Noront Continues to Expand Eagle's Nest Deposit at Depth - Announces Additional Assay Results From Eagle's Nest and Provides Exploration Update
By Noront Resources Ltd., PRNEWednesday, December 9, 2009
TORONTO, December 10 - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is
pleased to report new assay results from the Eagle's Nest deposits at the
McFaulds Lake Property located within the Ring of Fire mineral district in
the James Bay Lowlands. These results are from the ongoing drilling aimed at
increasing the size of the Eagle's Nest deposit.
HIGHLIGHTS: ----------- - Eagle's Nest confirmed continuation for another 100 metres to 1,100 metres; still open at depth - Hole No. NOT-09-071 intersected 130.29 metres averaging 1.55% Ni, 0.83% Cu - Including 1.34 metres averaging 3.55% Ni, 1.63% Cu, 25.4 gpt Pt and 13.6 gpt Pd - Hole No. NOT-09-069A intersected 59.9 metres averaging 1.40% Ni, 0.84% Cu - Eagle's Nest-Blackbird Complex recognized as a key structural feature in the Ring of Fire
Four holes intersecting the Eagle's Nest mineralization are being
reported herein. Three of the holes exhibit significant assay results
including intersections of massive mineralization and the fourth hole shows
intersected disseminated mineralization. The most significant of the reported
intervals, is hole NOT-09-069A which is the deepest intersection to date at
Eagle's Nest. This interval has now extended the known mineralization at
Eagle's Nest down to beneath 1,100 metres, which adds over 100 metres of
vertical continuity to the deposit. In addition, the Company notes that along
with a particularly long mineralized interval, significant platinum
mineralization has once again been intersected, as assayed in hole NOT-09-
071.
Wes Hanson, Noront's CEO states: "Our exploration team continues to
extend the Eagle's Nest deposit at depth. They have done an outstanding job
in expanding this resource though challenged by drills with limited capacity;
they have managed to extend the mineralization to a depth of 1,100 metres
from surface. A tremendous accomplishment! Most importantly, we continue to
intersect consistent mineralization, in terms of grade, with the original
Eagle One resource estimate. Hole NOT-09-69A offers the potential to add
between 1,000,000 and 1,500,000 tonnes of mineralization. Furthermore, work
by Dr. James Mungall suggests that the Ring of Fire deposits are emplaced as
a single magmatic event. If this is indeed the case, the exploration
potential of the Ring of Fire is significantly enhanced." Mr. Hanson adds:
"At present, our exploration team is taking a well-deserved break for the
holidays which will allow us to address the sample backlog that has built up
these past few months. They will return mid-January with the immediate
objectives of tracing the Eagle's Nest mineralization to the 2,000-metre
level and drilling the upper 1,000 metres of the deposit to a level
sufficient to allow an NI-43-101 resource update. On behalf of our
shareholders, I would like to thank each and every member of our exploration
team for the professionalism, hard work and dedication in making McFaulds
Lake a project we can all be proud of."
The quantity and grade expressed above are conceptual in nature.
Insufficient exploration has been completed to date to allow a resource
estimate. There is no guarantee that the conceptual mineralization above will
be a mineral resource in the future. The quantity estimates above are based
on observed dimensions implied from diamond drilling.
