Noront Resources Ltd. (“Noront”) (TSX Venture: NOT) is pleased to
provide an update on the 2019 Phase-1 exploration program at the
company’s 85% owned McFaulds volcanogenic massive sulphide (VMS)
property in the Ring of Fire.
The 2,059-metre copper-zinc focused program was
completed in March. It was designed to test the down-dip continuity
of the McFaulds No. 8 VMS deposit, which previously returned 26.4
metres of massive sulfide in hole MCF-18-98 grading 2.1% copper,
3.4% zinc, 5.5 grams per tonne silver and 0.5 grams per tonne
gold.
Highlights include 20.0 metres in hole
MCF-19-102 grading 2.0% copper within a zone of abundant copper
laminations and stringers. Exploration results are
summarized in Table 1.
“While MCF-19-102 did not intersect massive
sulfide, its copper grades are similar to those seen in MCF-18-98
in which the massive sulfide intersection was 26.4 metres,” said
Noront Vice President Exploration, Ryan Weston. “The high copper
activity of these fluids evidenced by an abundance of chalcopyrite
over pyrite, pyrrhotite and sphalerite, re-affirms our belief that
the hydrothermal system is getting hotter and more copper-rich at
depth at McFaulds No.8.”
Table 1McFaulds 2019 Phase-1
Drill Hole Summary Results |
Drill Hole |
Hole Length (m) |
|
From (m) |
To (m) |
Width (m) |
Cu (%) |
Zn (%) |
Ag (g/t) |
Au (g/t) |
MCF-19-99 |
35.0 |
Hole abandoned at 35m depth due to excessive hole
deviation |
MCF-19-100 |
1,019.0 |
NSV |
MCF-19-101 |
217.0 |
Hole abandoned at 217m depth due to excessive hole
deviation |
MCF-19-102 |
788.0 |
|
644.0 |
680.6 |
36.6 |
1.2 |
0.1 |
3.2 |
0.1 |
Including |
660.0 |
680.0 |
20.0 |
2.0 |
0.1 |
4.8 |
0.1 |
Including |
672.0 |
680.0 |
8.0 |
3.4 |
0.1 |
8.1 |
0.2 |
MCF-10-100 ResultsMCF-19-100 is a Bore-Hole EM
(BHEM) platform hole targeting the McFaulds No. 8 horizon
approximately 175 metres down dip of MCF-18-98. Due to less than
anticipated lift, the hole intersected the target horizon
approximately 280 metres down-dip of MCF-18-98. Hole MCF-19-100 did
not intersect any significant mineralization, however, weak
alteration and minor sulfides centred 920 metres downhole are
inferred to be the distal expression of the McFaulds No.8 horizon.
The hole also intersected a much thicker accumulation of massive
dacite than anticipated suggesting the presence of a felsic dome
which may partly control the distribution of sulfides at McFaulds
No.8. The BHEM EM survey also indicated a strong off-hole anomaly
with a more pronounced north easterly plunge than previously
modelled further up-dip (See Figure 1).
Hole MCF-19-102 ResultsMCF-19-102 targeted the
modelled plate from MCF-19-100 with a planned pierce point 100
metres down-dip of MCF-18-98 following the north easterly plunge
direction. Excessive lift and drift in the hole resulted in a
pierce point approximately 100 metres along strike and slightly
up-dip from MCF-18-98. Despite missing the targeted pierce point,
the hole intersected over 36 metres of copper mineralization,
including 20.0 metres grading 2.0% copper and 4.8 grams per
tonne silver from 660.0 metres downhole, in the form of
bedding-parallel chalcopyrite bands and stringers within intensely
chlorite-magnetite altered intermediate tuff. Textural observations
suggest copper replacement of pyrite, pyrrhotite with minimal zinc
mineralization.
BHEM surveying of MCF-19-102 confirms the hole
intersected the edge of McFaulds No.8 with a strong edge response.
Integrated modelling of holes MCF-18-98, 19-100 and 19-102 produced
a highly conductive plate (21,000 siemens) 480 metres long by 125
metres wide, with a strong north easterly plunge continuous
down-dip (See Figure 1).
