gsfl
12 years ago
Noront Announces Additional Drill Results at McFaulds Lake
TORONTO, ONTARIO--(Marketwire - July 9, 2012) - Noront Resources Ltd. ("Noront" or the "Company") (TSX VENTURE:NOT) is pleased to announce drill results from the winter exploration program at its McFaulds Lake Property, James Bay Lowlands, Ontario.
HIGHLIGHTS
AT12
NOT-12-AT12-002 10.3 metres averaging 1.02% Ni, 0.23% Cu, 0.31 g/t Pt and
1.47 g/t Pd;
NOT-12-AT12-003 12.2 metres averaging 0.89% Ni, 0.34% Cu, 0.39 g/t Pt and
2.04 g/t Pd;
Wes Hanson, President and CEO notes: "The winter drill program successfully intersected nickel sulphide mineralization at AT2 that previous airborne geophysical surveys had not identified. Drilling at AT12 intersected long, down-hole intervals averaging from 0.2% to 0.7% nickel within an ultramafic intrusive measuring approximately 200 metres in width and has been traced over a strike length of 1,200 metres to an average depth of 400 metres. The resulting exploration target (1) may host 150 to 300 million tonnes of 0.25% nickel. Within this exploration target are zones of higher-grade nickel sulphide mineralization with associated copper, platinum and palladium, ranging from 1.0% to 4.0% nickel. The Company is currently examining these high grade intersections relative to the geological model developed for the camp to determine the geological continuity of these zones, an effort that will continue throughout the summer." Mr. Hanson adds: "The Company is also actively evaluating the potential economic benefit(s) related to recent government of Ontario announcements on infrastructure development in northwestern Ontario. Provincial participation in infrastructure development is welcomed news as is participation by other industry partners."
1. The reader is cautioned that:
a. the potential quantity and grade is conceptual in nature;
b. there has been insufficient exploration to define a mineral
resource; and
c. it is uncertain if further exploration will identify a mineral
resource.
REGIONAL EXPLORATION
In March the Company announced that it had completed exploration drilling of select ground based geophysical targets at AT2 and AT12 that were cross-validated by bore hole electro-magnetic surveys ("BHEM") and the Company's geological model.
Three holes at AT2 tested buried targets which were identified 150 to 350 metres below surface and 150 to 200 metres east of the previously identified nickel sulphide mineralization at Eagle Two.
Three holes at AT12 tested a buried target which was identified 100 to 200 metres below surface.
The Company is pleased to report that all six holes intersected low-grade nickel sulphide mineralization, suggesting that the ground based geophysical surveys are a valuable exploration tool going forward. This system has dramatically increased the Company's success rate in testing multiple targets within the Ring of Fire claims for nickel sulphide mineralization. The fact that all holes from the late winter program intersected nickel sulphide mineralization is a significant improvement from past drill programs.
Eagle Two Area (AT2):
Holes NOT-12-1G001 and NOT-12-1G002A tested a geophysical response identified approximately 150 to 200 metres east of Eagle Two. Both holes intersected multiple lenses of low grade nickel sulphide mineralization.
Hole NOT-12-1G003 was drilled further to the northeast to intersect a second geophysical target with a coincident BHEM response. This hole intersected 8.0 metres of low-grade nickel sulphide mineralization and included an interval grading 1.2% Ni over 0.9 metres.
An updated plan map noting the location of the three drill holes is available on the Company's website. http://www.norontresources.com/find/id/64/1l
Table 1 summarizes the results at Eagle Two (AT2).
TABLE 1
----------------------------------------------------------------------------
HOLE ID FROM TO INTERVAL Ni Cu Pt Pd
(metres) (metres) (metres) (%) (%) (g/t) (g/t)
----------------------------------------------------------------------------
NOT-12-1G001 356.50 376.00 19.50 0.279 0.028 0.048 0.181
and 410.00 415.50 5.50 0.290 0.005 0.153 0.535
and 453.00 476.90 23.90 0.162 0.050 0.366 0.754
and 519.00 552.00 33.00 0.308 0.014 0.034 0.148
NOT-12-1G002A 390.50 407.40 16.90 0.227 0.055 0.062 0.274
and 469.60 471.77 2.17 0.552 0.059 0.052 0.145
and 553.20 557.50 4.30 0.239 0.006 0.044 0.134
and 615.00 618.00 3.00 0.273 0.007 0.025 0.100
and 839.50 844.00 4.50 0.218 0.000 0.210 0.426
NOT-12-1G003 522.50 527.80 5.30 0.213 0.018 0.073 0.214
and 541.68 549.50 7.82 0.339 0.021 0.085 0.429
including 544.45 545.35 0.90 1.200 0.108 0.301 2.470
and 628.47 663.50 35.03 0.209 0.032 0.174 0.458
including 650.75 666.00 15.25 0.258 0.032 0.183 0.574
----------------------------------------------------------------------------
The intervals above represent down-hole intervals, true widths are not known
at this time.
