TORONTO, ONTARIO - (May 27, 2008) - Noront
Resources Ltd. ("Noront") (TSX VENTURE: NOT) wishes to
present the following progress report on its exploration activities in the
McFaulds Lake area of northern Ontario in the James Bay Lowlands. The
anomaly drill testing program on the Double Eagle Project continues with
two machines testing visible copper-nickel sulphide and chromite
mineralization located by geophysical surveying. Acceptable assay results
are again being received by the Company and both SGS Laboratory in Toronto
and Activation Laboratory in Ancaster, Ontario are submitting results
complying with the Company's strict QA/QC program supervised for Noront by
P&E Mining Consultants of Brampton Ontario. Noront's geologists report the following
highlights from their most recent results emanating from its diamond
drilling programs.
HIGHLIGHTS
1) Latest drilling at Eagle Two (Anomaly AT2) continues to delineate, at
depths now exceeding 400 meters vertically below surface, significant
copper - nickel mineralization. The most visually impressive and deepest
core intercepts of mineralization have been encountered in some of the most
recently completed holes, indicating significant improvement with depth.
2) Hole 40 is visually the most interesting hole drilled to date at Eagle
Two, encountering a total core length of 24.7 meters, of intermittent
sulphide lenses within the shear hosted sulphide zone, starting at a
vertical depth of 270.8 meters, of which 17.2 meters contained strongly
mineralized sulphides in one continuous lense with visual copper
(chalcopyrite) and nickel (pentlandite) mineralization..
3) Noront management feels that the drill results obtained to date at Eagle
Two are consistent with the conceptual model it has developed to date,
which would suggest that there is potential for the discovery of another
Eagle One - type deposit, as the Eagle Two mineralization is traced
northwestward into a possible feeder conduit. The potential for both
Chromite and Ni-Cu deposits within the Ring of Fire Intrusion
("RFI") itself remains virtually untested.
With the exception of diamond drilling, the Noront operated exploration
programs were suspended for a short spring breakup period, while plans were
being finalized for the commencement of very aggressive spring-summer field
programs. In anticipation of the upcoming field season, line cutting and
ground geophysical surveying have already commenced on the Double Eagle -
Grid Two and other projects around the Ring of Fire in joint venture with
other companies, and being operated by Noront. Numerous additional claims
staked by Noront earlier this year will be surveyed by contracted Airborne
geophysical equipment over the next few months. A third drill has commenced
on the Double Eagle Project to test airborne anomalies AT-5, 6, 7 and 12
all east and north of Eagle One.
EAGLE TWO (AT2 Anomaly)
In general terms, the number of mineralized zones encountered increases
with depth as the drill-holes explore this Shear Hosted Sulphide
("SHS") zone. At greater depths the tenure of sulphide
mineralization is greatest in holes 1G32 and 1G40. Assays for samples
selected from Hole NOT-08-1G32, 1G35, 1G38, 1G39 and 1G40 are pending,
however, Noront can report the following visual observations.
To date, 23 holes totaling 7,412.9 meters have now been completed at Eagle
Two to assess the SHS occurrence discovered by Noront earlier this year
(see press release dated February 25, 2008). Two additional holes are
underway (Holes NOT-08-1G40 and NOT-08-1G41). The eight holes with assays
reported herein and those completed since the last press release on April
2, 2008 have continued to extend the mineralization containing visible
copper-nickel sulphides and chromitite to vertical depths of 350 meters and
400 meters respectively. Both zones (sulphides plus chromitite) occupy
positions conformable with and near the stratigraphic bottom of a wide
Peridotite Sill (that defines part of the Ring of Fire) which in turn
unconformably overlies a Granodiorite older basement rock. Assays are pending
for the more recent holes.
