Noront Resources Ltd. (“Noront”) (TSX Venture: NOT) is pleased to
report a maiden resource estimate for the No. 8 sulfide lens and
updated resource estimates for the No. 1 and No. 3 sulfide
lenses. Given their close proximity, these lenses will be
known as the Nikka copper-zinc deposit at the Company’s 85% owned
McFaulds VMS property in the Ring of Fire (Table 1). Nikka means
Canada Goose in Ojicree and maintains the boreal forest bird theme
that Noront follows in naming its various deposits.
The Company discovered the No. 8 lens in 2017
after a bore-hole EM survey of a historic drill hole into the
footwall of the No. 3 lens identified a strong off-hole
conductor. Between 2017-2019, the Company drilled 14 holes
totalling 7,717 metres in the vicinity of the No. 8 lens to define
the maiden resource reported today.
“Discovery of the No. 8 sulfide lens has increased the contained
copper in Inferred resources at McFaulds by a factor of ten,” said
Noront Vice President Exploration Ryan Weston. “Furthermore, based
on our geological understanding and the promising targets we’ve
generated since we began exploring here in 2017, we believe there
is much more to be found at McFaulds.”
To see an image of Table 1 - Nikka Copper-Zinc VMS
Deposit Resource Estimate click
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/5217f872-51d9-4c83-a651-4933bda0d20e
The updated resource estimate was supervised by
Alan Aubut, PGO, an independent qualified person as defined by
NI-43-101. The company plans to file a supporting NI-43-101 report
within 45 days.
Figure 1: 3D view of the Nikka deposit
block model showing the No. 3, No. 8 main and No. 8 footwall
sulfide
lenses: https://www.globenewswire.com/NewsRoom/AttachmentNg/1c658bcf-40d1-4d1e-9888-271a2c75b67e
The No. 1 and No. 3 sulfide lenses were
discovered in 2002-03 by previous operators. In 2008 an initial
resource estimate for these two lenses was prepared by RPA. In the
fall of 2019, the company acquired more accurate down-hole
orientation data through the No. 3 lens with modern instrumentation
and has since revised the geologic model for both the No. 1 and No.
3 lenses.
The McFaulds volcanic basin, at over 7km in
length and up to 3km in thickness, possesses at least four
productive VMS exhalative horizons (Figure 2), the most prospective
to date being the Nikka horizon which hosts the No. 1, 3, 6, 8, 9
and 10 sulfide lenses. Vertical stacking of sulfide lenses within
the McFaulds basin is interpreted to reflect the presence of
primary syn-volcanic faults along which hydrothermal fluids
ascended during VMS mineralization.
Additional targets on the property have been
identified through numerous ground and airborne geophysical surveys
including a 2011 airborne gravity survey flown by the Ontario
Geological Survey which identified several shallow gravity
anomalies, some of which are coincident with known sulfide
occurrences on the property. Several of these targets remain
untested, including a broad anomaly between the No. 8 and No. 1
sulfide lenses (Figures 2 and 3) which is interpreted to reflect a
large, deep target given the wavelength of the anomaly. Ground
gravity surveying in late 2018 confirmed the presence of this
anomaly along strike of Nikka where shallow drilling along the
edges have returned up to 22 metres grading 1.6% Zn and 8.1g/t Ag
within intensely chlorite altered volcanic tuffs (see press release
dated October 2nd 2018). These results suggest proximity to a
significant hydrothermal system, making this target a high priority
for the company.
Figure 2: McFaulds property geology showing VMS
horizons, known sulfide lenses and identified gravity
anomalies: https://www.globenewswire.com/NewsRoom/AttachmentNg/b2dad21a-a842-4a55-9a1b-a2ba47cbac35
Figure 3: long-section of the Nikka exhalative horizon
showing the No. 1, No. 3 and No. 8 sulfide lenses, interpreted
location of the large gravity anomaly and drill hole pierce
points: https://www.globenewswire.com/NewsRoom/AttachmentNg/fc7645c4-d020-42b2-8781-f8be73c0d480
Next StepsThe Company has prepared a follow-up
exploration program for the McFaulds property which includes drill
testing the large gravity anomaly along strike of the Nikka
deposit, step-out drilling to expand the No. 8 and No. 1 lenses at
Nikka, and additional ground gravity surveying to better resolve
interpreted deep anomalies identified in past airborne surveys. The
Company is currently examining funding alternatives for this
work.
“The updated resource at Nikka puts us well on
our way to identifying a conceptual target of 5 to 10 million
tonnes of copper-zinc mineralized material, which could feed a
central milling complex on the McFaulds property. With additional
drilling, we are optimistic that this goal is achievable and look
forward to testing our highest priority targets soon,” said Noront
Chief Development Officer Stephen Flewelling.
Quality Assurance and Quality Control
(QA/QC) ProgramNoront maintains a strict QA/QC protocol
for all its drilling programs. Core logging and sampling is
performed on-site under the supervision of geologists licensed by
the Professional Geoscientists Ontario (PGO). 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.
Qualified PersonMr. Alan Aubut, PGO acted as
the independent “qualified person” for the purpose of the NI-43-101
compliant mineral resource estimate reported herein. Mr. Aubut last
visited the McFaulds property in February 2020.
About Noront ResourcesNoront
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, 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, PGO, Noront Vice President
Exploration 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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