AT12 Area:
Holes NOT-12-AT12-001, 002 and 003 all tested a geophysical target identified at AT12 with a coincident BHEM response. All three holes intersected low-grade nickel sulphide mineralization over intervals ranging from 10.0 to 60.0 metres down hole and averaging from 0.2% to 0.7% nickel content. Minor intervals, ranging from a few metres to less than a metre, returned higher grade mineralization, consistent with results elsewhere at AT12.
The results, summarized in Table 2, confirm that AT12 has potential as a large tonnage, low-grade source of additional mill feed to augment throughput from the Eagle's Nest deposit.
An updated plan map noting the location of the three drill holes is available on the Company's website. http://www.norontresources.com/find/id/63/Gr
TABLE 2
----------------------------------------------------------------------------
HOLE ID FROM TO INTERVAL Ni Cu Pt Pd
(metres) (metres) (metres) (%) (%) (g/t) (g/t)
----------------------------------------------------------------------------
NOT-12-AT12-001 253.00 311.46 58.46 0.228 0.044 0.099 0.327
and 392.70 438.50 45.80 0.435 0.181 0.149 0.584
including 419.80 420.64 0.84 1.030 1.590 0.305 1.820
NOT-12-AT12-002 326.69 344.50 17.81 0.721 0.170 0.243 1.120
including 326.69 337.00 10.31 1.019 0.225 0.306 1.470
including 326.69 332.50 5.81 1.365 0.263 0.324 1.601
and 628.50 633.00 4.50 0.231 0.092 0.057 0.343
NOT-12-AT12-003 318.78 367.00 48.22 0.445 0.135 0.215 0.931
including 318.78 331.00 12.22 0.889 0.343 0.385 2.043
including 337.00 367.00 30.00 0.315 0.074 0.174 0.607
including 343.00 358.00 15.00 0.408 0.099 0.240 0.842
and 410.33 418.00 7.67 0.450 0.168 0.216 0.389
including 410.33 410.86 0.53 2.870 1.510 1.570 2.050
and 561.30 617.00 55.70 0.328 0.104 0.134 0.430
and 648.00 686.00 38.00 0.269 0.046 0.103 0.306
----------------------------------------------------------------------------
The intervals above represent down-hole intervals, true widths are not known
at this time.
The Company will be completing geotechnical, metallurgical and condemnation drill programs over the summer and fall field season. No exploration drilling is planned at this time.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
Nickel, copper, platinum, palladium, gold and silver
All holes are systematically logged, sampled and shipped under strict chain of custody procedures to Activation Labs ("Actlabs") in Thunder Bay, ON for sample preparation and initial analyses. 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 one blank, two internationally certified reference materials ("ICRMs"), one quarter sawn field duplicate, a coarse reject duplicate and a pulp duplicate. The pass/fail criteria demands that if the measured concentrations of the ICRMs exhibit a difference greater than three standard deviations above or below the established mean grade of the ICRM the entire batch is considered to have failed and must be re-analysed.
All samples reported upon herein were submitted to Activation Labs ("Actlabs") of Ancaster, Ontario, for multi-element analysis. Nickel and copper were analyzed using a four acid digestion method. Samples returning values exceeding the established limits are subjected to ICP-OES analysis.
Gold, platinum and palladium are analyzed using standard fire assay procedure based on a 30 gram aliquot with an ICP finish. Silver analyses are completed using a 3-acid digestion method with an ICP finish. For more information on assay methodology please visit the Actlabs website at http://www.actlabsint.com.
For further information on the McFaulds Lake Project, please refer to the following NI 43-101 compliant technical reports:
"Technical Report and Resource Estimate, McFaulds Lake Project, James Bay Lowlands, Ontario Canada" (effective April 18, 2011) and
"NI 43-101 Technical Report, Pre-Feasibility Study, McFaulds Lake Property, Eagle's Nest Project, James Bay Lowlands, Ontario, Canada" (effective date August 23, 2011) both of which are available on the Company's website (www.norontresources.com) and SEDAR (www.sedar.com).
The content of this Press Release has been reviewed by Mr. M. Downey, P.Geo., Senior Geologist, Noront Resources Ltd., a qualified person as per Canadian Securities Administrators guidelines.
About Noront: Noront Resources Ltd. is focused on developing the high-grade Eagle's Nest nickel-copper-platinum-palladium deposit, the exploration and development of the Blackbird chromite discovery and regional exploration for additional mineral deposits within it's large, highly prospective land position in an area known as the "Ring of Fire", an emerging multi-metals camp located in the James Bay Lowlands of Ontario, Canada.
For further information please access the Company's website at www.norontresources.com or search the Company's publically filed documents at www.sedar.com.
Wesley (Wes) Hanson, President & Chief Executive Officer
gsfl
13 years ago
Noront triples chromite resource in Ring of Fire
TORONTO, March 20, 2012 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSXV: NOT) is pleased to announce an updated, independent Mineral Resource Estimate for it's 100% owned Blackbird chromite deposit at the Company's McFaulds Lake Project, in the Ring of Fire, James Bay Lowlands, Ontario.
