Noront reports continued significant assay results at Eagle's Nest, James Bay Lowlands Canada NewsWire << Symbol: NOT:TSX-V Shares Outstanding: 165,415,818 Fully Diluted: 176,782,750 >> TORONTO, Feb. 2 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to report the final assay results from the 2009 drilling program at the Eagle's Nest deposit. These results include intersections of high-grade nickel, copper, platinum and palladium and complete all the outstanding assay results from the 2009 drill program at Eagle's Nest. Additional results from the drilling at AT-12 are outstanding and are expected in the near term. Five holes, which were recently completed and drilled during the 2009 program, are reported within. The holes were targeted at defining the extents of the Eagle's Nest mineralization, which continues to be open along strike for most of the deposit and at depth. Four of the holes intersected significant mineralization << HIGHLIGHTS: ----------- - NOT-09-074 intersected 82.6 metres averaging 2.05% Ni, 1.00% Cu, 0.64 gpt Pt and 2.94 gpt Pd; - Including 6.7 metres averaging 7.41% Ni, 1.26% Cu, 0.93 gpt Pt and 6.64 Pd - NOT-09-064-W1 intersected 131.8 metres averaging 1.27% Ni, 0.56% Cu, 0.85 gpt Pt and 2.89 gpt Pd; - Including 8.7 metres averaging 5.82% Ni, 1.62% Cu, 0.05 gpt Pt and 6.62 gpt Pd - NOT-09-075 intersected 10.53 metres averaging 6.51% Ni, 1.68% Cu, 2.0 gpt Pt and 8.18 gpt Pd. >> Noront's President and CEO, Wes Hanson, states: "These latest results from Eagle's Nest continue to demonstrate the excellent continuity and high grade nature of this discovery. Although new results will be temporarily delayed by the previously announced logistics halt by local First Nations communities, this allows our geological team the time to critically evaluate and interpret results, leading to more efficient drilling at Eagle's Nest once we successfully negotiate a settlement with our First Nations neighbours. Furthermore, I am pleased to announce that Golder Associates (Toronto, ON), have been engaged to update the Eagle's Nest resource during the first quarter of 2010. This update will allow Noront to begin evaluating project economics much earlier than originally planned." Jeremy Niemi, Noront's Vice President Geology notes; "These latest drill results continue to expand the dimensions of the Eagle's Nest deposit and reveal a very consistent geometry. Exploration efforts moving forward will remain focused on expanding the known limits of the deposit and targeting massive sulphide mineralization and intriguing features such as the platinum rich sections previously disclosed. The break in active drilling will allow time for evaluation and interpretation of results to date which will assist in modeling the Eagle's Nest deposit and streamlining drilling in the future." The following table summarizes the remaining results of the 2009 drilling at Eagle's Nest. << ------------------------------------------------------------------------- MINERALI- FROM TO INT. ZATION NI CU Pt Pd HOLE ID (m) (m) (m) TYPE % % g/t g/t ------------------------------------------------------------------------- ------------------------------------------------------------------------- NOT-09-064-W1 1099.9 1231.8 131.8 Net 1.27 0.56 0.85 2.89 Textured/ Massive ------------------------------------------------------------------------- Including 1167.7 1176.4 8.7 Massive 5.82 1.62 0.05 6.62 ------------------------------------------------------------------------- NOT-09-073 693.4 753.2 59.8 Net 1.70 0.90 1.45 3.73 Textured/ Massive ------------------------------------------------------------------------- NOT-09-074 552.6 635.2 82.6 Net 2.05 1.00 0.64 2.94 Textured/ Massive ------------------------------------------------------------------------- Including 628.2 623.9 6.7 Massive 7.41 1.26 0.93 6.64 ------------------------------------------------------------------------- NOT-09-075 602.1 612.6 10.5 Massive 6.51 1.68 2.00 8.18 ------------------------------------------------------------------------- >> Hole NOT-09-071-W1 did not intersect significant mineralization as it was stopped due to drilling problems. This hole will be re-investigated once the drill program re-commences. The mineralized intervals reported in this table do not represent true widths, which cannot be determined at this time. An updated plan map of the Eagle's Nest drilling can be found at http://norontresources.com/find/id/39/40 The updated Eagle's Nest Long Section Map can be found at http://norontresources.com/find/id/38/vH . For further information on the Eagle's Nest project, please refer to the Company's NI 43-101-Standards of Disclosure for Mineral Projects compliant technical report "Technical Report and Preliminary Economic Assessment on the Eagle One Deposit, Double Eagle Property, McFaulds Lake Area. James Bay Lowlands, Ontario" (effective: October 20, 2008) available on the Company website and at www.sedar.com. CORPORATE UPDATE: Noront announced last week that drilling activities have been temporarily suspended at Esker Camp. The Company will continue to coordinate material and equipment for transport to the site, in anticipation of the logistics halt ending. Noront reiterates that planned exploration for 2010 is not currently at risk and the Company is confident a settlement can be reached with all First Nation communities involved. Mr. Hanson adds: "With the technical aspects of our work well under way, management will continue to focus on engaging the First Nation communities in active dialogue aimed at a quick and equitable settlement to the logistics halt. Meetings are planned for later in the week with the Chiefs of Marten Falls First Nation and Webequie First Nation. Noront is confident a fair and equitable solution can be negotiated and that the planned exploration for 2010 will be completed. EXPLORATION UPDATE: Plans for 2010 remain focused on expanding the current resources at the Eagle's Nest deposit which are expected in early 2010; the continuation of our six month drill program and the follow up of promising results at AT12. The Company also plans to drill newly defined geophysical targets and review the finer geological details of the Eagle's Nest Blackbird Complex. Prior to resuming this year's drill program, Noront is reviewing all data and taking a much closer look at the subtle features related to some of the very high grade platinum group element mineralization drilled at Eagle's Nest in 2009. The Company remains excited and optimistic regarding the potential for additional mineralization close to known deposits and at regional targets. INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL A thorough quality control program has been in effect for the Eagle's Nest 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 QC 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 ("IQP"). 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 Activation Laboratories Ltd. Website at http://www.actlabsint.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. At the current stage of exploration there is insufficient drilling to determine the extent of continuity of the mineralization required to define a mineral resource for all mineralization at the Eagle's Nest. Noront anticipates delivering an updated mineral resource in second half of 2010. 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.
Tuesday, February 2, 2010
A PIG LONG TERM FAV......NOT.V
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