TORONTO, ONTARIO - (Feb. 19, 2008) -
Noront Resources Ltd. ("Noront") (TSX VENTURE: NOT) is pleased to announce the receipt of additional assays on hole
NOT-07-20, to NOT-07-25 on its 100%-owned Eagle One occurrence within
Noront's Double Eagle Project in the McFauld's Lake Area of northeastern
Ontario. "Recently received platinum group element assay results have
confirmed that Eagle One is enriched with Platinum group elements
including; platinum, palladium, rhodium, osmium, iridium and ruthenium."
states Richard Nemis, President and CEO of Noront. The two new drills
"Johnny and June" under contract with Orbit Drilling have begun
testing various anomalies outside of the Eagle One occurrence. Progress on
this exploration work will be provided in a timely manner.
HIGHLIGHTS
- Precious group element test-work confirms presence of rhodium, osmium,
ruthenium and iridium in selected samples. Hole NOT-07-05 between 111.5
meters and 115.6 meters down-hole. This 4.1 meter section averaged 3.2%
copper, 3.62% nickel, 30.2 g/t platinum, 15.95 g/t palladium, 3.3 g/t gold,
8.1 g/t silver, 0.84 g/t rhodium, 0.15 g/t osmium, 0.21 g/t iridium and
0.42 g/t ruthenium.
- Assays from holes 20 to 26 are highlighted by hole NOT-07-24 where 54.8
meters averaged 1.91% nickel.. 1.26% copper, 1.31 grams/tonne platinum,
3.46 grams/tonne palladium, 0.35 grams/tonne gold and 4.2 grams/tonne
silver.
- An additional six holes were completed in January and early February to
fill in drill pattern on Eagle One, down-hole surveying underway to confirm
drill spacing in Eagle One, prior to next round of drilling while down-hole
survey crews complete surveying of existing holes.
Due to the irregular shape of the Eagle One Magmatic Massive Sulphide body,
the drill intersections presented above are not true width. True width
determinations will be referred to once the resource estimate is completed.
GEOLOGIC SUMMARY OF HOLES (ASSAYS REPORTED)
Hole NOT-07-20 was drilled to undercut hole NOT-07-19 (reported earlier).
This hole entered peridotite at 17.2 meters and then went in and out of
peridotite and olivine gabbro dikes until 48.6 meters, followed by
peridoitite and a mafic dike to 113.9 meters. Then, well mineralized
peridotite was encountered between 113.9 to 125.1 meters that averaged
0.86% nickel, 0.29% copper, 0.59 g/t platinum, 1.84 g/t palladium, along
with minor gold and silver. Another mafic dike was encountered to 128.2
followed by granodiorite to the end of the hole at 144 meters.
Hole NOT-07-21 was drilled to undercut hole NOT-07-20 as described above.
Similar to hole 20, this hole encountered olivine gabbro dikes and
peridotite between 11.7 and 35.0 meters down-hole, then a weakly
mineralized to barren peridotite was encountered to 144 meters. Well
mineralized peridotite was encountered between 144 and 162 meters with a
short felsic dike between 150 and 151 meters. Following this, a 12.8 meter
long zone of semi-massive sulphides were encountered between 162 and 173.8
meters that averaged 1.65% nickel, 0.86% copper, 1.05 g/t platinum, 2.98
g/t palladium, 0.19 g/t gold and 3.9 g/t silver. This was followed by
weakly mineralized peridotite to 174.8. A mafic dike was then intersected
between 173.8 and 184 meters, followed by granodiorite to end of this hole
at 183 meters.
Hole NOT-07-22 was drilled as an extension to the south, to test for
continuity of the mineralized body in the southerly and down-dip direction.
The hole entered granodiorite between 13.5 meters and 154.7 meters. At
154.7 the hole entered a strongly deformed and brecciated peridotite and
remained in this rock unit until 209 meters when it entered an olivine
gabbro. At 215.8 meters, peridotite was encountered to 222.4 followed by a
short 1..1 meter wide massive sulphide section to 223.5 meters that was
followed by peridotite with minor sulphides until 244.5. This 22.1 meter
long section of massive sulphide and peridotite averaged 0.65 % nickel,
0.14 % copper, 0..16 g/t platinum, 1.4 g/t palladium along with anomalous
gold and silver. Granodiorite was then encountered to the end of hole at
258 meters. This hole is interpreted as having just caught the bottom of
the southerly plunging zone at a vertical depth of 200 meters.