Micon International Ltd. ("Micon"), an independent consulting engineering company, completed the resource estimate. The estimate is classified according to the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards on Mineral Resources and Mineral Reserves which have been incorporated by reference in the Canadian Securities Administrators ("CSA") National Instrument 43-101, Standards for Disclosure for Mineral Projects.
HIGHLIGHTS:
Measured Resource: 9.3 M tonnes averaging 37.44% Cr2O3 and 2.00 Cr:Fe
Indicated Resource: 11.2 M tonnes averaging 34.36% Cr2O3 and 1.95 Cr:Fe
Measured and Indicated Resource: 20.5 M tonnes averaging 35.76% Cr2O3 and 1.97 Cr:Fe
Inferred Resource: 23.5 M tonnes averaging 33.14% Cr2O3 and 1.97 Cr:Fe
Wes Hanson, CEO of Noront states: "Drilling at Blackbird exceeded expectations, resulting in a tripling of the previous resource estimate at Blackbird but more importantly, converting a large percentage of the deposit to the measured and indicated classification. The updated estimate demonstrates that Blackbird is similar in size and grade to the nearby Big Daddy and Black Thor chromite deposits. The close proximity of Blackbird to our flagship Eagle's Nest nickel sulphide deposit offers exceptional synergies as both deposits can be exploited using the same underground infrastructure, limiting the incremental capital cost while minimizing the environmental footprint. The Company intends to complete an internal evaluation of a northwest Ontario based mine, mill and smelter facility capable of producing between 200,000 and 250,000 tonnes of high quality ferrochrome annually, approximately equal to current North American imports, which originate from South Africa."
RESOURCE PARAMETERS AND METHODOLOGY
The resource database comprises 119 drill holes. Chromite grades were capped at 45% Cr2O3. A cut-off grade of 30% Cr2O3 (with allowance of internal waste to respect geological continuity) was selected to allow for reasonable prospects of economic extraction by comparison with current world producers (e.g. in Finland,
Turkey, South Africa, etc). An Inverse Distance Cubed ("ID3") interpolation method was used to estimate model grades. ID3 provides a fairly high level of selectivity, which ensured zones with internal waste remained distinct. The resource model was validated visually by sectioning, and by domain statistical validation and swath plots.
The updated resource estimate focused mainly on massive chromite lenses. Numerous, small, intercalated chromite lenses identified in previous estimates constitute only 13% of the Inferred resource.
The Micon staff with responsibility for this resource estimate are Messrs Charley Z. Murahwi, M.Sc., P. Geo., FAusIMM and Alan J. San Martin, MAusIMM(CP). Both are Qualified Persons as defined in NI 43-101, and are independent of Noront Resources Limited. Micon acknowledges that it has read this press release and there are no errors contained herein.
A Technical Report documenting the updated estimate will be available on SEDAR and the Company's website within 45 days.
REGIONAL EXPLORATION:
The Company is currently completing the final holes of the 2012 winter drill program at McFaulds Lake. The focus of the winter drilling was to test for the potential for new nickel sulphide mineralization at new geophysical targets highlighted by the Company's recently completed ground based geophysics.
Targets at AT12 and AT2 were drilled and the Company is currently awaiting analytical results, which are expected in the next six to eight weeks.
EAGLE'S NEST PROJECT
The Company is assembling the final costs for the Eagle's Nest Feasibility Study, which is scheduled for release in a few weeks. Analyst consensus pricing for nickel, copper, platinum and palladium have been steadily increasing over the past year which is expected to have a favourable impact on the economics of the project.
COMMUNITY CONSULTATION
The Company has held seven separate community open houses throughout northwestern Ontario including Thunder Bay, Ignace, Pickle Lake, Eabametoong, Mishkeegogamang, Neskantaga and Webequie. Attendance has been robust and the communities have shown great interest in Noront's future plans. The Company intends to continue holding community open houses throughout northwestern Ontario as it continues to advance its flagship Eagle's Nest Project towards commercial production in 2016.
At the recent Prospectors and Developers Association of Canada ("PDAC") Annual Convention in March, the Eabametoong, Neskantaga, Nibinamik and Webequie First Nations signed an agreement pledging to work together to develop an East West Corridor to the Ring of Fire. Final routing is yet to be determined but the Company is encouraged to see the First Nations communities becoming increasingly involved in infrastructure development in the Ring of Fire.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
Chromite
All holes are systematically logged, sampled and shipped under strict chain of custody procedures to Activation Labs ("Actlabs") in Thunder Bay, ON for sample preparation and initial analyses utilizing fusion X-ray fluorescence ("XRF") methods.
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 one blank, three internationally certified reference materials ("ICRMs"), one quarter sawn field duplicate, a coarse reject duplicate and a pulp duplicate. The pass/fail criteria demands that if the measured concentrations of the ICRMs exhibit a difference greater than three standard deviations above or below the established mean grade of the ICRM the entire batch is considered to have failed and must be re-analysed.
