TORONTO, March 4 /CNW/ -- TORONTO, March 4 /CNW/ - Noront Resources
Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to
provide an updated mineral resource estimate for the Eagle's Nest
deposit, located at its McFaulds Lake Property in the James Bay
Lowlands. The NI 43-101 Resource estimate for Eagle's Nest
deposit has significantly increased and is now estimated to
contain: Main Zone -- Measured and Indicated resource of
11.0million tonnes grading 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41
gpt Pd and 0.20 gpt Au; -- Inferred resource of 9.0 million tonnes
grading 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30
gpt Au; East Zone -- Inferred resource of 1.6 million tonnes
grading 0.31% Ni, 0.09% Cu, 0.12 gpt Pt and 0.45gpt Pd and 0.04 gpt
Au; Noront's President and CEO, Wes Hanson, states: "For a second
consecutive year the Company has realized a resource increase at
Eagle's Nest. Drilling at Eagle's Nest in 2010 was undertaken
to improve the geological confidence of the mineral resource
disclosed in March 2010 and to increase the inferred resource at
depth. This updated resource estimate confirms that both objectives
were successfully accomplished. The East Zone, approximately 200
metres east of Eagle's Nest, is indicative of the potential for
future resource increases within the Eagle's Nest Complex. Our
winter exploration continues as planned with two drills currently
operating. One drill is testing targets at AT12, the second drill
is testing targets at the Western Intrusive Complex. We are also
expanding the ground based geophysical survey to assist in
prioritizing previously identified airborne targets within the
Eagle's Nest Complex." The updated mineral resource is based on the
exploration drilling completed during the 2010 field season, and
updates the previous NI 43-101 compliant resource estimate for the
Eagle's Nest Deposit announced on March 9, 2010. During 2010, the
Company drilled 20,200 metres at Eagle's Nest. The drilling
was focused on improving the confidence and classification of
previous resources estimates through in-fill drilling. In addition,
the 2010 program also aimed at expanding the deposit at depth based
on a drilling program. Despite challenges in the deep drilling
program, the Company was successful in both objectives. The extent
of the mineralization now extends to a depth of approximately 1,650
metres from surface. The Eagle's Nest resource includes inferred
resource along strike and down dip below 1,100 metres providing
significant potential for further resource growth. It is
anticipated that the nickel grade of the inferred resource will
increase during further delineation drilling. Due to the depth of
this inferred resource, further drilling on this target will be
more effective from an advanced exploration program utilizing an
underground exploration ramp. Micon International Limited ("Micon")
Qualified Persons responsible for the resource estimate are Charley
Murahwi, P.Geo., MAusIMM and Alan J. San Martin, MAusIMM. The work
was supervised by Richard Gowans, P.Eng. All are Qualified Persons
under the definitions of NI 43-101. The current resource estimate
for Eagle's Nest is summarized as:
___________________________________________________ | | Tonnes |Ni
%|Cu %|Pt g/t|Pd g/t|Au g/t|
|_________|__________|____|____|______|______|______| |Main Zone| |
| | | | | |_________|__________|____|____|______|______|______|
|Measured | 5,346,000|2.08|1.07| 1.04| 3.55| 0.20|
|_________|__________|____|____|______|______|______| |Indicated|
5,643,000|1.50|0.89| 0.94| 3.27| 0.20|
|_________|__________|____|____|______|______|______| |Total
M&I|11,000,000|1.78|0.98| 0.99| 3.41| 0.20|
|_________|__________|____|____|______|______|______| |Inferred |
8,966,000|1.10|1.14| 1.16| 3.49| 0.30|
|_________|__________|____|____|______|______|______| | | | | | | |
| |_________|__________|____|____|______|______|______| |East Zone|
| | | | | | |_________|__________|____|____|______|______|______|
|Inferred | 1,615,000|0.31|0.09| 0.12| 0.45| 0.04|
|_________|__________|____|____|______|______|______| Eagle`s Nest
Main Zone resources are reported at a 0.50% nickel cutoff within a
geological limit defined by a nickel cutoff grade of 0.25%. The
East Zone is reported within a geological limit defined by a 0.25%
nickel cut-off grade with no cut-off grade used to report the
resource. Total tonnages are rounded to the nearest hundred
thousand and individual categories are rounded to the nearest
thousand tonnes. The revised resource estimate was compared with
the previous Eagle's Nest estimate to demonstrate the growth of the
resource both in tonnages and contained metal by resource
classification. This comparison is summarized below: Eagle's Nest
Increase From March 9, 2010 Estimate
___________________________________ | |Tonnes|Ni | Cu | Pt | Pd |
|_________|______|___|____|____|____| |Total M&I| 58%|38%| 62%|
20%| 58%| |_________|______|___|____|____|____| |Inferred |
110%|62%|173%|202%|115%| |_________|______|___|____|____|____|
Note- metal increase based on metal included within resource
estimate The updated resource is based on 116 holes (58,300 metres)
which define the mineralization envelope. The limits of the
resource were determined by the natural break in the mineralization
at 0.25% Ni. The Eagle's Nest Main Zone extends approximately 125
metres along strike, 1,650 metres down-dip, and averages 40 metres
in thickness. A block model was constructed and grades
estimated using inverse distance to the third power interpolation
with composite samples 1.5 metres in length. Micon is currently in
the process of completing a NI 43-101 compliant Technical Report
supporting the estimate disclosed herein which will be filed with
SEDAR and made available on the Company's website within 45 days of
the date hereof. This resource estimate reported in this press
release includes the Eagle's Nest Deposit and the newly reported
East Zone. Micon is in the process of compiling a resource estimate
for the Eagle Two deposit. The Company is currently drilling
targets identified at AT-12 and AT-4 and will report results from
these programs when available. The Company has all essential
supplies on site to continue exploration through until the end of
May. The estimate of mineral resources may be materially affected
by environmental, permitting, legal, title, taxation,
socio-political, marketing or other relevant issues. There is no
guarantee that Noront will be successful in obtaining any or all of
the requisite consents, permits or approvals, regulatory or
otherwise for the project or that the project will be placed into
production. 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 taken since the August 2008 Resource Estimate,
and used in this resource update, were analyzed by Activation
Laboratories Ltd. ("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. Preparation
of this press release has been supervised by Noront's senior
management and reviewed by Jeremy Niemi, P.Geo., Vice President,
Geology, who is a Qualified Person under Canadian Securities
Administrators guidelines. The contents of this press release have
been read and approved by Mr. Richard Gowans of Micon, 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. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/March2011/04/c7998.html
pWes Hanson, President & CEO 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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