The recent drilling at Eagle Two has continued to return increasing widths
from the SHS occurrence which thus far has consisted of intermittent bands
and stringers of sulphide mineralization containing visible copper and
nickel minerals with other less important sulphide minerals. From the
narrow widths initially encountered in holes NOT-08-1G2 and NOT-08-1G3 near
surface the SHS zone has been traced down a dip slope length of 450 meters
or to a vertical depth of 350 meters. No attempt with the recent drilling
has been made to define the lateral or horizontal length of the SHS zone at
this time. Instead, the objective of the current drilling program at Eagle
Two is to follow the mineralization to progressively greater depths in search
of postulated pooled concentrations of copper - nickel sulphides lying on
the basement rock as evidenced at Eagle One. With the increased widths of
the mineralization and additional parallel zones encountered in drill holes
numbered NOT-08-1G32, 1G35 1G38,1G39 and 1G40 as reported in the table
below, Noront's geologists are encouraged with the depth potential being
encountered.
Starting with Hole NOT-08-1G32, the 18.5 meter core width from the SHS zone
was earlier preceded in the drill hole, 70 meters above by a new parallel 5
meter wide geologically similar appearing weakly mineralized copper -
nickel stringer sulphide zone. Within the 18.5 meter SHS zone, 8.1 meters
contains strongly mineralized Cu-Ni sulphides.
Hole NOT-08-1G35, a 50 meter horizontal step-out hole, down dip to the
west, encountered, starting at 260 meters core length, a 60 meter upper
zone of weakly mineralized stringer copper - nickel sulphide mineralization
followed by the main SHS zone 55 meters below consisting of 13.3 meters of
stringer copper - nickel mineralization, representing the continuation of
the SHS zone. Of this 13.3 meter SHS zone 3.7 meters is considered to be
moderately mineralized with respect to Cu-Ni sulphides.
Hole NOT-08-1G38 after encountering a 12 meter core length from the upper
zone, starting at 117 meters, encountered the SHS zone a further 70 meters
down the hole which returned a core width of 29.1 meters of stringer
sulphide mineralization consisting of pyrrhotite, pentlandite and
chalcopyrite as narrow (10 cm to 120 cm) intermittent mineralized zones in
a talc-altered peridotite. Of this section 18.5 meters is considered to be
moderately mineralized.
In Hole NOT-08-1G39 the SHS zone was encountered between 405 meters and 420
meters, consisting of narrow zones of Cu-Ni mineralization, with a
moderately mineralized continuous section of Cu-Ni mineralization between
411.8 and 420 meters.
In Hole NOT-08-1G40 the SHS zone was encountered between 270.8 and 295.5
where there was a number of intermittent strongly mineralized narrow Cu-Ni
zones with the strongest mineralization observed between 278.3 meters and
295.5 meters.
Management believes that the recent drill hole results, with the presence
of visible copper - nickel sulphide and chromite mineralization being
observed by the geologists on site is very encouraging, and could be of
significant importance for Noront, if the assays pending are favourable.
Notwithstanding the foregoing, visual observations are estimates only and
pending assay results may not confirm visual observations in whole or in
part.
EAGLE ONE AND TWO GEOLOGICAL MODEL
On-going exploration work at the Double Eagle project is partly predicated
upon a conceptual model of the mineralizing systems associated with the
Ring of Fire, developed by Noront's technical team including its
independent consultants, such as Wayne Ewert Ph.D., P.Geo of P&E Mining
Consultants. This theoretical model has been formulated by incorporating
recent drill data along with geophysical, geological and other technical
survey results on the project to date. Salient features from other
established geological models for similar mineralizing systems from around
the world have also been incorporated into the conceptual model, which is
in a constant state of revision as new data becomes available. Key points
of the Ring of Fire conceptual model are as follows;
- A mantle derived, highly magnetic ultramafic "peridotite"
intrusion ("the Ring of Fire Intrusion" or "RFI") has
been emplaced along the margin of a regional scale granodiorite pluton
which had been intruded into and caused a doming of the host Sachigo
greenstone belt rocks. The RFI is thus situated between the granodiorite on
one hand (footwall) and the surrounding Sachigo Greenstone Belt rocks
(hangingwall) on the other. The RFI is magnetically distinct allowing it to
be traced more or less uninterrupted, for tens of kilometers along the
granodiorite margin. It appears that a series of conduits cutting across
and through the granodiorite have acted as feeders to the RFI.
- On a world-wide basis ultramafic intrusions, similar to the RFI, are
known to host several types of deposits such as:
-- Layered chromite deposits
-- Nickel-Copper deposits
-- Platinum Group Metals ("PGM") deposits.