Hole NOT-07-23 was drilled 37.5 meters north of hole 22 as an infill and
delineation hole. After passing through 5.5 meters of overburden and
limestone, this hole immediately entered peridotite (with a felsic dike)
until 228.2 meters, when the hole entered granodiorite until 241.1 meters.
The hole then went back into a peridotite with semi-massive sulphides
between 242.4 and 243.2 meters. This section over 2.1 meters averaged 1.14%
nickel, 2.1% copper, 0.93 g/t platinum, 5..78 g/t palladium, 0.17 g/t gold
and 12.9 g/t silver. The hole then entered granodiorite until it was
terminated at 293 meters. This hole has been interpreted as encountering
the bottom of the southerly plunging zone at a vertical depth of 235
meters.
Hole NOT-07-24 was drilled to undercut discovery holes NOT-07-01 and 02.
After passing through overburden, limestone to a depth of 16 meters the
hole entered granodiorite and stayed in this rock unit until 65.4 meters
when the hole encountered a mafic dike until 76.3 meters. The hole then
reentered granodiorite until 83.1 meters. An olivine rich gabbro was then
encountered between 83.1 and 100.4 meters. Peridotite was encountered
between 100.4 until 119 meters down-hole. Mineralized peridotite was
encountered to 140 meters, followed by net textured mineralized peridotite
to 187.8 meters down-hole followed by a 2.7 meter wide massive sulphide
section until 190.7 meters down-hole for a total mineralized zone width of
71.5 meters. This very wide zone averaged 1.81% nickel, 1.12% copper, 1.06
g/t platinum, 3.18 g/t palladium, 0.27 g/t gold and 3.6 g/t silver, this
included a 2.7 meter wide massive sulphide section that averaged 7.07%
nickel, 3.33% copper, 0.25 g/t platinum, 10.23 g/t palladium, 0.04 g/t gold
and 8.9 g/t silver. The hole then entered a contact zone with the
granodiorite and peridotite, in and out of granodiorite, ending in
granodiorite at 233 meters.
Hole NOT-07-25 was designed to infill and delineate the Eagle One
occurrence on drill section 3560 north, overcutting hole 23. This hole had
azimuth directional problems due to extreme magnetic environment. The hole
after passing through overburden and limestone entered granodiorite at 18
meters then entered a mafic dike between 43 meters and 52.3 meters then
went back into granodiorite containing numerous mafic and felsic dikes
until 252.7 meters, between 235.5 and 238.7 meters a serpentinized, black chlorite
altered gabbro was encountered containing numerous fractures filled with
chalcopyrite, pyrite and pyrrhotite. This 3.2 meter wide section averaged
0.47% copper, 0.85% nickel, 0.32 g/t platinum, 1.53 g/t palladium as well
as anomalous gold and silver values. Highly altered (serpentinized)
peridotite was encountered between 252.7 meters and 277.8 meters, the hole
went in and out of the peridotite and a series of thin mafic dikes until
301.5 meters. The entire peridoitite -dike section was anomalous in nickel
averaging 0.11% nickel between 238.7 and 301.5 meters. At 301.5
granodiorite was encountered and the hole was stopped at 307 meters. This
hole deviated severely southwards and did not encounter the expected
peridotite intrusive until 252.7 meters down-hole, as opposed to the
expected down-hole depth of 180.0 meters. With the exception of minor
copper mineralization in the hanging wall granodiorite the hole encountered
no visible sulphide mineralization to the end of the hole at 307 meters.
Down-hole surveying is underway to accurately plot the path of this hole.
The above table provides local and UTM grid co-ordinates for holes
mentioned in this press release, as well as some locations inadvertently
omitted in last press release (dated January 29, 2008). Each of these holes
was designed to provide infill or extensions (to depth and/or along strike)
to known mineralization in Eagle One. All holes are currently being
surveyed down-hole with light logging equipment, to provide more accuracy
with respect to location of holes within the occurrence, as required for
resource evaluation and modeling. This down hole survey work has just
commenced.
NEW DRILLING RESULTS
Seven holes testing Eagle One have been completed since resuming drilling
in late January, including one hole (hole 28) that was started prior to the
Christmas break. A total of 6,333.6 meters in 35 holes have been drilled
into this occurrence to date. Holes NOT-08-30 to NOT-08-35 totaled 866.4
meters, positions of which are identified in the above table. Assay results
are pending for holes NOT-07-28, NOT-08-30 to NOT-08-35 inclusive, as well
as some additional sampling completed on hole NOT-07-22, these will be
reported as soon as they are available.
Hole NOT-07-26 was drilled at local grid collar location 51+74E at 10+69N
with an initial azimuth of 270 degrees and an initial dip of -52 degrees.
