NORONT IDENTIFIES PRECIOUS METAL MINERALIZATION AT McFAULDS LAKE
November 29 2010 - 7:00AM
PR Newswire (Canada)
TORONTO, Nov. 29 /CNW/ -- TORONTO, Nov. 29 /CNW/ - Noront Resources
Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to
report the following assay results from the Eagle's Nest Complex
and the regional exploration at the Company's McFaulds Lake
Project in the James Bay lowlands, Ontario. HIGHLIGHTS: Eagle's
Nest Footwall Hole NOT-10-096 intersected 0.4 metres of 11.2 gpt
Pt, 25.1 gpt Pd, 2.08% Cu, 2.42 gpt Au AT1 Target (Blackstone) Hole
NOT-10-1G184A intersected 8.75 metres of 0.28 g/t Pt and 0.62 g/t
Pd including: -- 0.3 metres averaging 0.56 gpt Pt and 1.41 gpt Pd
-- 0.2 metres averaging 1.26 gpt Pt and 3.33 gpt Pd -- and 0.4
metres averaging 0.79 gpt Pt and 1.81 gpt Pd -- also intersected
15.6 metres of 0.17 g/t Pt and 0.39 g/t Pd including: -- 1.4 metres
averaging 0.39 gpt Pt and 0.83 gpt Pd -- 0.5 metres averaging 0.56
gpt Pt and 1.36 gpt Pd -- and 1.5 metres averaging 0.37 gpt Pt and
1.03 gpt Pd -- also intersected 14.1 metres 0.51 gpt Au including:
-- 0.2 metres averaging 9.35 gpt Au and -- 0.6 metres averaging
1.63 gpt Au Eagle's Nest Deep Drilling: Hole NOT-10-085-W1
intersected 104.7 metres averaging 1.66% Ni, 0.81% Cu (previously
reported) with 0.96 g/t Pt and 3.78 g/t Pd; Hole NOT-10-085-W2
intersected 203.3 metres averaging 1.69% Ni, 1.01% Cu (previously
reported) with 1.30 g/t Pt and 4.12 g/t Pd; Noront's President and
CEO, Wes Hanson, notes: "The elevated platinum, palladium and gold
may be indicative of a layered intrusive complex, similar to what
is typical of the Bushveld Complex in South Africa, an
interpretation supported by our Technical Advisory Board. This
footwall discovery of a zone enriched precious metals demonstrates
the significant exploration potential at our McFaulds Lake
Project." Exploration drilling has intersected elevated platinum,
palladium and gold mineralization in footwall veins proximal to
Eagle's Nest as well as at the new Blackstone chromite zone. This
discovery enhances the mineral potential of the Eagle's Nest
Complex which includes the Eagle's Nest, Blackbird, Triple J and
Blackstone deposits which are in close proximity to one another.
The Company has also intersected the Triple J Gold zone above
Blackstone which extends the mineralization by 500 metres to the
northwest. The recently identified footwall mineralization, though
narrow, returned elevated platinum, palladium, gold and copper
which the Company believes represents a new style of
mineralization, distinct from the Eagle's Nest nickel, copper
sulphides. This mineralization is hosted within structures that
splay off of the main Eagle's Nest body into the surrounding
granitic host rocks (http://norontresources.com/find/id/53/k4).
This interval is the second occurrence of footwall mineralization
proximal to Eagle's Nest. The first was intersected in hole
NOT-09-070W1 as noted in the Company's press release dated December
8, 2009. Subsequent to the reporting of the new chromite
mineralization at the AT1/Blackstone area, halfway between the
Blackbird and Eagle's Nest deposits, the Company has received assay
results for platinum, palladium and gold. Hole NOT-10-1G184A
contains several zones of anomalous mineralization within the over
600 metre thick sequence of ultramafic host rocks. Recent drilling
has identified new pockets of these host rocks and in particularly
thick intervals. The presence of platinum, palladium and gold
outside of visible mineralization is particularly encouraging,
especially the continuation of the Triple J gold zone
(http://norontresources.com/find/id/52/6o). Eagle's Nest Previously
Reported Intervals with updated Pt and Pd grades.
_______________________________________________________ | HOLE ID |
FROM | TO |INT. |Ni %|Cu %|Pt gpt| Pd | | | (m) | (m) | (m) | | |
|gpt | |_____________|______|______|_____|____|____|______|____|
|NOT-10-085-W1|1099.2|1203.9|104.7|1.66|0.81| 0.96|3.78|
|_____________|______|______|_____|____|____|______|____| |
|1165.1|1167.5| 2.4|7.45|0.23| 0.11|7.21|
|_____________|______|______|_____|____|____|______|____|
|NOT-10-085-W2|1147.5|1350.8|203.3|1.69|1.01| 1.30|4.12|
|_____________|______|______|_____|____|____|______|____| The
following table summarizes the significant results of hole
NOT-10-1G184A.
