Shares Outstanding: 163,631,957
Fully Diluted: 173,461,957
TORONTO, Oct. 27 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to report newly obtained assay results and detailed modeling at the Blackbird deposits indicate a new, distinct gold zone at the Company's McFaulds Lake property in the James Bay lowlands, Ontario.
The "Triple J" zone has been drill traced over a 1.0 kilometre strike length to a depth of over 300 metres. A total of 44 holes define the zone to date. Gold mineralization is directly related to contact between granodiorite and peridotite and ranges in thickness from several centimeters to tens of metres. Gold grades range from 0.3 to 30.0 grams per tonne. Gold mineralization was encountered in holes targeting Eagle Two and the Blackbird deposits. In a number of cases holes encountered gold, nickel-copper and chromite mineralization in the same hole.
All holes were drilled using NQ diameter core and sample intervals range
from 10 centimetres to 2.5 metres.
Highlights of the recently received drill results include:
- Hole NOT-08-1G058 intersected 1.1 metres averaging 12.65 grams per
- Hole NOT-08-1G051 intersected 10.0 metres of 1.72 grams per tonne gold
- Including 4.4 metres of 3.43 grams per tonne gold
- Hole NOT-08-1G062 intersected 9.6 metres of 1.54 grams per tonne gold
- Including 4.4 metres of 3.04 grams per tonne gold
- Hole NOT-08-1G039 intersected 24.0 metres of 1.01 grams per tonne gold
The Triple J zone was intersected during the definition drilling of the Eagle Two and Blackbird chromite deposits. Visual inspection of the core from the sheared contact zone has on several instances yielded visible gold. Based on these observations the Company plans to undertake a significant, sampling program focused on the granodiorite - peridotite contact in all the holes that intersect the contact and all subsequent holes. Since the samples taken to date were done so for nickel-copper sulphide or chromite mineralization results of the sampling program are not complete. However, results to date indicate a very consistently striking and dipping, large, low grade, gold deposit adjacent to the Blackbird and Eagle Two deposits.
Additional resampling work on all holes will be reported once results are available.
Noront's President and CEO, Wes Hanson, states: "The discovery of a discrete gold zone is further evidence of the robust potential of the Ring of Fire district. Gold has long been associated as part of our high grade nickel copper sulphide discoveries but until now, had not been identified as a distinct zone of mineralization." Mr. Hanson added: "No drilling is currently planned for the Triple J zone at this time. The Company's immediate objective remains the aggressive resource expansion at Eagle's Nest which is ongoing as of the date of this press release."
A complete list of all samples which intersected the Triple J zone is available on the Company's website http://norontresources.com/find/id/24/IB. A plan map of the Triple J zone and the known mineralization in the vicinity can be found on the Company's website http://norontresources.com/find/id/23/R6.
Jeremy Niemi, Noront's Vice President of Exploration notes: "The gold mineralization at the Triple J zone provides further evidence of the mineralogical diversity and economic potential of our properties. We consider this zone to be another long-term target for the Noront exploration team and a positive indication of our ability to identify additional mineralized zones on our extensive land holding in the Ring of Fire. Going forward, the current management is continuing to compile and re-evaluate all of the data acquired to date. This review, combined with comprehensive modeling, is identifying new trends and opportunities. The Triple J zone is a direct example of the results of this of work."
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, James Bay Lowlands, Ontario" (effective: October 20, 2008) available on the Company's website and at www.sedar.com.
Recent re-evaluation of drilling and borehole geophysical data at AT-12 has generated a number of targets in the vicinity of existing known mineralization. The arrival of the fifth drill, a deep drilling rig with 1,500 meter capacity, at the Eagle's Nest has allowed the Company to remobilize one of the three drills with 1,000 metre capacity to test the targets at AT-12. As such, one drill is being mobilized to the AT-12 area to test priority geophysical targets.
Four drills continue to delineate the Eagle's Nest along strike, down dip and to greater depths due to previously announced drilling capacity. Current drilling has traced portions of the Eagle's Nest deposit more than 100 metres along strike and indicates widths up to 50 metres. Results from the drilling will be released as they become available.
All drill holes are currently tested using Bore Hole Electro Magnetic geophysics to assist in the interpretation of the nickel-copper-PGE mineralization and to assist in targeting future drill targets. Since hole NOT-09-49, all drill holes targeting the Eagle's Nest have been angle holes planned to cross the vertically dipping mineralization along east-west cross sections parallel to east-west coordinate lines of the Universal Transverse Mercator (UTM) grid system. A surveyed (GPS Gradient) grid of east-west lines with UTM coordinates has been established on the surface to facilitate accurate orientation of the drill hole collars.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough Quality Control program has been in effect for the project which includes grouping samples into batches of 35 into which are added 2 certified reference material standards, 2 field and pulp duplicates also form part of the Quality Control program. It can be said with confidence that all assays reported in this Press Release have passed the strict quality control guidelines set out by Noront's independent 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 Activation Laboratories Ltd. Website at http://www.actlabsint.com.
Drilling results in this press release have been approved for dissemination by Noront's senior management including Jeremy Niemi, P.Geo. Vice President, Geology, who is a Qualified Person under Canadian Securities Administrators guidelines.
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 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 the remainder of 2009 and 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 ext 126, or visit Noront's website at: http://www.norontresources.com