Noront Resources Completes MacDonald Mines Acquisition and Provides Exploration Update
TORONTO, ON--(Marketwired - August 24, 2016) - Noront Resources Ltd. ("Noront" or the "Company") (TSX VENTURE: NOT) is pleased to confirm the closing of the previously announced MacDonald Mines property acquisition, and provide an update about its ongoing exploration program.
MacDonald Mines Acquisition
As previously announced, Noront recently acquired the highly prospective Butler and Sanderson properties from Macdonald Mines increasing the Company's claim blocks in the Ring of Fire from 375 claim units to 522 claim units (See Figure 1 below). These properties consist of two separate blocks of claims. The Butler property (77 claim units) covers a very prolific belt of felsic volcanic rocks which hosts four known zinc-copper rich volcanogenic massive sulphide (VMS) occurrences. Please see section below titled: Zinc-Copper Strategy for further detail on the VMS assets. The Sanderson property (70 claim units) covers a large ferrogabbro intrusion (the "Big Mac" intrusion) and possible footwall ultramafic intrusion similar in scale to the Black Thor intrusion and which is prospective for nickel-copper as well as chromite deposits.
Exploration Drilling
Noront is currently exploring for nickel-copper-platinum-palladium deposits along strike from its Eagle's Nest deposit. A number of prospective geophysical targets have been generated and drilling on one of the most compelling anomalies has begun.
The Company is drilling a geophysical anomaly identified at depth, which could represent a significant sulphide conductor. The anomaly is proximal to the Eagle's Nest deposit at a depth of approximately 750 meters. Modelling indicates the cause of this anomaly could be a conductive body with a strike length of 800 meters, depth extent of 500 meters and a thickness of 50 meters.
Cyr Drilling International and Webequie First Nation will conduct the drill program in a joint venture, providing revenue and job opportunities to First Nations communities.
At the request of the Webequie community a ceremony was conducted by an elder and a drum group to ensure minimal disturbance to the land and water and for the health and safety of the workers. This event is an example of Noront's approach to working with local communities and respecting their traditional values.
As previously announced in the Company's August 8, 2016 press release, Noront expects the provincial government to make a joint announcement with local First Nations regarding plans for a shared regional access road before the end of this year. A recently completed community-led study is one element that will inform the planning of an integrated road solution which will link local communities and provide transportation access to Noront's Eagle's Nest mine. The Company believes that with the federal and provincial governments working cooperatively there is a unique opportunity to achieve a breakthrough, in the near-term, unlocking the benefits of the Ring of Fire development for all stakeholders.
Zinc - Copper Strategy
Noront will now begin to compile the extensive series of zinc and copper rich VMS assets it has amassed and generate an aggressive exploration strategy to fully explore their potential. The Company has 13 zinc-copper occurrences under its control, ranging from early stage showings on the Butler property to NI 43-101 compliant resources on the McFaulds property (Figure 1).
The McFaulds and Butler felsic to intermediate volcanic belts, with a strike length of over 50km will be the focus of initial VMS exploration under this strategy (Figure 2). Significant exploration work on the McFaulds property slowed after 2007, when the Company's focus shifted to nickel-copper-platinum-palladium exploration with the discovery of the high-grade Eagles Nest deposit. Noront believes there is still significant potential to increase the known resources at McFaulds and to discover additional high-grade copper-zinc VMS deposits on both the McFaulds and Butler properties.
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., VP, Exploration of Noront, is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), and 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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Contact
For more information please contact:
Janice Mandel
janice.mandel@stringcom.com
647-300-3853