This hole encountered drilling problems due to equipment breakage (broken
drill rods) and was lost at 75 meters, well short of the intended target.
Hole NOT-07-26 was restarted as hole NOT-07-28 from the same collar
location at -51 degrees, and was eventually completed to a final depth of
253 meters in early January 2008, assay results for hole NOT-07-28 are
still outstanding. Hole NOT-07-27 and Hole NOT-07-29 details were
previously released (see January 29, 2008 press release)..
Hole NOT-07-28 was set at same collar location as hole NOT-07-26. After
14.8 meters of overburden and limestone, this hole entered a mafic dike
until 17.8 meters. Between 17.8 and 128.1 the hole entered granodiorite,
followed by an olivine rich gabbro until 140.1 meters. Variably mineralized
peridotite was encountered between 140.1 to 242.2 meters, including
mineralized peridotite between 169 and 175 meters, followed by net textured
mineralized peridotite between 175 and 217 meters, followed by massive
sulphides between 217 and 218.5 meters, then net textured peridotite from
218.5 to 223.2 meters. The latter part of the peridotite was weakly
mineralized. The hole then entered granodiorite at 242.2 and remained in
granodiorite until 253 meters, when the hole was stopped.
Hole NOT-08-30 was drilled at local grid collar location 11+46 N at 50+80 E
with initial azimuth of 090 degrees and initial dip of -45 degrees. After
passing through 12 meters of overburden and limestone the hole entered
granodiorite until 12.5 meters. Several massive sulphide lenses
intermingled with net textured mineralized peridotite, and thin felsic dikes
were encountered between 12.5 meters and 99.5 meters, when weakly
mineralized peridotite was encountered. Massive sulphide lenses included
12.5 meters to 13.5 meters, 15.8 meters to 17.8 meters, and 21.3 meters to
22 meters, the rest of this section consisted of mostly net textured
mineralized peridotite. At 101.4 to 102.2 meters down-hole a fault was
encountered followed by a gabbro until 111.1 meters. Granodiorite with
several mafic dikes were encountered between 111.1 to the end of the hole
at 298.8 meters. Mafic dikes encountered were between 151.6 and 153..6
meters, 175.3 and 178.8 meters, 216.9 and 218.3 meters and then 274.5 and
285.5 meters down-hole.
NOT-08-31 was drilled at local grid collar location 11+79 N at 52+07 E with
an initial azimuth of 133 degrees and an initial dip of -45 degrees. This
hole was designed to test the northeast extension of Eagle One. After 11.4
meters of overburden and limestone granodiorite was encountered until 14.1
meters. Then a mafic volcanic flow was encountered to 35.3 meters, followed
by a mafic dike until 40.9 meters down-hole. Granodiorite was then encountered to the end of the hole at
101 meters. No samples were taken from this hole.
NOT-08-32 was drilled at local grid collar location 12+47 N at 49+74 E with
an initial azimuth of 090 degrees and an initial dip of -45 degrees. This
hole initially passed through 11.1 meters of overburden, limestone and
sandstone, and then entered granodiorite with two thin mafic dikes until
182.2 meters down-hole. Massive sulphide mineralization was encountered
between 182.2 to 198.7 meters, including highly altered, silicified quartz
feldspar porphyry between 190.4 and 196.1 meters. The massive sulphide zone
was then followed by variably mineralized peridotite and net textured peridotite
until 248.2 meters down-hole when the hole entered granodiorite. The hole
was stopped at 266 meters total depth.
NOT-08-33 was drilled at local grid collar location 11+23 N at 51+07 E with
an initial azimuth of 090 degrees and an initial dip of -46 degrees. After
drilling through 9.5 meters of overburden and limestone the hole entered
peridotite until 17.2 meters, followed by a felsic dike between 17.2 and
18.5 meters then gabbro until 19.4 meters. Peridotite was then encountered
between 19.4 meters and 37.3 meters, followed by another felsic dike until
40.4 meters down-hole. Variably mineralized peridotite was then encountered
between 40.4 meters and 72.5 meters including net textured mineralized
peridotite between 46.2 meters and 61.5 meters. At 72.5 meters granodiorite
was encountered until 81.3 meters when a mafic dike was intersected until
85.4 meters, after which granodiorite was encountered to the end of the
hole at 111 meters.