It can be said with confidence that all assays have passed the strict quality control guidelines established by Noront's Qualified Person.
For more information on assay methodology please visit the Actlabs website at http://www.actlabsint.com or reference the Company's NI-43-101 technical report "Technical Report on the Mineral Resource Estimate for the Blackbird Chromite Deposit, James Bay Lowlands, Ontario, Canada" (effective January 22. 2010) available on the Company's website and at www.sedar.com.
Nickel, copper, platinum, palladium, gold and silver
All holes are systematically logged, sampled and shipped under strict chain of custody procedures to Activation Labs ("Actlabs") in Thunder Bay, ON for sample
preparation and initial analyses. 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 one blank, two internationally certified reference materials ("ICRMs"), one quarter sawn field duplicate, a coarse reject duplicate and a pulp duplicate. The pass/fail criteria demands that if the measured concentrations of the ICRMs exhibit a difference greater than three standard deviations above or below the established mean grade of the ICRM the entire batch is considered to have failed and must be re-analyzed.
All samples reported upon herein were submitted to Activation Labs ("Actlabs") of Ancaster, Ontario, for multi-element analysis. Nickel and copper were analyzed using a four acid digestion method. Samples returning values exceeding the established limits are subjected to ICP-OES analysis.
Gold, platinum and palladium are analyzed using standard fire assay procedure based on a 30 gram aliquot with an ICP finish. Silver analyses are completed using a 3-acid digestion method with an ICP finish. For more information on assay methodology please visit the Actlabs website at http://www.actlabsint.com.
For further information on the McFaulds Lake Project, please refer to the Company's NI 43-101 compliant technical report "Technical Report and Resource Estimate, McFaulds Lake Project, James Bay Lowlands, Ontario Canada" (effective April 18, 2011) available on the Company's website and at www.sedar.com.
gsfl
13 years ago
Noront identifies New Nickel Mineralization at McFaulds Lake Project and Provides Project Update
TORONTO, Feb. 6, 2012 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to announce the remaining results from the Company's 2011 exploration program and to provide an update on the Eagle's Nest Project at the Company's McFaulds Lake Project, in the Ring of Fire, James Bay Lowlands, Ontario.
HIGHLIGHTS:
Nickel sulphide
NOT-11-1G243 intersected 37.3 metres averaging 0.26% Ni, 0.10% Cu, 0.19 g/t Pt and 0.62 g/t Pd
NOT-11-1G244 intersected 2.9 metres averaging 1.01% Ni, 0.02% Cu, 0.03 g/t Pt and 0.05 g/t Pd.
Chromite
NOT-11-1G231 intersected 8.2 metres averaging 39.63% Cr2O3 at a 1.94:1 Cr to Fe ratio;
NOT-11-1G236 intersected 6.1 metres averaging 42.19% Cr2O3 at a 2.21:1 Cr to Fe ratio and
NOT-11-1G239 intersected 11.5 metres averaging 35.88% Cr2O3 at a 2.01:1 Cr to Fe ratio
Wes Hanson, CEO of Noront states: "While drilling to increase the chromite resource at Blackbird continued to return excellent results, the discovery of two new zones of nickel sulphide mineralization, within 500 metres of Eagle's Nest, highlights the tremendous exploration potential of this area. Both zones of nickel sulphide mineralization were identified by a new, ground based geophysical survey that was completed in November. In light of the results, Management decided to expand the survey area to include the Eagle Two and AT12 areas and raised additional flow through funds to drill test the resulting targets during the first quarter of 2012." Mr. Hanson also added: "The Eagle's Nest Feasibility Study is progressing on time and on budget as is the resource update and Preliminary Assessment of the Blackbird chromite deposit. We continue to work closely with all levels of government to identify an environmentally and socially responsible plan for infrastructure development in northwestern Ontario that will allow Noront to meet its objective of commercial nickel production by 2016."
REGIONAL EXPLORATION:
The Company initiated a ground based geophysical survey near the Eagle's Nest deposit in October 2011. The survey established the geophysical signature of the Eagle's Nest deposit, which was then used to evaluate the area around the Eagle's Nest deposit for potential nickel sulphide targets. Multiple targets were identified. All of the targets identified were buried targets, within two to three hundred metres from surface. Three of the buried targets were selected for drill testing based on the strength of the geophysical response and the fit of the target within the litho-structural model of the Eagle's Nest area.
Drilling was completed in early December and visual observation of the core indicated that two of the three holes had intersected nickel sulphide mineralization, suggesting the new geophysics successfully identified previously unrecognized nickel sulphide mineralization. The Company's geologists and geophysical advisors believe the new geophysical survey accurately identifies buried nickel sulphide mineralization that airborne surveys of the camp could not detect.
Management decided to expand the geophysical survey area to include the Eagle Two and AT12 targets. Field work commenced in early December and continued until early January, 2012. Initial post processing of the geophysical data has identified multiple targets at AT12 and additional targets close to Eagle's Nest that have not been drill tested. The Company is currently drilling these targets and plans to complete the initial drill program in the first quarter of 2012.
