Symbol: NOT:TSX-V
Shares Outstanding: 167,852,109
Fully Diluted: 179,169,260
TORONTO, March 9 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to provide an updated mineral resource estimate for the Eagle's Nest deposit, located at its McFaulds Lake Property in the James Bay Lowlands.
The Eagle's Nest deposit has more than tripled previously reported resources, and now contains:
- Indicated resource of 6.9 million tonnes grading 2.04% Ni, 0.95% Cu,
1.3 gpt Pt and 3.4 gpt Pd;
- Inferred resource of 4.3 million tonnes grading 1.42% Ni, 0.87% Cu,
0.8 gpt Pt and 3.4 gpt Pd;
At a 3.0% Ni cutoff, blocks included in the resource are:
- Indicated: 1.3 million tonnes grading 5.31% Ni, 2.16% Cu, 2.8 gpt Pt
and 7.6 gpt Pd;
- Inferred: 0.3 million tonnes grading 4.60% Ni, 1.17% Cu, 0.6 gpt Pt
and 6.3 gpt Pd;
Note: The resource at a 3% cutoff stated above represents a
tabulation of blocks above a 3% nickel grade.
The updated mineral resource is based on the exploration drilling completed during the 2009 field season, and encompasses the resource estimate for the Eagle One Deposit in the Company's NI 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant technical report "Technical report and Preliminary Economic Assessment on the Eagle One Deposit, Double Eagle Property, McFaulds Lake Area, James Bay Lowland, Ontario" (effective October 20, 2008), which was renamed Eagle's Nest upon discovering extensive mineralization directly below Eagle One.
During 2009, the Company drilled 26,040m at Eagle's Nest. The drilling was triggered by the discovery of additional mineralization beneath the initial resource known, at the time, as Eagle One. The extents of the mineralization were defined down to a depth of greater than 1,200m, more than four times the vertical length of Eagle One, and the Company's management committed to updating the resource estimate. Golder Associates was engaged to complete the resource update based on extensive experience and expertise in estimating nickel-copper-platinum group sulphide deposits.
These resource statements are based on an underground bulk mining assumption that the entire resource lying within the mineralized envelope will be mined, and the crown pillar recovered at the completion of the underground mining.
The extent of the mineralization now extends to a depth of approximately 1,200 metres from surface. The majority of the deposit remains open along strike to a depth of 1,200 metres and remains open down dip below 1,200 metres providing significant potential for further resource growth.
Contained within the resources stated are 'blocks above cutoff' at various grades in the tables below.
-------------------------------------------------------------------------
Indicated 'Blocks Above Cutoff'
-------------------------------------------------------------------------
CUTOFF TONNES Ni % Cu % Pt gpt Pd gpt Au gpt Ag gpt
-------------------------------------------------------------------------
0.5 5,943,512 2.31 1.08 1.45 3.82 0.18 3.08
-------------------------------------------------------------------------
1 4,841,619 2.67 1.23 1.64 4.35 0.2 3.47
-------------------------------------------------------------------------
2 2,299,495 3.98 1.71 2.28 6.03 0.24 4.5
-------------------------------------------------------------------------
3 1,250,402 5.31 2.16 2.8 7.63 0.28 5.45
-------------------------------------------------------------------------
4 842,337 6.21 2.52 2.81 8.9 0.33 6.31
-------------------------------------------------------------------------
5 600,292 6.91 2.82 2.9 9.94 0.38 6.97
-------------------------------------------------------------------------
6 399,372 7.64 3.17 2.92 11.09 0.44 7.79
-------------------------------------------------------------------------
7 259,562 8.24 3.36 2.8 11.96 0.5 8.26
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Inferred 'Blocks Above Cutoff'
-------------------------------------------------------------------------
CUTOFF TONNES Ni % Cu % Pt gpt Pd gpt Au gpt Ag gpt
-------------------------------------------------------------------------
0.5 4,050,123 1.5 0.91 0.83 3.6 0.25 3.54
-------------------------------------------------------------------------
1 2,650,781 1.88 1.11 0.9 4.21 0.28 4.24
-------------------------------------------------------------------------
2 685,490 3.28 1.25 0.71 5.39 0.21 4.8
-------------------------------------------------------------------------
3 280,372 4.6 1.17 0.56 6.33 0.14 4.32
-------------------------------------------------------------------------
4 164,931 5.4 1.19 0.52 7.14 0.12 4.43
-------------------------------------------------------------------------
5 91,834 6.12 1.22 0.47 7.93 0.1 4.62
-------------------------------------------------------------------------
6 44,672 6.81 1.21 0.45 8.81 0.05 4.9
-------------------------------------------------------------------------
7 15,870 7.52 1.15 0.42 9.22 0.05 4.69
-------------------------------------------------------------------------
Note: blocks at these cutoffs may not be contiguous, and do not
necessarily represent a Resource.
