The Real NewsNoront's New Nickel/Copper Discovery Contains Significant Precious Group Elements
DOUBLE EAGLE PROJECT, JAMES BAY LOWLANDS, ONTARIO
TORONTO, ONTARIO--(Marketwire - Sept. 19, 2007) - Noront Resources Ltd. ("Noront")(TSX VENTURE:NOT) is pleased to announce additional assay results from the first hole of the diamond drilling program started on August 24, 2007 on its' recently optioned claims where Noront is earning a 100 % interest, subject to royalties, on the Company's Double Eagle project located in James Bay Lowlands, northeastern Ontario. (See press release dated May 27, 2007 for details of this agreement.)
HIGHLIGHTS
- Hole NOT-07-01 partial assay results, 36 meters averaging 1.84% Nickel, 1.53% Copper, includes 1.04 g/t Platinum, 2.87 g/t Palladium and 0.127 g/t Gold, more results to follow
- Drilling continues to explore new discovery
- Hole NOT-07-05 encounters massive chalcopyrite (copper sulphide), pyrrhotite (iron +/- nickel sulphide) and pentlandite (nickel sulphide) over 65.4 meters
- Detailed ground geophysical program underway
- Acquisition of additional claims surrounding the discovery area and elsewhere
As reported on September 10, 2007, the first hole of drill program NOT-07-01 intersected copper sulphide (chalcopyrite) and nickel sulphide (pentlandite and pyrrhotite) mineralization in a magmatic peridotite geological setting; the presence of significant platinum group metals in this mineralizing system has been confirmed, along with significant copper and nickel mineralization. The initial hole was drilled at -45 degrees and intersected the main part of the mineralization between 56 meters to 82 meters. The tenor of mineralization slowly waned beyond 82 meters to 122 meters downhole. The assays reported upon herein are for the first 26 samples from this hole that were selected between 55 meters and 92 meters, with additional sample results to follow. The hole averages 1.53 % copper, 1.84 % nickel, 1.04 g/t Pt(i) and 2.87g/t Pd(i) and 0.127 g/t Au over 36 meters between 56 and 92 meters downhole, being only the upper portion of the observed mineralized section. Please note that the Platinum and Palladium averages are not yet final.
(i)(Of the 26 samples submitted from the first section of hole NOT-07-01, all of the samples received initial assay of greater than 1 g/t Palladium, eleven of the samples received initial assays greater than 1 g/t Platinum. At present there are seven samples that are still pending having received preliminary analysis of greater than 1 g/t for Palladium of which 2 samples have received preliminary assays greater than 1 g/t Platinum. The weighted averages reported herein were determined using 1 g/t for Platinum and Palladium as a default for the weighted average calculation for those samples that received greater than 1 g/t assays in the first pass.) As stated in the earlier releases the observed mineralization continued beyond this "RUSH" sample interval to 122 meters, assays are still pending for the remainder of this hole as well as those mentioned above. All remaining samples for this hole are in the lab, but even though "rush analysis" has been requested, due to the backlog of samples, it is uncertain when the remaining samples will be completed. These will be released immediately upon receipt from the laboratory.
Four additional holes have been completed on the Double Eagle project. Hole NOT-07-02 as previously announced (August 29, 2007) was drilled from the same drill collar location as hole NOT-07-01 with an initial dip of -65 degrees. This hole entered the mineralized zone at 91.3 meters core length and remained in the mineralized zone until 164.2 meters core length (72.9 meters) undercutting hole NOT-07-01. Hole NOT-07-03 and NOT-07-04 were positioned 100 meters to the northeast and southwest of the first two holes respectively. These holes failed to intersect the mineralized zone and were in granodiorite for the entire length. These two holes were designed to test the northeastern and southwestern extension of the electromagnetic and magnetically rendered anomaly. It has been interpreted, from the existing geophysics and geological observations, that these holes respectively undercut and overcut the mineralized zone observed in the first two holes. New grid lines have now been cut, oriented in two directions normal to each other, where detailed ground magnetic and horizontal loop electromagnetic surveys are underway. In addition, MISSE A LA MASSE (MALM) borehole and surface surveys are underway to provide 3D mapping of this occurrence, results of which will be used to facilitate a more detailed interpretation of the sulphide target.
Hole NOT-04-05, observed to be the most significant hole to date, was positioned 50 meters 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 6 meters of overburden and one meter of limestone, peridotite with interstitial chalcopyrite, pyrrhotite and pentlandite was encountered to a core depth of 47.4 meters. Between 47.4 and 112.6 meters massive chalcopyrite, pyrrhotite and pentlandite was observed. Then from 112.6 to 123.3 meters peridotite with interstitial chalcopyrite and pyrrhotite was observed. Between 123.3 and 124.4 meters, another massive section of chalcopyrite, pyrrhotite and pentlandite was observed. The hole then remained in peridotite until 127.4 meters core length, then entered granodiorite until the end of the hole at 143.4 meters.
Hole NOT-07-06 is underway, it is being drilled from the east to undercut Hole NOT-07-5 that was drilled down dip, returning core length intersections not representing true width. The positioning of this latest drill hole is designed to give a better represention of deposit attitude. True width of the PGM enriched nickel-copper sulphide body is not yet determined.
The aforementioned assay and sample information, as well as geological descriptions are taken from drill logs as prepared by site geologists for the drill program, Dr. Howard Lahti, P.Geo., of Fredericton, New Brunswick and Mike Kilborne. Billiken Management Services Inc. is providing all services on site for the Noront Double Eagle Project, from their base camp at MacFaulds Lake.
The first 26 samples from Hole NOT-07-01 were selected, and sealed and readied for immediate shipment to ALS Chemex laboratory in Thunder Bay Ontario, they were assigned a "RUSH ASSAY" request. All of the remaining samples from this hole as well as holes 2 through 5, have now also been assigned a "RUSH ASSAY" request. Results will be released as soon as they are available. All samples reported upon herein were selected by Dr. Howard Lahti, P.Geo., and were cut in half by diamond core saw. Individual samples were labeled, 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, Ontario. 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 multi-element analysis using ALS Chemex assay procedure ME-MS61, and PGM MS24 for Au, Pt, and Pd. When samples received over-limit values they underwent further analysis using ALS Chemex assay procedure Cu-OG62 (for copper) and Ni-OG62 (for nickel), and PGM - ICP27 (for gold, platinum and palladium). The reader is referred to: www.alschemex.com for details of analytical procedures.
In light of this exciting discovery, Noront has begun an aggressive staking campaign. To date, 112 units in 7 claims have been staked and recorded in the immediate area of the discovery. An additional 842 units are pegged and in the process of being recorded. Additional staking in the area is underway.
Richard Nemis, president and CEO of Noront states: "The presence of precious group metals in this new nickel - copper bearing occurrence undoubtedly adds to the value of the Double Eagle project. We are anxiously awaiting the assay results from the lab and will report these as soon as they are available."
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".
This press release has been prepared by management of Noront Resources Ltd., it has been approved for dissemination by Neil Novak P.Geo., a director of Noront, being a Qualified Person under Canadian Securities guidelines.
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 95,378,607 shares issued to date.
Investors are invited to visit the Noront Resources IR Hub at 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.