In January 2012, analytical results from the three-hole drill program were received and the results confirmed the presence of nickel sulphide mineralization. Hole NOT-11-1G243 intersected over 37 metres of low-grade nickel sulphide mineralization, 250 metres south of the Eagle's Nest deposit, at a depth of approximately 250 metres from surface. Individual samples within this interval returned much higher nickel, platinum and palladium grades over smaller intervals. Hole NOT-11-1G244 intersected 1.0% nickel over an approximate 3.0 metre core interval on a separate zone 250 metres south of the mineralization intersected in Hole NOT-11-1G243.
An updated plan map noting the location of the three drill holes is available on the Company's website. http://www.norontresources.com/find/id/61/z1
The following Table summarizes the results of the three drill holes.
HOLE ID FROM TO INTERVAL Ni Cu Pt Pd
(metres) (metres) (metres) (%) (%) (g/t) (g/t)
NOT-11-1G243 384.00 421.32 37.32 0.263 0.102 0.189 0.622
including 393.00 396.52 3.52 0.349 0.183 0.602 0.842
and 396.00 396.52 0.52 0.252 0.386 2.700 0.761
including 398.30 400.78 2.48 0.278 0.134 0.105 0.740
including 405.69 413.50 7.81 0.310 0.136 0.222 1.087
and 405.69 407.67 1.98 0.385 0.325 0.354 1.870
and 407.36 407.67 0.31 1.000 1.000 0.753 4.430
including 411.00 413.50 2.50 0.361 0.090 0.246 1.411
including 446.00 451.00 5.00 0.271 0.050 0.091 0.575
NOT-11-1G244 254.90 257.81 2.91 1.013 0.015 0.025 0.050
including 254.90 255.17 0.27 9.860 0.120 0.018 0.060
NOT-11-1G245 No significant results
The intervals above represent down-hole intervals, true widths are not known at this time.
BLACKBIRD DRILL RESULTS
The major focus of the Company's 2011 drill campaign was directed towards increasing the Company's chromite resource base. A total of 44 holes (22,243 metres) were drilled and 37 holes intersected significant chromite mineralization. Many of the holes intersected chromite mineralization external to the previously defined limits of the Company's current chromite resource. Company geologists believe that the drill campaign successfully expanded the Blackbird chromite lenses along strike to the north and down dip to 500 metres from surface.
The Company previously reported results for 15 holes on September 13, 2011 and for an additional 16 holes on November 1, 2011.
The following Table presents the assay results of the final 13 holes from the Blackbird drill program.
HOLE ID FROM TO INTERVAL Cr2O3Cr:Fe
(metres) (metres)(metres) (%)
NOT-11-1G230 206.61 209.16 2.55 34.20 1.34
NOT-11-1G231 6.75 9.43 2.68 29.54 1.71
and 211.90 220.10 8.20 39.63 1.94
NOT-11-1G232 No significant results
NOT-11-1G233 7.75 9.67 1.92 34.90 1.96
NOT-11-1G234 No significant results
NOT-11-1G235B 458.51 472.04 13.53 31.23 1.82
including 462.18 465.41 3.23 38.40 2.00
including 465.61 469.97 4.36 33.71 1.87
including 470.60 472.04 1.44 35.54 1.78
and 473.37 474.81 1.44 32.83 1.71
NOT-11-1G236 5.48 6.84 1.36 31.92 1.88
and 13.69 15.40 1.71 33.34 1.91
and 193.52 199.58 6.06 42.19 2.21
NOT-11-1G237 15.56 16.52 0.96 29.03 1.80
NOT-11-1G238 30.34 31.53 1.19 30.81 1.94
and 339.39 342.04 2.65 36.83 1.57
NOT-11-1G239 475.38 486.90 11.52 35.88 2.01
including 475.38 477.94 2.56 39.80 1.88
including 480.28 486.90 6.62 37.87 2.07
NOT-11-1G240 503.41 505.50 2.09 34.74 1.95
NOT-11-1G241 No significant results
NOT-11-1G242A 493.51 497.59 4.08 34.99 1.54
including 493.97 497.59 3.62 36.65 1.54
The intervals above represent down-hole intervals, true widths are not known at this time.
The Company plans to issue an updated resource estimate for Blackbird early in the second quarter of 2012. An initial Preliminary Assessment of chromite mining with ferrochrome production in northwestern Ontario is targeted for completion late in the second quarter of 2012
A plan map showing the location of all the holes completed to date is available on the Company's website. http://www.norontresources.com/find/id/60/r2
EAGLE'S NEST PROJECT
The Eagle's Nest Feasibility Study is progressing on time and on budget. The Company expects to be able to release final capital and operating costs early in the second quarter of 2012. Work to date by the Company's independent consultants has been consistent with the results of the pre-feasibility study and as a result the Company does not expect any material changes or delays in completing the Feasibility Study.