Noront's President and CEO, Wes Hanson, states: "We have delivered on our stated objective to triple the resource at Eagle One (Eagle's Nest) and believe this updated resource is adequate to consider mine development. We will be immediately soliciting bids from qualified engineering companies to complete a Preliminary Economic Assessment ("PEA") on the McFaulds Lake Project, considering both the Eagle's Nest (Ni, Cu, PGE) deposit and the Blackbird chromite deposit." Mr Hanson adds: "The resource at a 3% nickel cutoff remains suitable for direct shipping, a concept developed in the original PEA. Most importantly, the deposit remains open at depth and along strike, providing significant opportunity for potential resource increases."
The updated resource is based on 67 holes (3,998 metres) lying within the mineralized envelope. Drill hole spacing is approximately 30 metres for the Indicated Resource and 70 metres in the areas of Inferred Resource. The limits of the resource envelope were determined by the natural break in the mineralization at 0.3% Ni, and extends approximately 125 metres along strike, 1200 metres down-dip, and 35 metres in thickness. A block model was constructed and grades estimated using Ordinary Kriging methods with composite samples 1.5 metres in length. A strong correlation between Ni and Specific Gravity (95%) was observed, and density-weighting was used in the estimates. Grade variography on the individual elements reported were used to determine optimum search parameters used in the interpolations.
Golder Associates is currently in the process of completing a NI 43-101 compliant Technical Report supporting the estimate disclosed herein which will be filed with SEDAR and made available on the Company's website within 45 days of the date hereof.
The estimate of mineral resources may also be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues. There is no guarantee that Noront will be successful in obtaining any or all of the requisite consents, permits or approvals, regulatory or otherwise for the project or that the project will be placed into production.
For further information on the Eagle's Nest deposit, please refer to the Company's NI 43-101-Standards of Disclosure for Mineral Projects ("NI 43-101") compliant technical report "Technical report and Preliminary Economic Assessment on the Eagle One Deposit, Double Eagle Property, McFaulds Lake Area, James Bay Lowland, Ontario" (effective October 20, 2008)
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the McFaulds Lake Project, which includes grouping samples into batches of 35 into which are added 2, certified reference material standards, 2 field and pulp duplicates also form part of the quality control program. It can be said with confidence that all assays are reported in this Press Release have passed the strict quality control guidelines as set out by Noront's Qualified Person.
All samples taken since the August 2008 Resource Estimate, and used in this resource update, were analyzed by Activation Labs (Actlabs) of Ancaster, Ontario. The samples submitted to Actlabs were analyzed for multi-elements, including Ni and Cu using a four acid digestion and by ICP analysis. The samples that received base metal values greater than the upper limit for the method underwent further analysis using ICP-OES. For the Au, Pd and Pt, the assay methodology was Fire Assay on a 30 gram aliquot with an ICP finish. Silver was analyzed using a 3-acid digest with an ICP analysis. For more information on assay methodology please visit the Activation Laboratories Ltd. Website at http://www.actlabsint.com.
Preparation of this press release has been supervised by Noront's senior management including Jeremy Niemi, P.Geo. Vice President, Geology, who is a Qualified Person under Canadian Securities Administrators guidelines.
The contents of this press release have been read and approved by Mr. G. Greenough, P.Geo., Golder Associates, who is a Qualified Person under Canadian Securities Administrators guidelines.
About Noront: Noront Resources Ltd. is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite, gold and vanadium discoveries in an area known as the "Ring of Fire", an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for 2010. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com
Wesley (Wes) Hanson
President & Chief Executive Officer
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although Noront has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
%SEDAR: 00003339E