Noront Resources Reports Remaining Assays on Eagle's Nest Deposit
By Noront Resources Ltd., PRNEMonday, November 30, 2009
Symbol: NOT:TSX-V
TORONTO, December 1 - Noront Resources Ltd. ("Noront" or the "Company")
(TSX Venture: NOT) is pleased to report the remaining and updated platinum
and palladium assay results from hole NOT-09-068-W1, from the press release
dated November 19, 2009. Note that all updated assays are in reported in
bold. Newly obtained assay results of completed drill holes from the
Company's Eagle's Nest deposit at the McFaulds Lake Property located within
the Ring of Fire mineral district, are from the ongoing drill program, which
continues to expand and define the extents of the mineralization at Eagle's
Nest.
Five holes intersecting the Eagle's Nest mineralization are being
reported herein. All five of the holes exhibit significant assay results
including intersections of massive mineralization. The Company notes that
Hole NOT-09-070-W1 intersected unusually high platinum grades within the
massive sulphide mineralization.
ASSAY HIGHLIGHTS:
-----------------
- Hole No. NOT-09-070-W1 intersected 22.8 metres averaging 4.41% Ni,
2.38% Cu, 28.07gpt Pt and 7.95gpt Pd
- Including 8.4 metres averaging 1.19% Ni, 1.46% Cu, 68.78gpt Pt and
7.55gpt Pd
- Also including 8.0 metres averaging 7.41% Ni, 2.19% Cu, 0.18gpt Pt
and 9.33gpt Pd
- Hole No. NOT-09-068-W1 intersected 135.2 metres averaging 1.65% Ni,
0.8% Cu, 1.03gpt Pt and 3.24gpt Pd
- Hole No. NOT-09-064 intersected 53.1 metres averaging 1.94% Ni,
0.95% Cu, 0.60gpt Pt and 3.85gpt Pd
- Including 13.2 metres averaging 4.98% Ni, 1.92% Cu, 0.07gpt Pt and
6.71gpt Pd
Drilling results continue to expand the size of the Eagle's Nest deposit
and have definitively filled in all remaining gaps along the vertical length
defining the mineralization to a depth of below 1,000 metres. Hole
NOT-09-068-W1 was targeted to completely fill in the gap between what were
formerly known as the B and C lenses at Eagle's Nest. In addition, hole
NOT-09-070-W1 intersected significant massive mineralization including the
highest platinum grades encountered to date at Eagle's Nest. The massive
sulphide zone is taking shape and is close to being defined along the
down-dip length of the deposit.
Wes Hanson, Noront's CEO states; "We continue to aggressively expand the
resource potential at Eagle's Nest. We strongly believe that we have
delivered on our stated target of tripling the Eagle One resource. Our
drilling has established that the Eagle's Nest deposit is continuous from
surface to depths below 1,000 meters and the mineralization over most of that
distance remains open along strike as well as at depth. Our geological team
currently estimates between 10 and 15 million tonnes of mineralized material
at Eagle's Nest averaging approximately 2.0% nickel, 1.0% copper, 1-2 grams
per tonne platinum and 3-5 grams per tonne palladium, consistent with the
grades estimated in the existing 43-101 Resource Estimate for Eagle One. More
importantly, the geometry of the deposit is ideally suited for underground
mining which eliminates the need for expensive dikes and surface dewatering
systems inherent to any open pit mining in this region of Canada." Mr. Hanson
further stated; "We will be inviting qualified, independent engineering firms
to bid on updating the Eagle's Nest resource estimate and plan to award this
work by January, 2010."
As required by NI 43-101, the reader is cautioned that:
- the potential quantity and grade noted in the paragraph above is
conceptual in nature there has been, as of this date, insufficient
exploration to define a mineral resource, hence it's disclosure as
mineralized material it is uncertain, at this time, if further
exploration will result in discovery of a mineral resource.
The following table summarizes the results of the five holes disclosed
herein:
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FROM TO INT. MINERALIZATION NI CU Pt Pd
HOLE ID (m) (m) (m) TYPE % % g/t g/t
-------------------------------------------------------------------------
-------------------------------------------------------------------------
NOT-09-053-W5 933.0 1020.6 87.6 Net Textured/ 1.83 1.84 1.44 4.2
Massive
-------------------------------------------------------------------------
Note NOT-09-053-W5 ended in mineralization,
reached drill depth capacity
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NOT-09-053-W6 727.9 785.0 57.1 Net Textured/ 1.89 0.85 1.06 4.54
Massive
-------------------------------------------------------------------------
NOT-09-064 1079.3 1132.5 53.1 Net Textured/ 1.94 0.95 0.60 3.85
Massive
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Including 1104.5 1117.7 13.2 Massive 4.98 1.92 0.07 6.71
-------------------------------------------------------------------------
NOT-09-068-W1 683.0 818.2 135.2 Net Textured 1.65 0.80 1.03 3.24
-------------------------------------------------------------------------
NOT-09-070-W1 607.6 630.4 22.8 Massive 4.41 2.38 28.07 7.95
-------------------------------------------------------------------------
Including 607.6 613.3 5.7 Massive 5.78 4.42 37.87 8.26
-------------------------------------------------------------------------
Also including 612.8 621.2 8.4 Massive 1.19 1.46 68.78 7.55
-------------------------------------------------------------------------
Also including 622.4 630.4 8.0 Massive 7.41 2.19 0.18 9.33
-------------------------------------------------------------------------
The mineralized intervals do not represent true widths, which cannot be
determined at this time. Due to extremely high platinum results encountered
in hole NOT-09-070-W1 these samples are being re-run, although the results
did pass Quality Control protocols. Previously missing platinum and palladium
results in hole NOT-09-068-W1 have been included in this updated release.
Hole NOT-09-070 encountered drilling problems prior to intersecting the
mineralization and was stopped with the target intersected by wedging with
hole NOT-09-070-W1.
Please refer to Noront's website to view an updated surface plan (please
view norontresources.com/find/id/28/xv showing the location of the
drill hole collars and a horizontal trace of their paths.
Also on the Noront website is an updated longitudinal section (please
view norontresources.com/find/id/29/nk showing the pierce points and
traces of the mineralized intersections through the Eagle's Nest and the
projected outline of the mineralization zones.
Jeremy Niemi, Noront's Vice President, Geology notes; "We are very
encouraged by having confirmed that the Eagle's Nest is in fact a single
continuous zone from surface down to below 1,000 metres. Along with expanding
the limits along strike and at depth we are also specifically targeting the
massive mineralization, which is showing indications of being a single,
consistent zone with a predictable orientation. Exciting times for the Noront
exploration team."
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.
AT 12 Update:
————-
Drilling at AT12 is proceeding as planned and results will be reported in
the coming weeks, as they are available from the lab and approved by Noront's
quality control manager.
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. 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.
About Noront:
Noront Resources Ltd. is focused on its significant and multiple,
high-grade nickel-copper-platinum-palladium, chromite vanadium and gold
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
Freewest Offer
--------------
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.
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(at)laurelhillag.com Outside North America, Banks and Brokers Call
Collect: +1-416-637-4661
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: please contact 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: please contact Joanne Jobin, Vice President Corporate Communications at +1-416-367-1444 ext 126, or visit Noront's website at: www.norontresources.com