The Canadian Environmental Assessment Agency (CEAA) recommended a Comprehensive Review Process for the Eagle's Nest Project. Draft Terms of Reference and a Draft Environmental Impact Statement Guidelines have been made available for public comment. The Final EIS Guidelines are now available from CEAA.
COMMUNITY CONSULTATION
The Company is actively arranging community open houses to present our project development plans to communities in northwestern Ontario, including those impacted by the infrastructure corridor the Company recommended in it's Project Description. Much of the latter part of 2011 was dedicated to establishing appropriate dates to host open houses in several northwestern Ontario communities. These meetings commenced in the first quarter of 2012. Attendance has been very robust and Noront's staff and consultants have actively engaged the communities visited to date.
Further community meetings are planned during the first quarter of 2012. To date, community interest for this proposed all season road is very high. At the Eabametoong First Nation (EFN) open house, an MOU was signed confirming a level of co-operation between Noront and EFN in development of the proposed infrastructure corridor and other work on EFN traditional lands.
CORPORATE
Noront is pleased to announce Ms. Olya Yousefi has joined the Company as Manager, Corporate Communications.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
Chromite
All holes are systematically logged, sampled and shipped under strict chain of custody procedures to Activation Labs ("Actlabs") in Thunder Bay, ON for sample preparation and initial analyses utilizing fusion X-ray fluorescence ("XRF") methods.
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 one blank, three internationally certified reference materials ("ICRMs"), one quarter sawn field duplicate, a coarse reject duplicate and a pulp duplicate. The pass/fail criteria demands that if the measured concentrations of the ICRMs exhibit a difference greater than three standard deviations above or below the established mean grade of the ICRM the entire batch is considered to have failed and must be re-analysed.
It can be said with confidence that all assays have passed the strict quality control guidelines established by Noront's Qualified Person.
For more information on assay methodology please visit the Actlabs website at http://www.actlabsint.com or reference the Company's NI-43-101 technical report "Technical Report on the Mineral Resource Estimate for the Blackbird Chromite Deposit, James Bay Lowlands, Ontario, Canada" (effective January 22. 2010) available on the Company's website and at www.sedar.com.
Nickel, copper, platinum, palladium, gold and silver
All holes are systematically logged, sampled and shipped under strict chain of custody procedures to Activation Labs ("Actlabs") in Thunder Bay, ON for sample preparation and initial analyses. 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 one blank, two internationally certified reference materials ("ICRMs"), one quarter sawn field duplicate, a coarse reject duplicate and a pulp duplicate. The pass/fail criteria demands that if the measured concentrations of the ICRMs exhibit a difference greater than three standard deviations above or below the established mean grade of the ICRM the entire batch is considered to have failed and must be re-analysed.
All samples reported upon herein were submitted to Activation Labs ("Actlabs") of Ancaster, Ontario, for multi-element analysis. Nickel and copper were analyzed using a four acid digestion method. Samples returning values exceeding the established limits are subjected to ICP-OES analysis.
Gold, platinum and palladium are analyzed using standard fire assay procedure based on a 30 gram aliquot with an ICP finish. Silver analyses are completed using a 3-acid digestion method with an ICP finish. For more information on assay methodology please visit the Actlabs website at http://www.actlabsint.com.
For further information on the McFaulds Lake Project, please refer to the Company's NI 43-101 compliant technical report "Technical Report and Resource Estimate, McFaulds Lake Project, James Bay Lowlands, Ontario Canada" (effective April 18, 2011) available on the Company's website and at www.sedar.com.
The content of this Press Release has been reviewed by Mr. W. Hanson, P.Geo, President and CEO.
About Noront: Noront Resources Ltd. is focused on developing the high-grade Eagle's Nest nickel-copper-platinum-palladium deposit, the exploration and development of the Blackbird chromite discovery and regional exploration for additional mineral deposits within it's large, highly prospective land position in an area known as the "Ring of Fire", an emerging multi-metals camp located in the James Bay Lowlands of Ontario, Canada.
gsfl
14 years ago
BAOSTEEL RESOURCES TO ACQUIRE 9.9% INTEREST IN NORONT
TORONTO, May 2 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to announce that it has agreed on definitive terms in connection with a proposed offering ("the Offering") with Baosteel Resources International Co., Ltd. ("Baosteel"), part of The Baosteel Group, one of China's largest steel producers, for a strategic investment by Baosteel in Noront by way of a non-brokered private placement of Units.
Under the terms of the Offering, Noront will issue such number of shares as is equal to 9.9% of the total issued and outstanding common shares of Noront at the time of closing at a price of $0.86 per Unit. Each Unit consists of one common share and one half of one common share purchase warrant (each whole warrant a "Warrant"). Each Warrant shall be exercisable to acquire one common share of Noront at an exercise price equal to $1.16 for a period of 24 months following the closing date. Net proceeds of the common share portion are anticipated to be approximately C$ 17.4 million. Exercise of the Warrants would increase Baosteel's equity ownership interest in Noront to 14.15%, with aggregate proceeds to Noront of approximately C$11.7 million.
