Shares Outstanding: 163,631,957
Fully Diluted: 173,461,957
TORONTO, Nov. 3 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to report on recent exploration activities at the McFauld's Lake Property located within the Ring of Fire mineral district in the James Bay Lowlands.
- Drilling continues to increase resources at the Eagle's Nest deposit;
- Drilling has commenced at AT-12 to follow up new geophysical targets;
- NI-43-101 report and initial chromite resource estimate of Blackbird
deposit is on schedule;
- Drilling on the Freewest-Noront joint venture has been stopped due to
Noront's President and CEO, Wes Hanson, states: "We are continuing to significantly increase the size of the Eagle's Nest deposit with strong nickel, copper, platinum and palladium values throughout the 1,000 vertical metres tested to date. The mineralization remains open along strike (X axis) and down dip (Z axis). The thickness (Y axis) of the mineralized zone ranges from several metres to more than 60 metres. We are pleased to provide an up to date, three dimensional model of the Eagle's Nest deposit which demonstrates the significant increase in the size of this deposit in the past three months." Mr. Hanson also adds "We were disappointed in the recent visual results from our joint venture project known as the "Bulls Eye" target. Based on the visual results, Noront will not be contributing further exploration funds for this target."
Please refer to Noront's website to view an animation of the Eagle's Nest mineralization as defined by holes released to datehttp://norontresources.com/find/id/25/Mc
Eagle's Nest (Ni-Cu-PGE)
The mineralization at Eagle's Nest is contained within a vertical zone (Z
axis) which, has been defined to a depth of 1,000 metres. The zone has a
strike length (N-S or X axis) up to 200 metres and a width (E-W or Y axis) of
up to 60 metres. The geometry of the zone is ribbon like and has relatively
subtle variations in the strike length and width along the vertical axis,
which has made defining the zone relatively easy in recent months.
Currently four drills are defining the extents of the mineralization at
Eagle's Nest. Two drills are dedicated towards extending the mineralization to
the 1,500 metre elevation. The remaining two drills are focused on defining
the strike and thickness of the mineralization down to 1,000 metres.
A fifth drill has recently been moved to AT12 to test geophysical targets
resulting from analysis of the newly completed bore hole electromagnetic
The exploration objective at Eagle's Nest remains on delineating the
deposit along strike, at depth and to understand the distribution of the
massive and net-textured mineralization styles. Drilling through the winter
campaign will continue to test the potential for extending the mineralization
to approximately twice the current depth.
Assay results from recently drilled holes have been slower to come in due
to the increase in sampling activity. Results will be released once they have
successfully passed Noront's Quality Assurance/Quality Control ("QA/QC"),
protocols and there are a sufficient number of holes for which results are
available to warrant a press release. Noront does not release results on a
All drill holes are surveyed using borehole electromagnetic surveys to
assist with targeting holes within the mineralized zone. To date, results of
the surveys have been very effective at indicating where our holes have
intersected the mineralized zone and in which directions there is strong
Drilling at our AT12 target has resumed following a review of new
geophysical survey data which indicated a strong target sub-parallel to
previous drilling. This suggests that the original drilling may have been
improperly oriented to intersect the zone. Lack of down hole survey data from
the original AT-12 drilling has introduced a level of complexity to the
interpretation of the AT-12 results. Recently, directional surveys have been
completed on critical holes in the AT 12 area to assist in the interpretation
of the drilling and BHEM. The new drilling will test the target at right
angles to the trend of the interpreted anomaly.
Resource modeling of the Blackbird deposit is on schedule and the company
expects to release Canada's first NI 43-101 resource estimate for chromite
during this quarter. Micon International is completing the work on the
modeling and technical report with guidance from Noront's geology team and our
chromite specialist from South Africa.
Triple J (Gold)
Currently Noront is reviewing regional geological information to trace the
structure that is believed to host the Triple J gold zone, which is adjacent
to the Blackbird and Eagle 2 deposits. A re-sampling campaign of all
intervals, which intersected the interpreted structure, is underway. Updated
results will be released, as they become available and future exploration
plans including a drilling program will be evaluated once all information is
compiled and reviewed.
Bulls Eye Target - Freewest Joint Venture
Noront also reports that drilling has stopped at our Freewest joint
venture "Bulls Eye" target. The initial hole confirmed that the geophysical
anomaly was a result of banded iron formation and has no potential to host
nickel-copper mineralization. No further work is planned on this target at
Noront is currently in the process of compiling geological information and
reviewing all geophysical data for the Ring of Fire, focusing on new targets
within our regional land package of approximately 1,200 square kilometers.
This review will identify new opportunities for additional mineralization in
the Ring of Fire and top ranked targets will be tested in the winter campaign.
Jeremy Niemi, Noront's Vice President Geology notes; "Drilling at Eagle's
Nest aggressively continues with four drills testing the limits of the
mineralization. Our team has developed an efficient and successful approach to
defining the mineralization and expanding our understanding of this system. We
believe that our ramped up exploration efforts at AT12, and on our other
targets in the Ring of Fire, will be a direct benefit of these efforts."
Noront's offer for Freewest Resources remains the only offer to date. Our offer of 0.25 of a Noront share for every one (1) Freewest share remains outstanding and continues to represent a full and fair offer for Freewest.
Noront continues to believe that the consolidation of the Ring of Fire will result in the use of mutual infrastructure to allow for prudent management of shareholder equity, which willin turn, create value for all stakeholders in the Ring of Fire.
We urge Freewest shareholders to tender their shares prior to the expiry date of November 18, 2009.
Wes Hanson, Noront's CEO states: "If you, like I, believe in the long-term potential of the Ring of Fire, then Noront's share exchange offer for Freewest is the only offer that will allow Freewest shareholders to benefit from existing and future discoveries."
For more information on the Freewest Offer, please visit Noront's website at www.norontresources.com or contact the Investor Relations Department at Noront at 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
Outside North America, Banks and Brokers Call Collect: 1-416-637-4661
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program is in effect for the Eagle's Nest 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 QC program. It can be said with confidence that all assays are reported in this Press Release have passed the strict quality control guidelines as set out by Noront's independent Qualified Person ("IQP").
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.
Preparation of any drill results have 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. At the current stage of exploration there is insufficient drilling to determine the extent of continuity of the mineralization required to define a mineral resource for all mineralization at the Eagle's Nest. Noront anticipates delivering an updated mineral resource in second half of 2010.
Noront Resources 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
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