Noront drills five m of 12.3 gpt Au at WindfaNoront drills five m of 12.3 gpt Au at Windfall Lake
2007-09-26 17:00 ET - News Release
Shares issued 98,847,807
NOT Close 2007-09-26 C$ 3.40
Mr. R. Nemis reports
NORONT RESOURCES LTD.: WINDFALL LAKE DRILLING ACTIVITY AND UPDATE
Noront Resources Ltd. has provided the following update of activity, including significant assay results of recent diamond drilling completed on the company's Windfall Lake project, situated in Urban township, Quebec.
Noront reports that two surface diamond drills have been used on the company's 100-per-cent-owned Windfall Lake property and on the contiguous property optioned from Murgor Resources Inc. and Freewest Resources Canada Inc. since May, 2007. Forty-nine diamond-drill holes, including three lost in overburden, have been completed on the combined properties, for a total of 9,870 metres. Drilling is continuing and some surface trenching is contemplated before year-end.
Permitting for the underground exploration ramp is under way in anticipation that surface work can be completed before freeze-up.
As expected in the drill plan, the seven diamond-drill holes, completed to assist in the design of the proposed underground exploration ramp, did not yield economic tenors of gold.
Five holes were completed to vertical depths of 700 to 820 m below surface over a 930 m strike length lying to the west of the discovery showing. Significant results from the first three are shown. Analytical results of the two remaining holes are pending. In addition, a further three holes were lost in overburden. These holes were designed to test the apparent downplunge extension of the mineralized zones cut in hole NOT-04-27 and lying to the west of the surface showings.
Drill hole Line Stn. Az. Dip Interval
(m) (m) (degrees) (degrees) (m) (m)
NOT-07-110 2000 W 440 N 150 degrees -63.6 degrees 796.00 801.00
NOT-07-115 1600 W 530 N 160 degrees -65 degrees 161.60 164.75
and 177.95 179.90
NOT-07-140 2280 W 020 S 150 degrees -70 degrees analyses pending
NOT-07-152 1500 W 524 N 150 degrees -65 degrees analyses pending
Drill Hole Length Gold
(m) (ft) (g/t) (opt)
NOT-07-110 5.00 16.4 12.30 0.36
NOT-07-115 3.15 10.3 1.82 0.05
and 1.95 6.4 41.19 1.20
The remaining 34 holes were designed to verify the limits of the mineralized area, assess structure, and define the attitude, correlation and character of mineralized structures particularly near NOT-06-100. Holes NOT-07-130, 143 and 145 reported significant intersections that lie within minus 100 m of the high-grade interval previously reported in NOT-06-100 (see press release in Stockwatch dated Dec. 1, 2006). Additional work, including diamond drilling, is required to determine whether these intersections represent persistent mineralized structures. Holes drilled near NOT-06-100 were designed to provide detailed geological information to guide the underground bulk-sampling program.
Drill hole Line Stn. Az Dip Interval
(degrees) (degrees) (m)
NOT-07-130 822 W 537 N 308 degrees -86 degrees 63.00 64.00
and 97.50 99.50
NOT-07-143 894 W 443 N 308 degrees -86 degrees 5.00 11.00
including 7.00 9.00
NOT-07-145 909 W 415 N 308 degrees -70 degrees 46.60 50.15
including 46.60 47.10
Drill hole Length Gold
(m) (ft) (g/t) (opt)
NOT-07-130 1.00 3.3 9.57 0.28
and 2.00 6.6 5.20 0.15
NOT-07-143 6.00 19.70 17.25 0.50
including 2.00 6.60 40.19 1.17
NOT-07-145 2.50 8.20 11.07 0.32
including 0.50 1.60 46.72 1.36
True widths of these intersections are not known at this time.
Assay samples are taken from (NQ) drill core sawed in half with one-half, packaged and delivered to the Bourlamaque Assay Laboratory located in Val d'Or, Que., for analysis. The remaining half core is stored in a secure location for future reference or further testing. The initial gold assay method comprises a 30-gram fire assay charge with an atomic-absorption finish. The upper detection limit of this method is 10 parts per million. Samples reporting greater than two grams per tonne gold are reassayed in duplicate using aliquots of the original pulp and of an additional split of the coarse rejects. The reassay method comprises a 30 g fire assay with a gravimetric finish.
Noront designates samples in batches of 20. Each batch includes a certified standard, a blank (currently silica gel) and a duplicate. Duplicate samples are prepared by quartering a sample and submitting the quarters under separate tag numbers. The assay laboratory also reports its internal standards and blanks. The Bourlamaque Assay Lab holds a certificate of laboratory proficiency for the analysis of gold issued under the proficiency testing program for mineral analysis laboratories which is administered by Canmet.
Gold assays are reported to the company in parts per million (ppm) and reported publicly by the company in grams per tonne (one ppm equals one gram). Conversion to ounces per ton on the table employs a factor of 34.285 grams per tonne equalling one troy ounce per short ton and core width of significant zones is also give in feet (one metre equals 3.28 feet).
Studies are continuing to determine the orientation, geometry and continuity of the gold-bearing zones and are part of Noront's proposed exploration program that includes surface drilling and a decline to access a number of gold-bearing zones for bulk sampling underground. It is the intention of this program to begin to define a gold resource (as per National Instrument 43-101 guidelines) and to further outline and evaluate the gold deposits found within the Windfall Lake project area.
One of the qualified persons responsible for overseeing and reviewing the technical data on the Windfall Lake project is Patrick Chance, PEng. The technical information prepared for disclosure in this Noront news release has been approved by Mr. Chance.
The current diamond-drill program using two diamond drills is being completed in an orderly fashion as determined by the company's geological team including Tracy Armstrong, PGeo (a qualified geologist in the province of Quebec) of P&E Mining Consultants.
Stock option grant
The company has secured the services of Mr. Chance, MSc, PEng, to supervise the continuing diamond-drill program at Windfall Lake, and the directors have approved and granted to Mr. Chance a stock option for 50,000 shares at an exercise price of $3.35 expiring on Sept. 25, 2012.
Noront Resources further wishes to advise that the acceleration clause has been triggered on 1,125,000 warrants at 25 cents issued to the private placement completed December, 2005. Accordingly, the expiry date of these warrants is now Oct. 26, 2007 (see press release in Stockwatch dated Dec. 21, 2005, for details).