McFaulds Lake drilling program continuesNoront drills 36 m of 1.84% Ni, 1.53% Cu
2007-09-10 12:10 ET - News Release
Shares issued 89,382,692
NOT Close 2007-09-12 C$ 2.13
Mr. Richard Nemis reports
NORONT'S NEW NICKEL/COPPER DISCOVERY
Noront Resources Ltd. has received partial assay results from the first hole of the diamond drilling program started on Aug. 24, 2007, on recently optioned claims where Noront is earning a 100-per-cent interest, subject to royalties, on the company's Double Eagle project located in James Bay Lowlands, Northeastern Ontario. (See news reported in Stockwatch dated May 17, 2007, for details of this agreement.)
Highlights include:
Hole NOT-07-01 partial assay results, 36 metres averaging 1.84 per cent nickel, 1.53 per cent copper, more results to follow;
Hole NOT-07-05 encounters massive chalcopyrite (copper sulphide), pyrrhotite (iron plus or minus nickel sulphide) and pentlandite (nickel sulphide) over 65.2 metres.
As reported in Stockwatch on Aug. 29, 2007, the first hole of drill program NOT-07-01 intersected visible copper sulphide mineralization (chalcopyrite) in a peridotite geological setting. Management also alluded to nickel in a magmatic setting; the presence of significant nickel in this mineralizing system has been confirmed, along with significant copper. The initial hole was drilled at minus 45 degrees and intersected the main part of the mineralization between 56 metres to 82 metres. The tenor of mineralization slowly waned beyond 82 metres to 122 metres downhole. Assays have been received for the first 26 samples from this hole that were selected between 55 metres and 92 metres, with additional sample results to follow. The hole averages 1.53 per cent copper and 1.84 per cent nickel over 36 metres between 56 and 92 metres downhole, being only the upper portion of the observed mineralized section. As stated in the earlier release, the observed mineralization continued beyond this rush sample interval to 122 metres, assays are pending for the remainder of this hole.
Three additional holes have been completed on the Double Eagle project. Hole NOT-07-02 as previously announced (see news reported in Stockwatch Aug. 29, 2007) was drilled from the same drill collar location as hole NOT-07-01 with an initial dip of minus 65 degrees. This hole entered the mineralized zone at 91.3 metres core length, undercutting hole NOT-07-01. The hole intersected 72.9 metres of mineralization, the overall tenor of mineralization in the second hole is similar to that of the first hole, however a massive section of pyrrhotite and chalcopyrite over 1.93 metres (104.67 to 106.6) has been observed in the second hole and was not seen in the first hole.
Hole NOT-07-03 was positioned 100 metres to the northeast of the first two holes. The hole failed to intersect the mineralized zone and was in granodiorite for the entire length. The hole was designed to test the northeastern extension of the anomaly to the southwest. It is now interpreted that this hole undercut the mineralized zone observed in the first two holes.
Hole NOT-07-04 was positioned 100 metres to the southwest of the first two holes, this hole also failed to intersect the mineralized zone and was in granodiorite for the entire length. The electromagnetic and magnetic anomaly location that this hole was based upon was interpreted as the southwestern extension of the anomalies associated with holes NOT-07-01 and 02. It is now interpreted that this particular hole overcut the sulphide mineralization.
Hole NOT-04-05, observed to be the most significant hole to date, was positioned 50 metres to the northeast of holes NOT-07-01 and 02 and was drilled vertically at the peak of a magnetic anomaly to ascertain the magnetic body's more precise location. After six metres of overburden and one metre of limestone, peridotite with interstitial chalcopyrite, pyrrhotite and pentlandite was encountered to a core depth of 47.4 metres. Between 47.4 and 112.6 metres massive chalcopyrite, pyrrhotite and pentlandite was observed. Then from 112.6 to 123.3 metres peridotite with interstitial chalcopyrite and pyrrhotite was observed. Between 123.3 and 124.4 metres, another massive section of chalcopyrite, pyrrhotite and pentlandite was observed. The hole then remained in peridotite until 127.4 metres core length, then entered granodiorite until the end of the hole at 143.4 metres.
True width of the latter intersection is not yet known. Hole NOT-07-05 was drilled down dip, returning core length intersections not representing true width. The positioning of the first five drill holes completed to date was based upon the ground magnetic and horizontal loop electromagnetic geophysical surveying completed during 2004 and early 2006, as required for assessment filing purposes by the previous owner of the subject property. In light of a recent site visit by Noront management, where the overall project was reviewed and the core underwent thorough examination, the observed geological features in the core combined with additional ground magnetic surveying completed on the existing lines, have resulted in a possible new interpretation of the attitude of the sulphide occurrence, that is currently being tested. Geophysical survey will continue on existing and new grid lines to facilitate a more detailed interpretation of the sulphide target.
The aforementioned sample information, as well as geological descriptions, are taken from drill logs as prepared by site geologist, and IQP for the drill program, Dr. Howard Lahti, PGeo, of Fredericton, N.B. Billiken Management Services Inc. is providing all services on sight for the Noront Double Eagle project, from its base camp at MacFaulds Lake. The first 10 samples from hole NOT-07-01 were selected, and sealed and readied for immediate shipment to ALS Chemex laboratory in Thunder Bay, Ont. Shortly thereafter it was decided that the first 26 samples should all be sent for rush assay. The remaining samples in this hole will undergo normal assay techniques, results will be released as soon as they are available.
All samples reported upon herein were selected by Dr. Lahti and were cut in half by diamond core saw. Individual samples were labelled, placed and sealed in plastic sample bags. Groups of samples were then placed into durable rice bags that were secured by project security tags and then placed into plastic pails for shipping. Plastic pails were delivered via bonded carrier to ALS Chemex's sample preparation laboratory in Thunder Bay, Ont. All samples were then crushed and pulverized, then sample pulps were sent to ALS Chemex Laboratory in Vancouver, B.C., for analysis, remaining coarse reject portion of the samples remain in storage at the ALS Chemex storage facility in Thunder Bay. In Vancouver, the samples underwent multielement analysis using ALS Chemex assay procedure ME-MS61, when samples received overlimit values they underwent further analysis using ALS Chemex assay procedure Cu-OG62 (for copper) and Ni-OG62 (for nickel).
A quality control and quality assurance (QC/QA) program designed by P&E Engineering of Brampton, Ont., including all of its recommended procedures, is now being used during the sampling of the drill core. Management of Noront is satisfied that this very thorough QC/QA protocol will guarantee quality assay results.
Richard Nemis, president and chief executive officer of Noront, states: "During a recent site visit by senior management of Noront to review the Double Eagle project, management is very pleased with the progress and recognizes that this project will be another of Noront's outstanding portfolio of excellent properties. We look forward to continuing with excellent results from the McFaulds Lake area as the drilling program continues."