Noront's President and CEO, Wes Hanson, notes, "Baosteel's intended investment represents the initial step in a potential long-term partnership that provides Noront access to one of China's largest steel producers and China's rapidly expanding stainless steel industry. Baosteel performed detailed due diligence on our property, its potential and the completed technical studies. Baosteel recognizes the potential of our Eagle's Nest discovery and further recognizes the potential of our Blackbird chromite deposits. Baosteel's investment will allow us to proceed with the necessary engineering work to define the value of our discoveries to date in the Ring of Fire while we continue exploring this exciting district with a view towards identifying additional mineral resources."
Proceeds from the Offering will be used to:
Fund completion of the Eagle's Nest feasibility study;
Fund completion of a feasibility study on the Blackbird chromite deposit including exploration drilling to increase the current resource; and
Fund further exploration work on our Ring of Fire properties and corporate expenses.
The Offering provides Baosteel with the right to nominate one individual to the Noront Board of Directors, a right to increase their ownership in Noront to 19.9% for a one year period commencing on April 18, 2012 and a standstill provision which expires on April 18, 2013.
The Offering is subject to final approval by Baosteel's Board of Directors and all securities and the regulatory authorities in both countries including the TSX Venture Exchange. Noront anticipates closing of the Offering to occur on or about June 2, 2011.
About Baosteel Resources International Co. Ltd.:
Baosteel Resources International Co. Ltd., headquartered in Hong Kong, is the overseas headquarters of Baosteel Resources Co. Ltd., a subsidiary of Baosteel Group Corporation, one of the largest and most profitable steel enterprises in the world with an annual production capacity of 50 million tons per year. Baosteel Group Corporation ranked 276 in the Global Fortune 500 companies in 2010 with 2009 revenues of $28.6 billion.
Baosteel Resources International Co. Ltd's core business is investment, trading and logistic services in relation to iron ore, coal, non-ferrous metals, stainless steel, raw materials and scrap.
About Noront Resources Ltd.:
Noront holds mineral title to the largest area in the Ring of Fire, an emerging multi-metals district in the James Bay Lowlands of northern Ontario. With established NI-43-101 mineral resources that include the Eagle's Nest Ni-Cu-Pt and Pd deposit and the Blackbird chromite deposit, Noront is committed to social and environmental responsibility in developing our projects in the Ring of Fire.
gsfl
14 years ago
NORONT FILES PROJECT DESCRIPTION FOR EAGLE'S NEST DEVELOPMENT
TORONTO, March 23 /CNW/ - Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to announce that pursuant to the Canadian Environmental Assessment Act, it has filed its Project Description for the Company's Eagle's Nest deposit, in the James Bay Lowlands, Ontario, with the Canadian Environmental Assessment Agency and the Province of Ontario's Ministry of Northern Development, Mines, and Forestry.
Noront's President and CEO, Wes Hanson, states: "The Project Description initiates the permitting process for development of the Eagle's Nest deposit. This is the first step of the permitting process and establishes a starting point for future consultation regarding infrastructure and mine development of the Eagle's Nest deposit with the local First Nation communities as well as local, provincial and federal government agencies."
Noront's Project Description proposes a planned 1.0 million tonne per annum underground mine and mill complex processing high grade nickel, copper, platinum and palladium ore from the Eagle's Nest deposit. Proposed surface disturbance at the mine site is limited to an airstrip, an accommodation, recreation and office complex, an explosive storage site, an underground portal and site roads connecting these facilities.
The mill complex will be established in underground excavations, taking advantage of the highly competent host rocks and minimizing surface disturbance at the site. Mill tailings will be stored underground as paste or cemented paste backfill in the voids created by mining of the nickel copper ore and competent waste rock which is planned to be used as construction material.
The Mine is estimated to produce approximately 150,000 tonnes of concentrate annually, which would be pumped via a buried pipeline, approximately 100 kilometres due west to a proposed site named Webequie Junction. This site is located approximately 20 kilometres south of the community of Webequie. A filtering and drying plant will be constructed at Webequie Junction to treat the concentrate, recycle the water back to the site and transfer the concentrate to truck for shipment to a proposed railhead near Savant Lake.
A diesel generating station will be established at Webequie Junction and power will be brought to site via a new power line. Both the power line and the buried concentrate slurry pipeline will follow a winter road that is proposed between the Eagle's Nest deposit and Webequie Junction. The winter road will limit the environmental footprint on the James Bay Lowlands.
At the end of the winter road from Eagle's Nest to Webequie Junction, an all season road is proposed to connect Webequie Junction to Highway #808 north east of Pickle Lake. This proposed route generally follows the existing Ministry of Natural Resources winter road corridor thereby limiting the environmental impact. This route will allow truck haulage of concentrate to the proposed rail facility.
During operation, mine consumables supply will utilize the same route, the proposed all season road to Webequie Junction followed by the winter road to site. People and perishable goods will be transported to site via air to the proposed airstrip.
