October 16, 2020 — Noront Resources Ltd. (“Noront” or the
“Company”) (TSX Venture: NOT) is pleased to provide an update of
activities for interested stakeholders.
Infrastructure
The Company was pleased to see the recent
request for proposals (RFP) for the Northern Road Link
Environmental Assessment (NRL Road EA) and associated engineering
for last leg of the North-South all season road network to the Ring
of Fire. All sections of the road are now progressing through the
EA process with First Nation proponents. This portion of the road
will link the Marten Falls Community Access Road and the Webequie
Supply Road to the Ring of Fire.
Permitting
Noront has reinitiated its permitting activities
for the Eagle’s Nest nickel-copper-platinum-palladium deposit. A
Draft Environmental Assessment (Mine EA) has already been filed
with the provincial government which resulted in an approved terms
of reference (ToR) for the project that included the all-season
access road in the scope. The Company and province are engaged in
discussions regarding a modified Mine EA without the road as part
of the scope.
Exploration
In early August Noront re-opened its Esker Site
in the Ring of Fire to perform soil sampling over conceptual gold
targets along the Webequie Shear zone (WSZ), and to execute an
airborne EM survey over its recently staked Victory nickel target.
The Company is pleased to announce that these early exploration
programs have yielded significant results. The soil sampling
program successfully identified known gold zones thus verifying its
efficacy as a viable exploration tool in the Ring of Fire, as well
as identifying numerous other areas of gold anomalism associated
with major untested structures in the region. In addition,
preliminary data from airborne surveying at Victory has identified
several promising nickel targets associated with a large untested
magnetic body interpreted to be ultramafic in source.
Webequie Shear Zone - The WSZ
grid occurs at the interpreted terrane boundary between the Victory
and Muketei geological assemblages (figure 1). The area is defined
by a marked change in the orientation and width of the WSZ as seen
in the magnetic fabric and is interpreted to reflect a duplex
structure resulting from the change in orientation of the WSZ from
northeast to northwest trending (figure 2). The Triple-J gold zone
lies within a parallel fault 1km north of the WSZ and is indicative
of gold fertility along the WSZ and its related structures.
Broadly spaced soil sampling over the WSZ grid
was performed at 100m spaced centres on 500m spaced lines, with
tighter sampling over known gold mineralization at the Triple-J
occurrence. The objective of the survey was to i) confirm the
presence of anomalous gold values in soils collected over Triple-J
and ii) identify regional gold target areas in the vicinity of the
WSZ. All soil samples were analyzed by AGAT Laboratories using a
selective leach process (EDTA). Response ratios for gold and other
elements were calculated and plotted to determined areas of
anomalous response.
Initial results are highly encouraging and show
a distinct gold soil anomaly over the Triple-J zone, and in
proximity to the known Triple-J south and AT4 gold occurrences
(figure 2), which validates the soil sampling method and analysis
as a viable tool to detect bedrock gold signatures through the
glacial cover and muskeg of the Ring of Fire.
Beyond the Triple-J anomaly, gold anomalism has
been identified along a significant splay fault of the WSZ, herein
referred to as the North Webequie Splay (NWS) which has never been
tested for gold mineralization. Additional single and multi-station
soil anomalies occur throughout the survey area and are being
examined in light of the evolving structural understanding of the
area. The company is planning follow-up work on these targets
including infill soil sampling, ground geophysics and drilling of
priority targets.
Figure 1:
Regional magnetics showing the trace of
the WSZ and its associated
structures https://www.globenewswire.com/NewsRoom/AttachmentNg/da14ee37-1852-4667-b10d-0ba629b8b96c
Figure 2: Gold soil anomalies in the WSZ
grid https://www.globenewswire.com/NewsRoom/AttachmentNg/375d613e-e979-4bb9-aaa4-c18155263bec
Thunderbird Fault Zone - (8km
NE of Esker Site) The Thunderbird ferrogabbro intrusion forms a
significant portion of the southern Ring of Fire at 12km in strike
and up to 3km in width. The intrusion comprises alternating layers
of strongly magnetic oxide-gabbro with non-magnetic gabbro. The
distinct airborne magnetic pattern is interpreted to reflect a
doubly plunging anticline which has been re-folded and subsequently
faulted across its width by the Thunderbird fault resulting in a
discordant magnetic low measuring 2.7km long by 100-600m wide. This
zone is interpreted to reflect magnetite destruction caused by
hydrothermal fluids. Past drilling south of the Thunderbird fault
zone intersected narrow but high-grade gold-bearing quartz-sulfide
veins cross-cutting magnetite-rich cumulate layers in gabbro which
show textural evidence for sulfidation of primary magnetite in a
process similar to many BIF-hosted gold deposits worldwide.
Based on these observations, the Thunderbird
fault zone was the focus of initial soil sampling program at
Thunderbird where two perpendicular lines were sampled over the
fault at 100m stations. Results of the survey are very encouraging
with 84% of the samples collected along the length of the
Thunderbird fault zone returning anomalous gold response ratios,
including 60% with a response ratio above the 90th percentile
(figure 3), compared against the cross-line where only 21% of the
samples returned anomalous response ratios. The Company considers
this to be an excellent early indicator of gold fertility along the
Thunderbird fault zone and plans to follow up these results with
additional soil sampling, ground geophysics and drilling in areas
of highest priority.
Figure 3: Gold soil
anomalies along the Thunderbird
Fault https://www.globenewswire.com/NewsRoom/AttachmentNg/4652a0c5-011d-4ff9-8441-ca74377281bb
Victory Nickel
Project - In addition to its summer soil sampling
program, the Company recently completed a 543 line-km VTEM survey
over its recently staked Victory nickel property. The survey was
flown by Geotech Ltd. Preliminary survey results are very
encouraging and show indications of conductive bedrock in the
footwall and internal to the main magnetic target which measure
over 3km in strike by up to 1.3km in thickness. The Company is
currently awaiting delivery of the final data results which will be
modelled and interpreted in light of the geological target at
Victory.
Interest Shares and
Warrants
The Company also announced that payment of
interest in the amount of $401,991 for the third quarter of 2020
pursuant to a loan agreement entered into between Noront and
Resource Capital Funds V L.P. (“RCF”) dated February 26, 2013 (the
“Loan Agreement”) has been satisfied by delivery of 2,308,966
common shares of the Company (the “Interest Shares”) at an
effective price of $0.1741 per Interest Share. The Interest Shares
will be delivered on October 16, 2020 subject to a four month hold
period, expiring on February 17, 2021.
The calculation of the number of Interest Shares
issued was based on the volume weighted average trading price of
the common shares of the Company during the 20 trading days prior
to September 30, 2020. After giving effect to the issuance of the
Interest Shares, there are 417,512,534 common shares of the Company
issued and outstanding.
The Company also announces that it will be
extending, subject to TSX Venture Exchange approval, the expiry
date of a total of 2,674,644 common share purchase warrants of the
Company (the “Warrants”). The Warrants were originally issued
pursuant to a private placement, which closed on November 5, 2018.
The Warrants are exercisable for common shares of the Company at a
price of $0.35 per common share. The Warrants are set to
expire on November 5, 2020. The Company is proposing to extend
the expiry date of the Warrants by an additional two years to
November 5, 2022. All other terms of the Warrants, including the
exercise price, will remain the same.
About Noront Resources
Noront Resources Ltd. is focused on the
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, M.Sc., MBA, P.Geo., Vice-President,
Exploration, Qualified Person as defined by National Instrument
43-101 – Standards of Disclosure for Mineral Projects
(“NI-43-101”), has reviewed and approved for 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:
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.
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