TORONTO, ONTARIO - (Feb. 25,
2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE:NOT) is pleased to announce the discovery of a second
massive sulphide occurrence located 2 kilometers to the southwest of its
Eagle One magmatic massive sulphide occurrence within Noront's 100% owned
Double Eagle Project in the McFauld's Lake Area of northeastern Ontario. "We are
pleased to announce that semi-massive to massive sulphide mineralization
has been encountered about 2 kilometers to the southwest of Eagle One, in what
is believed to be a peridotite filled conduit of the Eagle One magmatic
massive sulphide occurrence. Our new drill objectives are to focus on this
new occurrence and also to complete drill testing several other
high-priority geophysical targets within the Double Eagle project
area," states Richard Nemis, President and CEO of Noront.
HIGHLIGHTS
- Nickel-copper massive sulphides in a sheared deformation zone hosted by
peridotite have been encountered in four holes, located 2 kilometers to the
southwest of Eagle One while testing airborne and ground confirmed
geophysical anomalies.
EAGLE TWO
This new massive sulphide discovery occurs at the Aerotem Anomaly #2,
located approximately 2 kilometers to the southwest of the Eagle One
magmatic massive sulphide occurrence. Four holes have intersected massive
to semi-massive sulphide mineralization. The rock units encountered at
Eagle Two consist of strongly altered peridotite hosting a multi-phased
deformation zone containing veins of sulphides ranging from a few
centimeters wide to over 3 meters wide. The deformation zone varies in
length from 3 meters to 26 meters in the holes drilled to date. The
sulphide veins encountered in each hole are composed of pyrrhotite,
magnetite, chalcopyrite and pentlandite with variable amounts of talc.
Large crystals of pentlandite up to a few millimeters in size are evident
in the most recent drill hole (NOT-08-1G8). A detailed account of this new
discovery will be press released shortly.
Hole NOT-08-1G2 was drilled at local grid coordinates 32+17E, 5+73N with an
azimuth of 155 degrees and initial dip of -50 degrees. After 10.9 meters of
overburden and limestone the hole entered a strongly altered peridotite. A
mineralized deformation zone was encountered over a length of 29 meters
between 39 and 68 meters downhole, comprising a 3 meter section of massive
sulphide-magnetite breccia and units of sulphide breccia with widths
ranging from a few centimeters to a maximum of 1 meter in length throughout
the entire zone. The hole was terminated at 239 meters in an altered
peridotite.
Hole NOT-08-1G3 was drilled from the same set-up as 1G2 and the same
azimuth but drilled at -65 degrees. After 11 meters of overburden and
limestone the hole entered a strongly altered peridotite. The deformation
zone was encountered between 43.3 and 46.7 meters (3.4 meters of core
length) containing massive pyrrhotite-magnetite with chalcopyrite. Below
the massive sulfide intersection, hole 1G3 contained two massive chromitite
layers, the upper one being 5 meters thick starting at 123 meters to 128
meters, the lower one being three meters thick, terminating at about 143.7
meters core length.
Hole NOT-08-1G6 was drilled at local coordinates 32+50E, 7+10N at an
initial azimuth of 155 degrees and an initial dip of -50 degrees. After
12.1 meters of overburden, the hole entered granodiorite until a depth of
81.5 meters. Following granodiorite, the hole entered strongly altered
peridotite until encountering a deformation zone between 113.2 and 131
meters (17.8 meters of core length). Similar mineralization as in holes 1G2
and 1G3 was encountered, composed of sulphide breccia over intervals of a
few centimeters up to 0.8 meters. These veins host semi-massive pyrrhotite,
chalcopyrite and magnetite, and also showed a positive reaction to the DMG
nickel test as in the previous holes. Chromitite seams and chromitite
domains were encountered in this hole between 248 and 257 meters (9 meters
of core length). A thin shear hosted sulphide zone was intersected from
257.5 to 258.2 meters downhole. This hole continued through a series of
altered peridotite, non-altered peridotite and serpentinized dunite until
its end at 348 meters.
Hole NOT-08-1G8 is being drilled at the same collar location as hole 1G6,
with the same azimuth, however the initial dip was increased to -65
degrees. This hole is still underway, and has encountered massive sulphide
mineralization between 123 and 130 meters downhole (7 meters of core
length) The tenor of mineralization is much stronger in this intersection,
this hole continues to test for a down dip extension of the aforementioned
chromitite and sulphide zones encountered in holes 1G6 and 1G3. The drill
result intersections presented above are not true width. True width
determination will be referred to once the resource estimate is completed.
On Site Quality Assurance / Quality Control Measures
The aforementioned drill hole 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 a Certificate of
Authorization issued by the Association of Professional Geoscientists of
Ontario, in consultation with James Mungall Ph.D. associate professor at
University of Toronto.. Dr. Mungall examined the core from all holes
mentioned in this press release with the exception of holes NOT-1G6 and
NOT-1G8.
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. Neil Novak, P.Geo., is currently on site at the
Double Eagle Project and has prepared this press release.
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: www.norontresources.com