Noront's senior management have reviewed this release including Mr. Paul Semple, P.Eng., Noront's Chief Operating Office and 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 program. All material information on Noront can be found on the Company's website at www.norontresources.com or at SEDAR at www.sedar.com
gsfl
14 years ago
NORONT ANNOUNCES SIGNIFICANT RESOURCE INCREASE AT EAGLE'S NEST
TORONTO, March 4 /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 NI 43-101 Resource estimate for Eagle's Nest deposit has significantly increased and is now estimated to contain:
Main Zone
Measured and Indicated resource of 11.0million tonnes grading 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au;
Inferred resource of 9.0 million tonnes grading 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au;
East Zone
Inferred resource of 1.6 million tonnes grading 0.31% Ni, 0.09% Cu, 0.12 gpt Pt and 0.45gpt Pd and 0.04 gpt Au;
Noront's President and CEO, Wes Hanson, states: "For a second consecutive year the Company has realized a resource increase at Eagle's Nest. Drilling at Eagle's Nest in 2010 was undertaken to improve the geological confidence of the mineral resource disclosed in March 2010 and to increase the inferred resource at depth. This updated resource estimate confirms that both objectives were successfully accomplished. The East Zone, approximately 200 metres east of Eagle's Nest, is indicative of the potential for future resource increases within the Eagle's Nest Complex. Our winter exploration continues as planned with two drills currently operating. One drill is testing targets at AT12, the second drill is testing targets at the Western Intrusive Complex. We are also expanding the ground based geophysical survey to assist in prioritizing previously identified airborne targets within the Eagle's Nest Complex."
The updated mineral resource is based on the exploration drilling completed during the 2010 field season, and updates the previous NI 43-101 compliant resource estimate for the Eagle's Nest Deposit announced on March 9, 2010.
During 2010, the Company drilled 20,200 metres at Eagle's Nest. The drilling was focused on improving the confidence and classification of previous resources estimates through in-fill drilling. In addition, the 2010 program also aimed at expanding the deposit at depth based on a drilling program. Despite challenges in the deep drilling program, the Company was successful in both objectives.
The extent of the mineralization now extends to a depth of approximately 1,650 metres from surface. The Eagle's Nest resource includes inferred resource along strike and down dip below 1,100 metres providing significant potential for further resource growth. It is anticipated that the nickel grade of the inferred resource will increase during further delineation drilling. Due to the depth of this inferred resource, further drilling on this target will be more effective from an advanced exploration program utilizing an underground exploration ramp.
Micon International Limited ("Micon") Qualified Persons responsible for the resource estimate are Charley Murahwi, P.Geo., MAusIMM and Alan J. San Martin, MAusIMM. The work was supervised by Richard Gowans, P.Eng. All are Qualified Persons under the definitions of NI 43-101. The current resource estimate for Eagle's Nest is summarized as:
Tonnes Ni % Cu % Pt g/t Pd g/t Au g/t
Main Zone
Measured 5,346,000 2.08 1.07 1.04 3.55 0.20
Indicated 5,643,000 1.50 0.89 0.94 3.27 0.20
Total M&I 11,000,000 1.78 0.98 0.99 3.41 0.20
Inferred 8,966,000 1.10 1.14 1.16 3.49 0.30
East Zone
Inferred 1,615,000 0.31 0.09 0.12 0.45 0.04
Eagle`s Nest Main Zone resources are reported at a 0.50% nickel cutoff within a geological limit defined by a nickel cutoff grade of 0.25%. The East Zone is reported within a geological limit defined by a 0.25% nickel cut-off grade with no cut-off grade used to report the resource. Total tonnages are rounded to the nearest hundred thousand and individual categories are rounded to the nearest thousand tonnes.
The revised resource estimate was compared with the previous Eagle's Nest estimate to demonstrate the growth of the resource both in tonnages and contained metal by resource classification. This comparison is summarized below:
Eagle's Nest Increase From March 9, 2010 Estimate
Tonnes Ni Cu Pt Pd
Total M&I 58% 38% 62% 20% 58%
Inferred 110% 62% 173% 202% 115%
Note- metal increase based on metal included within resource estimate
The updated resource is based on 116 holes (58,300 metres) which define the mineralization envelope. The limits of the resource were determined by the natural break in the mineralization at 0.25% Ni. The Eagle's Nest Main Zone extends approximately 125 metres along strike, 1,650 metres down-dip, and averages 40 metres in thickness. A block model was constructed and grades estimated using inverse distance to the third power interpolation with composite samples 1.5 metres in length.
Micon 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.
This resource estimate reported in this press release includes the Eagle's Nest Deposit and the newly reported East Zone. Micon is in the process of compiling a resource estimate for the Eagle Two deposit.
The Company is currently drilling targets identified at AT-12 and AT-4 and will report results from these programs when available. The Company has all essential supplies on site to continue exploration through until the end of May.
The estimate of mineral resources may 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.
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 Laboratories Ltd. ("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 Actlabs website at http://www.actlabsint.com.
Preparation of this press release has been supervised by Noront's senior management and reviewed by 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. Richard Gowans of Micon, 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.
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