Not area play blasted off today:
Noront Resources Ltd (C-NOT) - News Release
Noront drills 135.2 m of 1.65% Ni at Eagle's Nest
2009-11-19 08:22 ET - News Release
Shares issued 163,631,957
NOT Close 2009-11-18 C$ 1.50
Mr. Wes Hanson reports
NORONT RESOURCES INTERSECTS HIGH GRADE PLATINUM, DRILLING NOW CONFIRMS CONTINUITY AT EAGLE'S NEST
Noront Resources Ltd. is providing newly obtained assay results of completed drill holes from the company's Eagle's Nest deposit at the McFauld's Lake property, located within the Ring of Fire mineral district. The results are from the continuing drilling, which continues to expand and define the extents of the mineralization at Eagle's Nest.
Five holes intersecting the Eagle's Nest mineralization are being reported herein. All five of the holes exhibit significant assay results, including intersections of massive mineralization. The company notes that hole NOT-09-070-W1 intersected unusually high platinum grades within the massive sulphide mineralization.
Assay highlights:
Hole No. NOT-09-070-W1 intersected 22.8 metres averaging 4.41 per cent nickel, 2.38 per cent copper, 28.07 grams per tonne (gpt) platinum and 7.95 gpt palladium;
Including 8.4 metres averaging 1.19 per cent nickel, 1.46 per cent copper, 68.78 gpt platinum and 7.55 gpt palladium;
Also including 8.0 metres averaging 7.41 per cent nickel, 2.19 per cent copper, 0.18 gpt platinum and 9.33 gpt palladium;
Hole No. NOT-09-068-W1 intersected 135.2 metres averaging 1.65 per cent nickel and 0.8 per cent copper (platinum and palladium pending);
Hole No. NOT-09-064 intersected 53.1 metres averaging 1.94 per cent nickel, 0.95 per cent copper, 0.60 gpt platinum and 3.85 gpt palladium;
Including 13.2 metres averaging 4.98 per cent nickel, 1.92 per cent copper, 0.07 gpt platinum and 6.71 gpt palladium.
Drilling results continue to expand the size of the Eagle's Nest deposit and have definitively filled in all remaining gaps along the vertical length defining the mineralization to a depth of below 1,000 metres. Hole NOT-09-068-W1 was targeted to completely fill in the gap between what were formerly known as the B and C lenses at Eagle's Nest. In addition, hole NOT-09-070-W1 intersected significant massive mineralization, including the highest platinum grades encountered to date at Eagle's Nest. The massive sulphide zone is taking shape and is close to being defined along the down-dip length of the deposit.
Wes Hanson, Noront's chief executive officer, states: "We continue to aggressively expand the resource potential at Eagle's Nest. We strongly believe that we have delivered on our stated target of tripling the Eagle One resource. Our drilling has established that the Eagle's Nest deposit is continuous from surface to depths below 1,000 metres and the mineralization over most of that distance remains open along strike as well as at depth. Our geological team currently estimates between 10 million and 15 million tonnes of mineralized material at Eagle's Nest averaging approximately 2.0 per cent nickel, 1.0 per cent copper, one to two gpt platinum and three to five gpt palladium, consistent with the grades estimated in the existing National Instrument 43-101 resource estimate for Eagle One. More importantly, the geometry of the deposit is ideally suited for underground mining, which eliminates the need for expensive dikes and surface dewatering systems inherent to any open-pit mining in this region of Canada.
"We will be inviting qualified, independent engineering firms to bid on updating the Eagle's Nest resource estimate and plan to award this work by January, 2010."
The accompanying table summarizes the results of the five holes disclosed herein.
DRILL HOLE SUMMARY
From To Int. Mineralization Ni Cu Pt Pd
Hole ID (m) (m) (m) type (%) (%) (gpt) (gpt)
NOT-09-053-W5(1) 933.0 1,020.6 87.6 Net textured/ 1.83 1.84 1.44 4.2
massive
NOT-09-053-W6 727.9 785.0 57.1 Net textured/ 1.89 0.85 1.06 4.54
massive
NOT-09-064 1,079.3 1,132.5 53.1 Net textured/ 1.94 0.95 0.60 3.85
massive
including 1,104.5 1,117.7 13.2 Massive 4.98 1.92 0.07 6.71
NOT-09-068-W1 683.0 818.2 135.2 Net textured 1.65 0.80 Results
pending
NOT-09-070-W1 607.6 630.4 22.8 Massive 4.41 2.38 28.07 7.95
including 607.6 613.3 5.7 Massive 5.78 4.42 37.87 8.26
including 612.8 621.2 8.4 Massive 1.19 1.46 68.78 7.55
including 622.4 630.4 8.0 Massive 7.41 2.19 0.18 9.33
(1) NOT-09-053-W5 ended in mineralization and reached drill depth capacity.
The mineralized intervals do not represent true widths, which cannot be determined at this time. Due to extremely high platinum results encountered in hole NOT-09-070-W1, these samples are being rerun, although the results did pass quality control protocols. Missing platinum and palladium results in hole NOT-09-068-W1 will be reported when they become available. Hole NOT-09-070 encountered drilling problems prior to intersecting the mineralization and was stopped with the target intersected by wedging with hole NOT-09-070-W1.
Please refer to Noront's website to view an updated surface plan showing the location of the drill hole collars and a horizontal trace of their paths. Also on Noront's website is an updated longitudinal section showing the pierce points and traces of the mineralized intersections through the Eagle's Nest, and the projected outline of the mineralization zones.
Jeremy Niemi, Noront's vice-president, geology, notes: "We are very encouraged by having confirmed that the Eagle's Nest is in fact a single continuous zone from surface down to below 1,000 metres. Along with expanding the limits along strike and at depth, we are also specifically targeting the massive mineralization, which is showing indications of being a single, consistent zone with a predictable orientation. Exciting times for the Noront exploration team."
AT12 update
Drilling at AT12 is proceeding as planned and results will be reported in the coming weeks, as they are available from the lab and approved by Noront's quality control manager.
Independent quality control and analytical protocol
A thorough quality control program has been in effect for the Eagle's Nest project, which includes grouping samples into batches of 35, into which are added two certified reference material standards. Two field and pulp duplicates also form part of the quality control program. It can be said with confidence that all assays reported in this press release have passed the strict quality control guidelines as set out by Noront's independent qualified person.
All samples reported upon herein were completed by Activation Laboratories Ltd. (Actlabs), of Ancaster, Ont. The samples submitted to Actlabs were analyzed for multielements, including nickel and copper, 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 gold, palladium and platinum, the assay methodology was fire assay on a 30-gram aliquot with an ICP finish. Silver was analyzed using a three-acid digest with an ICP analysis. For more information on assay methodology please visit the Activation Laboratories website.
Preparation of drilling results in this press release has been supervised by Noront's senior management, including Mr. Niemi, PGeo, vice-president, geology, who is a qualified person under Canadian securities administrators guidelines. At the current stage of exploration there is insufficient drilling to determine the extent of continuity of the mineralization required to define a mineral resource for all mineralization at the Eagle's Nest deposit. Noront anticipates delivering an updated mineral resource in the second half of 2010.
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