NOT-08-34 was drilled at local grid collar location 11+77 N at 51+56 E with
an initial azimuth of 090 degrees and an initial dip of -45 degrees. After
drilling through 14.6 meters of overburden and limestone, the hole entered
gabbro until 18 meters. This was followed by granodiorite until 25.3
meters, then a mafic dike until 26 meters. Massive sulphides were then
intersected between 26 meters and 36.6 meters followed by peridotite until
48.3 meters then mineralized peridotite until 64.5 meters. Granodiorite was
encountered between 64.5 meters and 69.3 meters, followed by a mafic dike
until 72.3 meters then granodiorite until the end of the hole at 89.7
meters.
NOT-08-35 is the last hole drilled into Eagle One at this time. It was
collared at local grid co-ordinate 11+36 N at 50+36 E with an initial
azimuth of 090 degrees and an initial dip of -45 degrees. After drilling
through 9.5 meters of overburden and limestone the hole entered mineralized
peridotite to 45 meters followed by weakly mineralized peridotite to 64.6
meters. A felsic dike was then encountered to 65.9 meters followed by
peridotite until 80.6 meters when the hole was terminated.
PRECIOUS GROUP ELEMENT TEST WORK
Twenty samples from holes NOT-07-01, NOT-07-02 and NOT-07-05 were selected
for Precious Group Elements (PGE's) as part of the ongoing evaluation of
Eagle One. The samples were selected on the basis of initial platinum and
palladium content, nickel and copper content as well as lithology. The
samples initially underwent analysis for rhodium at ALS Chemex laboratory
in Vancouver B.C., then lab-splits of the same sample set were sent to
ALS's affiliate lab in Australia, and additional splits were sent to
Activation Laboratory in Ancaster, Ontario. The test work recently received
confirms that other PGE's are present in Eagle One and now need to be analyzed
for on a regular basis. Variance between the two laboratories was within
acceptable limits. The test-work included three consecutive samples
selected from Hole NOT-07-05 between 111.5 meters and 115.6 meters
down-hole. This 4.1 meter section averaged 3.2% copper, 3.62% nickel, 30.2
g/t platinum, 15.95 g/t palladium, 3.3 g/t gold, 8..1 g/t silver, 0.84 g/t
rhodium, 0.15 g/t osmium, 0.21 g/t iridium and 0.42 g/t ruthenium. Noront
will now be assaying previous samples from Eagle One for rhodium and completing
additional assaying for the other PGE's on a regular basis, to determine
ratios of the other elements with respect to rhodium assays.
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 geologist
for the drill program, Mike Kilbourne. Billiken Management Services Inc. is
providing all services on site for the Noront Double Eagle Project, from
their base camp at McFaulds Lake. Billiken is a holder of Certificate of
Authorization issued by the Association of Professional Geoscientists of
Ontario.
All assay work and sampling procedures have been included in earlier news
releases. Chain of Custody includes delivery to ALS Chemex Laboratory in
Vancouver BC, where all samples undergo analysis using ALS Chemex assay
procedure AA46 for nickel, copper and silver, and ICP24 for Au, Pt, and Pd.
When samples received over-limit values they underwent further analysis
using ALS Chemex assay procedure ICP27 (for gold, platinum and palladium),
as well as GRA21 for gold. The reader is referred to: www.alschemex.com for
details of these analytical procedures. All samples from the 2008
exploration program are currently being submitted to SGS Laboratory in
Toronto, Ontario, details of assay methodology at SGS will be explained
once assays are received.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
Gold, platinum and palladium are assayed using fire assay on a 50 gram
nominal sample weight with an ICP-AES finish. Nickel and copper are assayed
using aqua regia (3-acid) digestion with either ICP-AES or AAS finish. A
comprehensive QA/QC program has been implemented to monitor all assays on
the Double Eagle Project. Samples are assembled in numbered batches of 77
samples, which equates to the number of client samples per furnace batch at
ALS Chemex. Included in each batch of 77 samples are 4 certified reference
material samples, 3 blank samples comprised of sterile drill core, and 4 field
duplicate samples. This QC program was set up for Noront by Tracy Armstrong
P.Geo, of P&E Mining Consultants Inc. ("P&E") of
Brampton, Ontario. Ms. Armstrong is a qualified geologist in the Provinces
of Ontario and Quebec. Assay results are being monitored on an on-going,
real time basis for accuracy, contamination and precision by P&E. The
current sample set will be reviewed by Ms. Armstrong once some additional
batches are completed, and will be reported upon in a timely manner.
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".
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.
Noront is a tier 2 junior resource company on the TSX Venture Exchange,
trading symbol NOT, with 125,377,082 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
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Noront Resources Ltd.
Richard Nemis
(416) 864-1456
Fax: (416) 367-5444
Email: info@norontresources.com
Website: http://www.norontresources.com