- Recent drilling within the Ring of Fire area confirms that both PGM-rich
Ni-Cu deposits (Eagle One and possibly Eagle Two) and now chromite
occurrences are associated with the RFI and its related conduit feeder
system. As would be expected under the conceptual model, on-going drilling
by Noront and published results from other junior companies working in the
area, suggest that the layered chromite mineralization is likely to be
confined strictly to the RFI, while the platinum rich Ni-Cu sulphide
mineralization appears, at least at this stage of exploration, to be
related to the conduit feeders, localized in pools or traps. Based on
observations from similar intrusives globally there is no reason, at least
conceptually, why Ni-Cu or PGM deposits could not be hosted by the RFI itself.
The exploration potential in this regard remains to be tested.
- Using the conceptual model, the Eagle One deposit would be interpreted to
occur within a conduit feeder, at some distance from the RFI. The Eagle Two
discovery on the other hand is interpreted under the conceptual model as
occurring within the "throat or mouth" portion of the conduit
where it empties into the RFI. The mineralization yielded by Noront's
results at this point in the system consists of mineralized zones that
contain numerous thin (10 cm to 120 cm) Ni-Cu bearing sulphide layers
occupying a shear zone that collectively amass to 10's of meters thick
"fingers" that "feather" out into the RFI. Individual
semi-massive to massive sulphide lenses within the SHS zone attain core
lengths of up to 7 meters.
- The most recent drilling (holes NOT-08-1G32, 1G35, 1G38, 1G39 and 1G40)
at Eagle Two suggests that the zone of finger-style mineralization is
coalescing and increasing in overall thickness as it is drill tested along
strike to the northwest, presumable into a conduit that is part of the
original feeder system. The sulphide mineralization is also interpreted as
moving away from the Chromite mineralization further suggesting that the
Eagle 2 mineralizing environment is moving further away from the RFI and
into a possible feeder conduit environment similar to that observed at
Eagle One.
- Noront management feels that the drill results obtained to date at Eagle
Two are consistent with the conceptual model it has developed to date,
which would suggest that there is potential for the discovery of another
Eagle One - type deposit, as the Eagle Two mineralization is traced
northwestward into a possible feeder conduit. The potential for both
Chromite and Ni-Cu deposits within the RFI itself remains virtually
untested.
The SHS zone, dipping flatly approximately 50 to 60 degrees to the west and
striking north-south within the Peridotite Sill has been intersected on UTM
Section 5841875 north to 5842100, a total strike length (drilled to date)
of 225 meters. Widths are variable in the erratically spaced drill holes
completed thus far and the assay widths reported below in the first four
holes also share erratic distribution of the significant minerals. The
results reported below are considered by management to be very encouraging
for this near surface mineralization. Notwithstanding that these results
appear to confirm management's conceptual theories, there can be no
guarantee of actual results, which may differ from management's
expectations.
As stated above widths are variable for these reported mineralized drill
intercepts, therefore there is no true width estimate available until such
time as this new occurrence gets additional drill testing. NSA refers to no
significant assays
Management believes that the recent drill hole results, with the presence
of visible copper - nickel sulphide and chromite mineralization being
observed by the geologists on site is very encouraging, and could be of
significant importance for Noront, if the assays pending are favourable.
Notwithstanding the foregoing, visual observations are estimates only and
pending assay results may not confirm visual observations in whole or in
part.
AT3 anomaly
A total of 2,621 meters were drilled in eight holes testing airborne
anomaly AT3, located 4 kilometers to the southwest of Eagle One. These
holes intersected altered (talc-chlorite alteration) and non-altered
strongly magnetic peridotite units that were locally mineralized with
disseminated sulphides. No significant assay results have been received to
date. The presence of magnetite veinlets and disseminated sulphide
mineralization in the peridotite provide some evidence of conductivity and
explain the high magnetic signature. Samples were selected from all
mineralized sections, were submitted for multi-element analysis, and
results are pending. The following table lists the holes drilled at AT3
anomaly, with the results from holes assayed to date.
