Noront Resources Ltd. (“Noront”) (TSX Venture:NOT) today provided
updates on its current exploration program in the Ring of Fire and
corporate activities.
McFaulds Property Drill
Program
Follow-up drilling on the recently discovered
McFaulds No.8 VMS occurrence was completed in October. A single
hole (MCF-17-89) totalling 566 metres was drilled up-dip from the
previously reported intersection in MCF-17-88 (see press release
dated September 26, 2017). The Main Zone at hole MCF-17-89
intersected 10.9 metres of massive sulphide grading 1.1%
copper, 1.7% zinc, 10.9 grams per tonne silver and 0.4 grams per
tonne gold. (See Figure 1 below for cross-section).
The MCF-17-89 intersection is located
approximately 88 metres up-dip from MCF-17-88, and is an early
indication of excellent up-dip continuity of the sulfide lens at
McFaulds No.8. Importantly, bore-hole electromagnetic (EM)
surveying of this hole indicates strongest conductance is located
off-hole and up-dip to the northeast from this intersection
suggesting shallower drilling along this horizon has a good chance
of intersecting continued mineralization.
“The copper-zinc thickness and grade we found
provides an early, positive indication of the mineralization
continuity at McFaulds No.8. We look forward to following up on
these results early in the new year,” said Noront Vice President,
Exploration Ryan Weston.
The sulfide intersection is zoned, with a
zinc-rich top, copper-rich core, and zinc-rich base followed by a
thinner satellite lens located 13 metres below the main zone.
Highlights of the intersection are provided in Table 1. The
zonation and stacked nature of the sulfide mineralization in
MCF-17-89 is very similar to that observed in MCF-17-88 (Figure
1).
Table 1Drill Hole Summary
Results |
Drill Hole |
Zone |
From (m) |
To (m) |
Width (m) |
Cu (%) |
Zn (%) |
Ag (g/t) |
Au (g/t) |
MCF-17-89 |
Main Zone |
486.3 |
497.2 |
10.9 |
1.1 |
1.7 |
10.9 |
0.4 |
Including Zn rich top |
489.0 |
491.0 |
2.0 |
1.2 |
6.1 |
9.9 |
0.4 |
Including Cu rich core |
490.3 |
497.2 |
6.9 |
1.5 |
1.0 |
15.4 |
0.7 |
Including Cu-Zn rich base |
495.9 |
497.2 |
1.3 |
2.0 |
3.6 |
18.5 |
0.5 |
|
Lower Zone |
510.3 |
513.9 |
3.6 |
1.2 |
1.1 |
7.7 |
0.1 |
The company also completed a bore-hole EM
program on the McFaulds property this fall, surveying 17 historic
holes near known VMS occurrences. Results indicate potential
down-plunge continuity of mineralization in many of the known
occurrences. Coupled with the recent drilling at McFaulds No.8,
this will guide drill targeting for our winter 2018 drilling
program.
Figure 1: Cross-section of McFaulds
No.8 VMS Discovery(Looking Northeast)
An image accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/c7df6da8-0f6e-406c-9415-bd1d5e90d941
Figure 2: Location of Recent
Drilling at McFaulds No.8Red Lines are recently
identified BHEM conductors
An image accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/c43f1c56-0d98-4c16-a7ad-bd9e2f8128fb
Corporate Update
Ferrochrome Processing Plant
In early November, we sent Request for Proposal
(RFP) packages to the cities of (Greater) Sudbury, Timmins, Sault
Ste. Marie and Thunder Bay (partnering with Fort William First
Nation) which are the four northern Ontario communities that
expressed an interest in hosting our Ferrochrome Processing
Plant. Prior to issuing the RFP, we worked with each
community on site selection, and pre-qualified them for the formal
process by looking for a high level of community support, access to
a skilled workforce and usable, existing physical infrastructure at
a brownfield site. We will be looking for a compelling case in the
formal submissions which will be accepted until February 2,
2018.
Development Progress
In October, together with the Chiefs of Marten
Falls and Webequie First Nation, we hosted a site visit for the
provincial Ministers of Northern Development and Mines, Indigenous
Relations and Reconciliation, and Municipal Affairs and Housing.
This provided an opportunity for the communities, government and
industry to discuss development plans for the region and the ways
industry and government would support local participation.
In August, the province announced its support
for two First Nation-led road proposals that would provide access
to communities and the Ring of Fire. Since then, Noront has
provided technical, engineering and environmental support to the
lead communities which should help streamline the overall design
and permitting process. An approved scope, design and approach
along with specific plans are expected in the first quarter of
2018.
Issuance of Stock Options
The Company’s Board of Directors granted the
option to acquire an aggregate of 400,000 common shares to two new
members of management with an exercise price of $0.275 per common
share, the closing market price on the date of grant being November
14, 2017, exercisable for a period of five years. The options were
granted pursuant to Noront’s stock option plan. The issuance
of the options is subject to all applicable regulatory and exchange
approvals.
Quality Assurance and Quality Control
(QA/QC) Program
Noront maintains a strict QA/QC protocol for its
drilling programs. Core logging and sampling is performed on-site
under the supervision of geologists licensed by the Association of
Professional Geoscientists of Ontario (APGO). Reference standards,
field blanks, and duplicates are inserted into the sample stream at
regular intervals. Once cut, drill core samples are labelled and
sealed in individual bags then grouped into batches for shipping to
Thunder Bay via Nakina under chain of custody documentation.
Samples are submitted to Activation Laboratories
(Actlabs), an ISO-17025 certified laboratory in Thunder Bay, for
sample preparation and multi-element analysis. This includes
fire-assay for precious metals and total-digestion ICP-OES for base
metals (exclusive of chromium which is analysed by XRF). Samples
exceeding analytical upper limits are automatically run for
over-limit analysis. Analytical results are sent electronically by
Actlabs to a database manager at Noront whereupon the company’s
internal standards, duplicates and blanks are reviewed for
accuracy, precision and the presence of possible contamination.
QA/QC results for each batch are reviewed by a Noront Qualified
Professional prior to accepting and importing new assays into the
database. All assays reported in this press release passed the
Noront QA/QC program.
About Noront Resources
Noront Resources Ltd. is focused on development
of its high-grade Eagle’s Nest nickel, copper, platinum and
palladium deposit and the world class chromite deposits, including
Blackbird, Black Thor, and Big Daddy, located in the James Bay
Lowlands of Ontario in an emerging metals camp known as the Ring of
Fire. www.norontresources.com
Ryan Weston, Noront Vice President, Exploration
M.Sc., MBA, P.Geo and a Qualified Person as defined by National
Instrument 43-101 Standards of Disclosure for Mineral Projects
(“NI-43-101”) 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.
For more information please contact:Janice
Mandel janice.mandel@stringcom.com (647) 300-3853
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; that all
conditions precedent to the transactions will be met; risks related
to government and environmental regulation, actual results of
current exploration activities, conclusions of economic evaluations
(including those contained in the Feasibility Study) and changes in
project parameters as plans continue to be refined; 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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