
further exploration, mostly in the area to the west of the Blackbird chrome
discoveries. The ground gravity is focused in the area to the northeast of the
AT 12 discovery and along strike from the Blackbird chromite deposits.
A fourth drill is currently being prepared for the commencement of an
exploration program headquartered out of Oval Lake, located on the northern
portion of the Ring of Fire. This drill will test targets defined by Noront's
VTEM airborne EM survey and will focus on four new exploration areas, namely
Northwest, Winisk, Oval and Northeast properties, all of which are 100% owned
by Noront. It is expected that approximately 3,400 metres of drilling will be
completed in these areas over the next few months.
All holes drilled in the current program are being systematically logged
and sampled, with samples being shipped regularly to Actlabs in Thunder Bay,
Ontario for sample preparation and initial analysis, with final chrome
analysis being done at the Actlabs facility in Ancaster, Ontario. Due to the
high Cr and Cr2O3 results that Noront is receiving on a regular basis,
additional analyses are being completed using alternate labs to confirm and
compare analytical methodologies using cross lab verification of chrome
In December 2008, Noront's Board of Directors approved a $7.925 million
exploration budget as presented by Noront's exploration team. There are seven
geologists as well as six geo-technicians currently employed on the project,
rotating in and out of the Esker Base camp on a tri-weekly basis, along with a
Senior Logistics Manager.
This press release has been reviewed and approved for dissemination by
Noront's senior management including John Harvey, P.Eng. Chief Operating
Officer of Noront, Dr. Jim Mungall P.Geo., Noront's Chief Geologist, and Jim
Atkinson, P.Geo. Noront's Exploration Manager, all being Qualified Persons
under Canadian Securities guidelines.
Noront is a tier two junior resource company on the TSX Venture Exchange,
trading symbol NOT, with 153,722,283 shares issued to date.
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.
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; Investors can also utilize Noront's IR Hub at