AT4 ANOMALY
A total of 951 meters in three holes were completed to test airborne
anomaly AT4 and its southwestern extension, located 5.5 kilometers
southwest of Eagle One. Two holes encountered volcanogenic massive sulphide
("VMS") style mineralization in intermediate to felsic volcanic
assemblages and the third hole was lost. The holes returned several large
widths of barren sulphide mineralization in favourable volcanic rocks
uncomformably overlying the Ring of Fire. Minor visible copper - zinc
mineralization observed here justifies continued exploration along this
favorable north-east to south-west trending stratigraphy. All samples
selected will be reported upon once assays have been received. The
following table lists the holes drilled in this anomaly area; all assays
for these holes are pending.
AT8 ANOMALY
Only one hole tested this anomaly located 6.3 kilometers to the southwest
of Eagle One and 2.0 kilometers east of AT3 anomaly. Hole NOT-08-1G29
tested airborne anomaly labeled AT8. The hole encountered altered
peridotite with little sulphide mineralization. The peridotite exhibited
strong chlorite alteration and only minor sulphide mineralization was
observed. No sampling was done on this hole. Deeper penetrating geophysical
surveying is required here to further explain the cause of the airborne
anomaly.
ON SITE QUALITY ASSURANCE / QUALITY CONTROL MEASURES
The aforementioned assay and sample information, as well as geological
descriptions are taken from drill logs as prepared by the Project
geologists for the drill program onsite. Billiken Management Services Inc.
is providing all services on site for the Noront Double Eagle Project.,
Billiken is a holder of Certificate of Authorization issued by the
Association of Professional Geoscientists of Ontario. All samples from the
early part of the 2008 exploration program were submitted to SGS Mineral
Services in Toronto, Ontario.. Samples were selected in the field under the
supervision of the site geologist, then were cut by diamond saw. One half
of the sample is retained for record at the base camp, the other half of
the sample was placed in a plastic bag and individually sealed. The sealed
bags are then placed in durable rice bags in batches of 5 and a numbered
security tag seals each rice bag. The rice bags are placed in plastic pails
and batches of 40 samples were sent by bonded courier to SGS Mineral
Services in Toronto, Ontario.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program was implemented for the Double Eagle
project which included grouping samples into batches of 35 into which was
added 2 certified reference material standards, 2 field blanks comprised of
sterile drill core, and a field duplicate. It can be said with confidence
that all assays as reported in this Press Release have passed the strict
quality control guidelines as set out by an Independent Qualified Person ("IQP").
All samples reported upon herein were completed by SGS Mineral Services
(SGS) at Toronto, Ontario or Activation Labs (Actlabs) of Ancaster,
Ontario. The samples submitted to SGS were analyzed using four acid
digestion followed by multi-element analysis ICP40B. The samples that
received base metal analyses greater than the detection limit using the
multi-element analysis underwent further analysis using FAI323 (Fire Assay)
for precious metals and ICP90Q for copper and nickel. For more information
on assay methodology please visit the SGS website www.sgs.com.
Drilling results in this press release have been reviewed and approved for
dissemination by Noront's senior management including Neil Novak P.Geo., a
director and Vice President-Exploration and John Harvey P.Eng. Executive
Vice President of Noront, being Qualified Persons under Canadian Securities
guidelines.
This press release includes certain "Forward-Looking
Statements" within the meaning of the US Private Securities Reform Act
of 1995. Other than statements of historical fact, all statements are
"Forward-Looking Statements" that involve such various known and
unknown risks, uncertainties and other factors. There can be no assurance
that such statements will prove accurate. Results and future events could
differ materially from those anticipated in such statements. Readers of
this press release are cautioned not to place undue reliance on these
"Forward-Looking Statements".
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading
symbol NOT, with 129,493,883 shares issued to date.
Investors are invited to visit Noront's IR Hub at http://www.agoracom.com/IR/Noront
where they can post questions and receive answers or review questions and
answers already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to NOT@agoracom.com where
they can also request to be added to the investor e-mail list to receive
all future press releases and updates in real time.
ON BEHALF OF THE BOARD OF DIRECTORS
R. Nemis, President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For more information, please contact
Noront Resources Ltd.
Richard Nemis
President and Chief Executive Officer
(416) 864-1456
(416) 367-5444 (FAX)
Email: info@norontresources.com
Website: http://www.norontresources.com