TORONTO, ON–(Marketwired – February 25, 2016) – Noront Resources Ltd. (“Noront” or the “Company”) (TSX VENTURE: NOT) today provided an update on its recent exploration activity and progress.
Noront recently completed a second round of regional ground-based Gradient Induced Polarization (IP) surveys covering a five square kilometre region. The Gradient IP surveys are used as a first pass screening tool to identify chargeable areas that can host significant large sulfide systems, which in conjunction with favourable geology will warrant further detailed follow up via electromagnetic surveying and drilling.
The surveys centered on the areas known as AT-5 and Blue Jay which are approximately 1km and 9km, respectively, from the Company’s Eagle’s Nest nickel-copper-platinum-palladium deposit. These targeted areas are situated along a favourable footwall contact and comprise part of the regional geological system hosting Eagle’s Nest. The geophysical map in Appendix 1 shows the areas of the recent IP surveys.
Results of AT-5 Induced Polarization Survey
The IP survey in the AT-5 area (see Appendix 2) identified an extensive and strong chargeability anomaly which is significantly larger than that associated with the Eagle’s Nest deposit. Based on the Company’s geological model this anomaly has the potential to be a sulphide rich feeder structure associated with the ultramafic sill higher in the stratigraphy.
Results of Blue Jay Induced Polarization Survey
The IP survey at Blue Jay (see Appendix 3) also shows a chargeability anomaly at the favourable footwall contact. Previous drilling along this contact on the Noront ground and the property formerly owned by Cliffs Natural Resources which was acquired by Noront in April 2015, intersected a number of zones of massive to stringer and disseminated sulphides indicating that Blue Jay is a very prospective target area.
The Company also recently concluded a thorough review of prior exploration data which, combined with new geophysical information, has resulted in the development of an ore deposit model for nickel-copper-platinum-palladium deposits in the Ring of Fire. Targets generated by this new understanding are currently being tested.
NEXT STAGE EXPLORATION
Following the successful Gradient IP surveys, Noront began executing low frequency UTEM 5 surveys over the AT-5 and Blue Jay target areas. This process refines targeting to highly conductive massive sulphide targets between surface and approximately 450 metres depth. This round of UTEM 5 surveying will be complete in mid-March when, depending on the results and subject to financing, it will be followed with diamond drill testing. Drilling originally scheduled for late January has been re-scheduled to coincide with the completion of this round of UTEM surveying.
“This is a systematic screening followed by the use of industry-leading technology in the identification of nickel sulphide anomalies,” said Steve Flewelling, Noront’s Senior Vice President of Mining and Projects. “We believe the footwall contact that we are surveying has the potential to host a number of deposits similar in quality to Eagle’s Nest.”
The execution of the program is being aided by the employment of 25 local First Nations workers, who will be employed as line-cutters, geophysical surveyors, cooks and diamond drillers throughout the course of the program.
ONTARIO COURT OF APPEAL DECISION
The Court of Appeal for Ontario today upheld a Divisional Court decision in the matter of mining claims staked by KWG Resources along a North-South corridor to the Ring of Fire. The decision allows a proponent to apply for an easement along the corridor without requiring the consent of the claim holder (KWG). Noront inherited the case as part of its Cliffs acquisition that was completed in April, 2015.
About Noront Resources
Noront Resources Ltd. is focused on development of the high-grade Eagle’s Nest nickel, copper, platinum and palladium deposit and the high-grade chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire. www.norontresources.com
Ryan Weston, M.Sc., MBA, P.Geo, Exploration Manager of Noront, is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI-43-101”), and he has reviewed and approved the technical information contained in this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation.
Forward-looking information is based on reasonable assumptions that have been made by Noront as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Noront to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; risks related to government and environmental regulation; problems inherent to the marketability of base and precious metals; industry conditions, including fluctuations in the price of base and precious metals, fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Noront; stock market volatility; competition; risk factors disclosed in Noront’s most recent Management’s Discussion and Analysis and Annual Information Form, available electronically on SEDAR; and such other factors described or referred to elsewhere herein, including unanticipated and/or unusual events. Many such factors are beyond Noront’s ability to control or predict.
Although Noront has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate as actual results and future events could differ materially from those reliant on forward-looking information.
All of the forward-looking information given in this press release is qualified by these cautionary statements and readers are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. Noront disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. This forward-looking information should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
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