TORONTO, ONTARIO - (April 2,
2008) - Noront (TSX VENTURE: NOT) wishes to present the following
progress report on its exploration activities in the McFaulds Lake area of
northeastern Ontario in the James Bay Lowlands.. The anomaly drilling
program on the Double Eagle project commenced in January and is continuing
with 2 drills now being employed at 2 different locations testing visible
chromite and sulphide mineralization located by geophysical surveying. Resource
studies at the Eagle One have commenced but this work, as well as progress
on the anomaly drilling, has been hampered by the lengthy turn around time
the independent analysis of the company's drill core is experiencing due to
the current heavy demand on the Analytical Laboratories. Consequently, this
release contains no assay results but favourable results on the anomaly
drilling program warrants an update on these activities. The Company is now
shipping samples to a new laboratory in Thunder Bay owned by ActLabs of
Ancaster, Ontario with whom Noront has entered into an agreement to provide
a faster assay turnaround.
The Company's geologists report the following highlights from their core
logging followed by more detailed interpretations of the two geophysical
anomalies being assessed;
- Further drilling at Eagle Two (Anomaly AT2) continues to trace a Shear
Hosted Sulphide ("SHS") zone containing bands of massive sulphide
mineralization with visible copper-nickel minerals from the Precambrian
rock surface (starting at 10 meters below surface) to 190 meters below
surface where the approximately up to 21 meters thick, 75 meters long
oval-shaped mineralized zone is within 30 meters of the favourable
underlying granodiorite intrusive contact.
- Massive Chromite beds up to 48.4 meters in core thickness at AT2 have
been encountered in the near vertical dipping, wide peridodite sill
occupying the non-conformity between the underlying granodiorite intrusive
to the north and overlying Precambrian volcanic stratigraphy to the south.
- At anomaly AT3, a steep north-dipping stringer sulphide zone with some
visible copper mineralization are being discovered and now intersected in 4
drill holes over substantial core widths.
- Several new excellent anomalies resulting from the continuing airborne
geophysical program are being located around the Ring of Fire on Noront's
claims and additional ground is being staked for Noront covering other
areas around the Ring of Fire.
Airborne surveying utilizing the Aeroquest (Aerotem2) and Geotech (VTEM)
helicopter systems is continuing on Noront's holdings around the Ring of
Fire. Line cutting and ground geophysical crews continue to locate the more
favourable airborne targets on the ground in preparation for diamond drill
testing.
Since the completion of definition drilling at the Eagle One occurrence,
two drills have initially tested airborne targets AT1, AT2 and AT3 with
encouraging results having been encountered at AT2 (Eagle Two) as well as
AT3 as described in more detail below. A third drill has arrived on site to
speed up the drilling program and will commence on airborne electromagnetic
("AEM") target AT5. Drilling will continue throughout the spring
break-up period with access by helicopter.
AT1
This short, strong, deep airborne target was tested with four drill holes
and although the favourable peridotite host rock was encountered, no
explanation of the geophysical response was obvious. Deeper penetrating
ground surveys, including down-hole probing will be carried out here to
guide future drilling at greater depths. The four holes all along local
grid line 4500E, tested the peridotite down to a vertical depth of 150
meters.
AT1 Table of Drill Holes
AT2
Drill testing the strong, but short coincident Magnetic - EM anomaly on
line 3200E (2 km south Eagle One) resulted in the discovery of a Shear
Hosted Sulphide zone lying at the Precambrian surface beneath the shallow
limestone cover (see press release dated February 25, 2008). To date eight
holes have traced the short, flat northwest dipping (-30 degrees)
approximately 75 meters long, up to 21 meters thick, oval-shaped body to a
vertical depth of 190 meters. The eight holes have encountered semi-massive
to massive sulphide bands of mineralization with visible amounts of
pyrrhotite, pyrite, copper and nickel sulphides in a fault, breccia
environment within the peridotite sill occupying the granodiorite/volcanic
non-conformity, called the Ring of Fire.
Drilling is continuing at deeper elevations to follow the Shear Hosted
Sulphide mineralization downwards towards the same favourable
granodiorite-peridotite contact that hosts the Eagle One occurrence.
The five other holes completed within the AT2 anomalous area were off the
ends of the short Shear Hosted Sulphide zone and were barren. Hole numbers
1G9, 1G17 and 1G20 intersected strong chromite mineralization beneath the
shear hosted sulphides in the layered peridotite host rock and the latter
will also be followed at depth. The chromite beds are being analyzed for
cobalt, precious metals and other possible potentially significant
elements. The latest hole completed, 1G21, intersected the SHS occurrence
from 169.5 to 190.1 meters with bands of semi-massive to massive bands of
copper-nickel sulphide mineralization.
AT2 Table of Drill Holes
AT3
Four holes to-date have tested this moderately strong, 1000 meter long
airborne anomaly with a coincident ground magnetic and EM response. Hole
number 1G10 with 71.1 meters minor sulphides (mainly pyrite) from 24.9 to
96.0 meters in the hole and hole no.. 1G12 with a low percentage sulphide
intersection of 68.6 m from 204.0 to 237.0 meters (mainly pyrite and some
visible copper sulphide mineralization) explained the anomaly which is
dipping steeply north within the main peridotite sill.
Hole number 1G14 on grid line 700 East, 200 meters to the southwest, intersected
disseminated iron and copper sulphides from 216.9 to 225.9 meters and hole
no. 1G18, drilled at -70 degrees south along the grid line 700E encountered
the visible copper bearing sulphide mineralization from 288.0 to 362.0
meters down the hole.
Additional immediate drilling here will further test this sulphide bearing
target to depth and along strike with additional grid south orientated
holes.
AT3 Table of Drill Holes
Due to the Company's continued success in discovering new significant
mineralization at the Double Eagle project, field survey production is
being increased including geophysical ground work to advance the companies
other properties, including its several joint ventured claim groups around
the Ring of Fire, to the diamond drill testing stage. As a result Aerotem
anomalies, AT4, AT5 and AT6, are now awaiting drill scheduling and a fourth
drill has been ordered for delivery after the spring break-up. The Company
will continue to operate with helicopter supported three drills during the
spring breakup period however, a few weeks of geophysical survey time may
be lost due to adverse grid line conditions.
The widths of mineralization mentioned above are core widths as true widths
cannot be determined at this time.
On Site Quality Assurance / Quality Control Measures
Billiken Management Services Inc.. is providing all services on site for
the Noront Double Eagle Project, from their base camp at McFaulds Lake and
a drill camp at the Eagle One occurrence site. The aforementioned drill
hole information, as well as geological descriptions are taken from drill
logs as prepared by Billiken Project geologists on site. Billiken is a holder
of a Certificate of Authorization issued by the Association of Professional
Geoscientists of Ontario.
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".
Comments on drilling results in this press release have been completed
under the supervision of 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. Both Novak and Harvey returned last week from the
McFaulds Lake area and have approved the contents of this press release.
Noront is a tier 2 junior resource company on the TSX Venture Exchange,
trading symbol NOT, with 125,573,082 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
FOR FURTHER INFORMATION PLEASE CONTACT:
Noront Resources Ltd.
Richard Nemis
(416) 864-1456
Website: http://www.norontresources.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.