A 25-metre wide zone of strong garnet-magnetite
alteration with associated zinc-lead-silver anomalism lies
immediately beneath the copper zone in MCF-19-102 and appears
similar in character to the McFaulds No. 10 horizon suggesting the
two hydrothermal systems (McFaulds No. 8 and No.10) may overlap in
this area.
The Company is currently planning a Phase-2
drilling program to follow-up on results of the Phase-1 program and
to test other high priority targets on the property.
Quality Assurance and Quality Control
(QA/QC) ProgramNoront maintains a strict QA/QC protocol
for all its drilling programs. Core logging and sampling is
performed on-site under the supervision of geologists licensed by
the Association of Professional Geoscientists of Ontario (APGO).
Reference standards, field blanks, and duplicates are inserted into
the sample stream at regular intervals. Once cut, drill core
samples are labelled and sealed in individual bags then grouped
into batches for shipping to Thunder Bay via Nakina under chain of
custody documentation.
Samples are submitted to Activation Laboratories
(Actlabs), an ISO-17025 certified laboratory in Thunder Bay, for
sample preparation and multi-element analysis. This includes
fire-assay for precious metals and total-digestion ICP-OES for base
metals (exclusive of chromium which is analysed by XRF). Samples
exceeding analytical upper limits are automatically run for
over-limit analysis. Analytical results are sent electronically by
Actlabs to a database manager at Noront whereupon the company’s
internal standards, duplicates and blanks are reviewed for
accuracy, precision and the presence of possible contamination.
QA/QC results for each batch are reviewed by a Noront Qualified
Professional prior to accepting and importing new assays into the
database. All assays reported in this press release passed the
Noront QA/QC program.
To view Figure 1: Long-section of McFaulds No.8
& No.10 VMS discoveries (looking southeast), please
visit the following
link: http://www.globenewswire.com/NewsRoom/AttachmentNg/3c7a2a27-d8da-471c-a5da-6cdca4bb9efb
About Noront ResourcesNoront
Resources Ltd. is focused on development of its high-grade Eagle’s
Nest nickel, copper, platinum and palladium deposit and the world
class chromite deposits including Blackbird, Black Thor, and Big
Daddy, all of which are located in the James Bay Lowlands of
Ontario in an emerging metals camp known as the Ring of Fire.
www.norontresources.com
Ryan Weston P.Geo., Noront Vice President
Exploration and a Qualified Person as defined by National
Instrument 43-101 Standards of Disclosure for Mineral Projects
(“NI-43-101”) has reviewed and approved the technical information
contained in this press release.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For more information please contact:Janice
Mandel janice.mandel@stringcom.com (647) 300-3853
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING INFORMATION
This press release includes certain
“forward-looking information” within the meaning of applicable
Canadian securities legislation
Forward-looking information is based on
reasonable assumptions that have been made by Noront as at the date
of such information and is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Noront to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: the
impact of general business and economic conditions; that all
conditions precedent to the transactions will be met; risks related
to government and environmental regulation, actual results of
current exploration activities, conclusions of economic evaluations
(including those contained in the Feasibility Study) and changes in
project parameters as plans continue to be refined; problems
inherent to the marketability of base and precious metals; industry
conditions, including fluctuations in the price of base and
precious metals, fluctuations in interest rates; government
entities interpreting existing tax legislation or enacting new tax
legislation in a way which adversely affects Noront; stock market
volatility; competition; risk factors disclosed in Noront’s most
recent Management’s Discussion and Analysis and Annual Information
Form, available electronically on SEDAR; and such other factors
described or referred to elsewhere herein, including unanticipated
and/or unusual events. Many such factors are beyond Noront’s
ability to control or predict.
Although Noront has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that forward-looking information will prove to be accurate as
actual results and future events could differ materially from those
reliant on forward-looking information.
All of the forward-looking information given in
this press release is qualified by these cautionary statements and
readers are cautioned not to put undue reliance on forward-looking
information due to its inherent uncertainty. Noront disclaims any
intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise, except as required by law. This forward-looking
information should not be relied upon as representing the Company’s
views as of any date subsequent to the date of this press
release.
Noront Resources (TSXV:NOT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Noront Resources (TSXV:NOT)
Historical Stock Chart
From Sep 2023 to Sep 2024