The following table summarizes the results of the four holes disclosed
herein:
------------------------------------------------------------------------- FROM TO INT. MINERALIZATION Ni Cu Pt Pd HOLE ID (m) (m) (m) TYPE % % g/t g/t ------------------------------------------------------------------------- Eagle's Nest ------------------------------------------------------------------------- Results NOT-09-69A 1,094.1 1,154.0 59.9 Net Textured 1.40 0.84 Pending ------------------------------------------------------------------------- NOT-09-070- W2 510.9 515.8 4.9 Net Textured 1.23 0.30 0.35 1.60 ------------------------------------------------------------------------- Net Textured/ Results NOT-09-071 720.9 851.2 130.3 Massive 1.55 0.83 Pending ------------------------------------------------------------------------- Including 727.5 728.8 1.3 Massive 3.55 1.63 25.44 13.58 ------------------------------------------------------------------------- Results NOT-09-072 666.0 678.8 12.8 Disseminated 0.41 0.14 Pending -------------------------------------------------------------------------
Jeremy Niemi, Noront's Vice President, Geology notes: "2009 has been an
incredible year for the Noront exploration team. Eagle's Nest has been
transformed from an intriguing surface deposit to a very impressive zone
within a geologically significant complex that has challenged the limits of
our drill equipment and is now tested to beneath 1,100 metres. We are
anxiously awaiting the start of the 2010 campaign where we will begin to a
drilling campaign to test down to below 2,000 metres. We will also continue
to drill at AT12 and explore new targets in the Ring of Fire."
The mineralized intervals do not represent true widths, which cannot be
determined at this time. Results for platinum and palladium grades were
incomplete at the time of the release and will be reported once they are
available and have been reviewed.
Please refer to Noront's website to view an updated Eagle's Nest surface
plan (please view norontresources.com/find/id/35/y1) showing the
location of the drill hole collars and a horizontal trace of their paths.
Also on the Noront website is an updated Eagle's Nest longitudinal section
(please view norontresources.com/find/id/32/o!) showing the pierce
points and traces of the mineralized intersections through the Eagle's Nest
and the projected outline of the mineralization zones. Please refer to
Noront's website to view an updated AT12 surface plan (please view
norontresources.com/find/id/34/$!) showing the location of the drill
hole collars and a horizontal trace of their paths.
Exploration Update:
Eagle's Nest - Blackbird Complex
Within a four square kilometer block of land, two by two kilometers, the
company has defined four mineral occurrences including our two key assets the
Eagle's Nest and Blackbird deposits. This new structure is now being referred
to as the Eagle's Nest-Blackbird Complex ("ENB Complex"). These two deposits
currently are separated by a one-kilometre gap, which has yet to be
thoroughly explored. In addition, the Blackbird deposits are flanked to the
north by the Triple J gold zone and to the southwest by the Eagle Two nickel-
copper deposit. It is our belief that the surrounding geology demonstrates
the highly prospective nature of the entire ENB Complex and therefore it will
continue to be a dedicated focal point for the Company, both in an expanded
exploration capacity and in scoping studies to investigate shared mining
infrastructure.
Ring of Fire Geological Understanding
Noront has completed the thorough review of all historical geophysical
data and as a result generated a series of new targets. Currently these
targets are being prioritized and a new geological map of the Ring of Fire
will be generated.
In addition, the Company continues to fund ongoing research by Dr James
Mungall and his students at the University of Toronto to assist the Company
in clarifying and understanding the geological setting and structure of the
Eagle's Nest, Blackbird, and Thunderbird deposits. Recently acquired
geochronological and lithogeochemical data now provide strong evidence to
show that these deposits were formed as part of a single magmatic event of
regional extent which also was responsible for the formation of the McFauld's
Lake VMS deposits and for the intrusion of similar ultramafic and mafic
bodies around the entire extent of the Ring of Fire.
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.
QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been 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 quality control 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.
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 www.actlabsint.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. The contents of this press release have been read and approved by
Mr. Niemi. 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.
Freewest Offer
Under the 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 has been extended and now expires on December 11, 2009.
All Freewest shareholders are urged to tender their shares to the Noront bid,
the only bid that will provide all Freewest Shareholders with the opportunity
to partake in the upside of the Ring of Fire
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: assistance@laurelhillag.com 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 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.
For further information: Joanne Jobin, Vice President Corporate
Communications at +1-416-367-1444 ext 126, or visit Noront's website at:
www.norontresources.com/
For further information: Joanne Jobin, Vice President Corporate Communications at +1-416-367-1444 ext 126, or visit Noront's website at: www.norontresources.com/
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