Noront intersects new chromite mineralization at McFauld's Lake Project
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Symbol: NOT:TSX-V
Shares Outstanding: 175,633,642
Fully Diluted: 187,075,793
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TORONTO, Aug. 12 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to announce initial results from the regional exploration program at the Company's McFauld's Lake Project, James Bay Lowlands, Ontario.
HIGHLIGHTS:
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Blackstone Discovery (NEW):
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- NOT-10-1G184A intersected 21.3 metres averaging 42.9% Cr(2)O(3) with
a 2.15:1 chrome to iron ratio
- Also intersected 8.9 metres averaging 34.9% Cr(2)O(3) with a
1.93:1 chrome to iron ratio
- And intersected 5.4 metres averaging 43.7% Cr(2)O(3) with a
2.12:1 chrome to iron ratio
Wes Hanson, CEO of Noront states; "The first target of our regional exploration program was the AT-1 area where previously drilled holes failed to adequately explain the airborne geophysical response. Our first hole intersected wide intervals of high quality chromite mineralization. What is particularly exciting is that this mineralization is interpreted to lie along a major structure trending north between the Blackbird chromite deposits and Eagle's Nest. The location, within 1000 metres of the Eagle's Nest deposit, would allow this chromite to be accessed from the underground infrastructure necessary to exploit the Eagle's Nest deposit."
BLACKSTONE DISCOVERY:
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Drilling at the first of our regional targets AT-1 intersected significant intervals of high grade chromite mineralization almost equidistant between the Eagle's Nest nickel-copper sulphide resource and the Blackbird chromite resource. The following plan http://norontresources.com/find/id/48/o1 and section http://norontresources.com/find/id/47/S7 highlight the location of the Blackstone deposit. (Unfortunately hole NOT-10-1G184A was abandoned early and did not go completely through the zone due to poor ground conditions.) At this stage, the Blackstone chromite zone is open in all directions and the thickness is not known. The airborne anomaly that was targeted is not explained by the presence of chromite and further work is planned at a later date to evaluate this discovery.
Our two regional drills are actively drilling a number of high priority targets within a 2,000 metre radius of Eagle's Nest. Results will be evaluated and the drills will be directed to those targets with the greatest potential for discovering additional nickel, copper sulphide mineralization. Therefore we may or may not return to drill follow up holes at the AT-1 target.
A Table summarizing the Blackstone results is provided below.
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HOLE ID FROM TO INT. Cr2O3 Cr:Fe
(m) (m) (m) %
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Blackstone
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NOT-10-1G184 No significant results
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NOT-10-1G184A 604.4 625.7 21.3 42.9 2.15:1
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649.0 657.9 8.9 34.9 1.93:1
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664.6 670.0 5.4 43.7 2.12:1
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NOT-10-1G185 No significant results
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INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL:
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A thorough quality control program has been in effect for the McFauld's Lake Project, which includes grouping samples into batches of 35 into which are added two certified reference material standards. Two field and pulp duplicates also form part of the quality control program. It can be said with confidence that all assays that 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.
Final chromite and iron analyses were done by instrumental neutron activation at the Actlabs facility in Ancaster, Ontario. Neutron activation is a method in which samples are irradiated by neutrons, causing the analyte elements to become radioactive. Counting the radioactivity of each activated isotope in comparison to the activity of a reference material such as Cr wire allows the determination of element concentrations with no matrix effect. For more information on assay methodology please visit the Actlabs website at http://www.actlabsint.com.
For further information on the McFauld's Lake Project, please refer to the Company's NI 43-101 compliant technical report "Technical Report and Resource Estimate, McFaulds Lake Project, James Bay Lowlands, Ontario, Canada" (effective April 23, 2010) available on the Company's website and at www.sedar.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.
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: Wes Hanson, President and CEO, at (416) 367-1444, or visit Noront's website at: http://www.norontresources.com
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