Symbol: NOT:TSX-V
Shares Outstanding: 167,852,109
Fully Diluted: 176,732,896
TORONTO, March 8 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to report assay results from recent drilling at the AT12 deposit, located at its McFaulds Lake Property in the James Bay Lowlands. Drilling was designed to test a strong magnetic anomaly and specifically the northern limits of the anomaly. All holes intersected sulphide mineralization within an ultramafic unit, similar to the style of mineralization found at Noront's Eagle's Nest deposit, located approximately 10 kilometres to the south-west of AT12.
Eight holes are reported, all intersected Ni-Cu-PGE sulphide mineralization, six of the holes were completed in 2009 and represent new results. Results from previously reported holes: NOT-09-2G30 and NOT-09-2G31 contain new data from re-sampling of the previously reported results.
HIGHLIGHTS:
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- NOT-09-2G32 intersected 48.4 metres averaging 0.74% Ni, 0.25% Cu,
0.30 gpt Pt and 1.19 gpt Pd;
- Including 10.2 metres averaging 1.38% Ni, 0.51% Cu, 0.51 gpt Pt
and 1.34 gpt Pd
- NOT-09-2G33 intersected 42.8 metres averaging 0.81% Ni, 0.19% Cu,
0.39 gpt Pt and 0.92 gpt Pd;
- NOT-09-2G37 intersected 3.0 metres averaging 4.71% Ni, 3.08% Cu,
0.77 gpt Pt and 4.29 gpt Pd.
Drilling at AT12 continues to reveal interesting results with relatively wide intersections of disseminated and net-textured mineralization flanked by narrow zones of massive sulphides. To the north, particularly in hole NOT-09-2G37, sulphide breccias have been encountered. The company continues to review and evolve the interpretation for AT12 and is very encouraged by these recent results. A layout of drilling to date can be viewed at the following link http://norontresources.com/find/id/40/zb
Noront's President and CEO, Wes Hanson, states: "Our knowledge, more importantly our interpretation of AT12, advances with each drill hole we complete. To date, AT12 has demonstrated the potential to be a large tonnage, lower grade deposit than Eagle's Nest. It is possible that high-grade mineralization, similar to that of Eagle's Nest, lies within the larger, lower grade mineralization discovered to date. AT12 has potential as a target and further exploration work is fully warranted."
Jeremy Niemi, Noront's Vice President Geology notes: "Our team is highly encouraged by these results and more specifically by the style of mineralization encountered. We consider that the grades and the mineralization style are indicative that AT12 has significant potential and will remain a focal point for our future exploration efforts."
The following table summarizes the remaining results of the 2009 drilling at AT12.
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HOLE ID FROM TO INT. NI % CU % Pt g/t Pd g/t
(m) (m) (m)
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NOT-09-2G30 143.2 184.8 41.6 0.82 0.35 0.41 1.28
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NOT-09-2G31 228.1 248.4 20.3 0.53 0.19 0.20 0.78
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NOT-09-2G32 156.0 204.4 48.4 0.74 0.25 0.30 1.19
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including 159.0 169.2 10.2 1.38 0.51 0.51 1.34
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NOT-09-2G33 212.2 255.0 42.8 0.81 0.19 0.39 0.92
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NOT-09-2G34 318.5 320.2 1.7 3.38 0.30 0.54 1.22
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NOT-09-2G35 182.3 183.8 1.5 1.34 0.81 0.51 2.06
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NOT-09-2G36 157.5 159.6 2.1 4.18 0.74 1.06 2.58
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NOT-09-2G37 117.0 120.0 3.0 4.71 3.08 0.77 4.29
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Note, intersections reported to not necessarily represent true widths which cannot be determined at this point in time.
CORPORATE UPDATE:
At this time, Noront continues to negotiate with the First Nation communities of Marten Falls and Webequie in an effort to end the denial of service to Noront's ice strip at Koper Lake. Noront is committed to working with these communities to address their concerns and to assist both communities in benefitting from future development in the Ring of Fire. Wes Hanson, President and CEO further adds: "While the logistics halt has delayed Noront's planned exploration, at this time, we do not expect that it will jeopardize our work and drilling commitment for 2010. Noront is working towards reaching a settlement, which will allow the Company to continue the exploration and evaluation of our nickel, copper and PGE deposits.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the McFaulds Lake 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 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.
Preparation of the drilling results disclosed 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, gold 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 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.
%SEDAR: 00003339E
For further information: Joanne Jobin, Vice President Corporate Communications at (416) 367-1444, or visit Noront's website at: http://www.norontresources.com
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