______________________________________________________ | HOLE ID
|FROM | TO |INT.| Pt | Pd | Au |Cr2O3 %| | | (m) | (m) |(m) |gpt
|gpt |gpt | |
|_____________|_____|______|____|____|____|____|_______|
|NOT-10-1G184A|138.3|138.44|0.14| | |42.2| |
|_____________|_____|______|____|____|____|____|_______| | |490.2|
498.9| 8.7|0.28|0.62|0.20| |
|_____________|_____|______|____|____|____|____|_______| | |511.4|
527.0|15.6|0.17|0.39|0.04| |
|_____________|_____|______|____|____|____|____|_______| | |538.3|
552.4|14.1|0.04|0.06|0.51| |
|_____________|_____|______|____|____|____|____|_______|
|Blackstone | | | | | | | |
|_____________|_____|______|____|____|____|____|_______|
|NOT-10-1G184A|605.9| 606.2| 0.3|0.15|0.44| | 5.73|
|_____________|_____|______|____|____|____|____|_______| | |612.6|
614.1| 1.5|0.25|0.27| | 46.79|
|_____________|_____|______|____|____|____|____|_______| | |614.1|
614.7| 0.6|0.21|0.34| | 43.21|
|_____________|_____|______|____|____|____|____|_______| | |617.7|
618.4| 0.7|0.28|0.31| | 42.18|
|_____________|_____|______|____|____|____|____|_______| | |619.8|
620.6| 0.8|0.27|0.29| | 42.48|
|_____________|_____|______|____|____|____|____|_______| | |620.8|
621.2| 0.4|0.25|0.27| | 44.1|
|_____________|_____|______|____|____|____|____|_______| | |621.2|
622.5| 1.3|0.32|0.33| | 44.73|
|_____________|_____|______|____|____|____|____|_______| | |622.5|
624.2| 1.7|0.34|0.31| | 41.90|
|_____________|_____|______|____|____|____|____|_______| The
mineralized intervals do not represent true widths, which cannot be
determined at this time. Missing values in the table were left out
because they were not significant. Exploration Update: Eagle's Nest
Deep The Company has terminated deep drilling at the Eagle's Nest
Complex due to continued difficulties in completing wedged holes
from NOT-10-094. Hole NOT-10-094 drilled beneath the intersection
reported in NOT-10-085-W2 returned a borehole geophysical target
indicating that the Eagle's Nest deposit continues at depth but the
mineralization trends to the south west. The Company lost three
attempted wedge holes targeting the geophysical target. In light of
the inability to complete these deep wedge holes and the high costs
associated with this type of drilling, the Company has decided to
terminate the deep drilling program while it re-evaluates various
alternatives. The Company is confident, based on the down hole
geophysical results, that Eagle's Nest mineralization remains open
at depth and definition of the deposit below the 1,400 metre level
will occur at a future date as part of advanced exploration and
potentially from underground drill stations. Regional Exploration:
A total of 13 holes testing various targets proximal to Eagle's
Nest have been completed. Results for all thirteen holes are
pending at this time (http://norontresources.com/find/id/54/S7).
North of Eagle's Nest, the Company extended the favourable
intrusive ultramafic complex over one kilometer beyond the
previously interpreted limit, offering new exploration potential
for future consideration. Winter Program The Company plans to
resume drilling in mid-January. During the winter campaign, the
Company will operate two drills testing targets to the northeast,
in and around the AT-12 discovery. The particularly wet conditions
in this area prevented any drilling here during summer months. With
the onset of winter, access to these targets is greatly enhanced
and drilling costs significantly reduced. The objectives of the
Company's winter drilling will be continued focus on new nickel,
copper sulphide discoveries and to follow up on the newly
discovered platinum, palladium and gold mineralization intersected
in the granitic host rocks of the Eagle's Nest Complex. For
previously reported results from AT12, please refer to the
Company's press release dated March 8, 2010
(http://norontresources.mediaroom.com/index.php?s=43&item=80).
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 Actlabs website at
http://www.actlabsint.com. For further information on the McFaulds
Lake Project, please refer to the Company's NI 43-101 compliant
technical report "Preliminary Assessment, McFaulds Lake Property,
Eagle's Nest Project, James Bay Lowlands, Ontario, Canada"
(effective September 9, 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 For
further information please contact Noront at (416) 367-1444, or
visit Noront's website at: http://www.norontresources.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
parametres 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 pplease contact Noront at (416) 367-1444, or
visit Noront's website at: a
href="http://www.norontresources.com/"http://www.norontresources.com/a/p
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