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Symbol: NOT:TSX-V
Shares Outstanding: 163,631,957
Fully Diluted: 173,461,957
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TORONTO, Oct. 27 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to report newly obtained assay results and detailed modeling at the Blackbird deposits indicate a new, distinct gold zone at the Company's McFaulds Lake property in the James Bay lowlands, Ontario.
The "Triple J" zone has been drill traced over a 1.0 kilometre strike length to a depth of over 300 metres. A total of 44 holes define the zone to date. Gold mineralization is directly related to contact between granodiorite and peridotite and ranges in thickness from several centimeters to tens of metres. Gold grades range from 0.3 to 30.0 grams per tonne. Gold mineralization was encountered in holes targeting Eagle Two and the Blackbird deposits. In a number of cases holes encountered gold, nickel-copper and chromite mineralization in the same hole.
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All holes were drilled using NQ diameter core and sample intervals range
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from 10 centimetres to 2.5 metres.
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Highlights of the recently received drill results include:
HIGHLIGHTS:
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- Hole NOT-08-1G058 intersected 1.1 metres averaging 12.65 grams per
tonne gold
- Hole NOT-08-1G051 intersected 10.0 metres of 1.72 grams per tonne gold
- Including 4.4 metres of 3.43 grams per tonne gold
- Hole NOT-08-1G062 intersected 9.6 metres of 1.54 grams per tonne gold
- Including 4.4 metres of 3.04 grams per tonne gold
- Hole NOT-08-1G039 intersected 24.0 metres of 1.01 grams per tonne gold
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The Triple J zone was intersected during the definition drilling of the Eagle Two and Blackbird chromite deposits. Visual inspection of the core from the sheared contact zone has on several instances yielded visible gold. Based on these observations the Company plans to undertake a significant, sampling program focused on the granodiorite - peridotite contact in all the holes that intersect the contact and all subsequent holes. Since the samples taken to date were done so for nickel-copper sulphide or chromite mineralization results of the sampling program are not complete. However, results to date indicate a very consistently striking and dipping, large, low grade, gold deposit adjacent to the Blackbird and Eagle Two deposits.
Additional resampling work on all holes will be reported once results are available.
Noront's President and CEO, Wes Hanson, states: "The discovery of a discrete gold zone is further evidence of the robust potential of the Ring of Fire district. Gold has long been associated as part of our high grade nickel copper sulphide discoveries but until now, had not been identified as a distinct zone of mineralization." Mr. Hanson added: "No drilling is currently planned for the Triple J zone at this time. The Company's immediate objective remains the aggressive resource expansion at Eagle's Nest which is ongoing as of the date of this press release."
A complete list of all samples which intersected the Triple J zone is available on the Company's website
For further information on the McFaulds Lake property, please refer to the Company's NI 43-101 - Standards of Disclosure for Mineral Projects compliant technical report "Technical Report and Preliminary Economic Assessment on the Eagle One Deposit, Double Eagle Property, McFaulds Lake Area, James Bay Lowlands, Ontario" (effective: October 20, 2008) available on the Company's website and at
Four drills continue to delineate the Eagle's Nest along strike, down dip and to greater depths due to previously announced drilling capacity. Current drilling has traced portions of the Eagle's Nest deposit more than 100 metres along strike and indicates widths up to 50 metres. Results from the drilling will be released as they become available.
All drill holes are currently tested using Bore Hole Electro Magnetic geophysics to assist in the interpretation of the nickel-copper-PGE mineralization and to assist in targeting future drill targets. Since hole NOT-09-49, all drill holes targeting the Eagle's Nest have been angle holes planned to cross the vertically dipping mineralization along east-west cross sections parallel to east-west coordinate lines of the Universal Transverse Mercator (UTM) grid system. A surveyed (GPS Gradient) grid of east-west lines with UTM coordinates has been established on the surface to facilitate accurate orientation of the drill hole collars.
