HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: MD & A From SEDAR - Strato-Highlights (Part 3 - Final)
Blackbird Chromite Deposits Two zones of massive ‐disseminated chromium (Cr2O3) mineralization were identified approximately 2 kilometres southeast of Eagle’s Nest within the main ultramafic sill defining the Ring of Fire. These zones, known as Blackbird One and Blackbird Two, have been drill traced from surface on roughly 50 metre centers. The deposits remain open at depth. In certain zones, the grade of the mineralization is in excess of 40% Cr203 with chromium to Iron (“Cr:Fe”) ratios as high as 2.2 enabling it to process into high grade ferrochrome at a lower cost relative to industry standards.
Probe Joint Venture
On May 19, 2009, the Company entered into a Joint Venture Agreement with Probe Mines Limited (“Probe”) covering 87 claims approximately 8 kilometres northeast of the Eagle’s Nest deposit. Under the terms of the joint venture the Company has been granted a 50% interest in the property and is responsible for its proportionate share of expenditures. Probe is the operator and the exploration program and budget is required to be approved by the Company. The operator has completed phase two drilling on the Black Creek Chromite occurrence. A total of 1,706 metres in 11 holes was completed. Assays have returned chromite mineralization which has now been intersected over a distance of 225 m to a depth of 150 m to 175 m. Micon International Limited has been engaged to complete an NI 43 101 compliant resource estimate on the mineralization. Freewest Joint Exploration Agreement (The bullseye) On May 14, 2008, the Company entered into a joint exploration agreement with Freewest Resources Canada Inc (“Freewest”) to explore an airborne geophysical anomaly, situated at the boundary of claims owned by the two companies approximately 8 kilometres northeast of the Eagle One deposit in the McFauld’s Lake area. Freewest is the operator of the initial exploration program. During the year exploration drilling commenced on the anomaly within the joint venture properties. Results obtained indicate that the anomaly was the result of barren iron formation and the operator discontinued further work. Golden Valley Golden Valley is a joint venture located in the northern portion of the Ring of Fire and operated by White Pine Resources Ltd. (“White Pine”). The initial drill program to assess geophysical targets north of Oval Lake commenced during fiscal 2009. The large property surrounds a copper- zinc discovery by Metalex Ventures Ltd.; a total of fourteen holes were completed at the joint venture in the fiscal 2009 year yielding two copper‐zinc anomalies. As per the terms of the option agreement, White Pine Resources and Noront are earning a 33.3% interest each in the property from Golden Valley Minerals Ltd. The operator completed an Airborne EM survey (ZTEM) to detect deeper anomalies around the known mineralization and completed 1,600 metres of drilling in December 2009.
Garden Island, Quebec The Garden Island property is comprised of 568 mining claims totaling 23,763 hectares, most of which are in Pascalis, Manneville and Senneville townships, which lie along a northwest
‐southwest trending Abitibi volcanic greenstone belt. The Company has earned a 50% interest in the Garden Island gold, base‐metal property as a result of an amended option agreement (July 10, 2008) entered into with a private arms length Quebec company, TSR Resources Inc. (“TSR”). The operator TSR is expected to submit a further exploration program in fiscal 2011.
Windfall Lake Project, Urban Township, Quebec On July 21, 2009, the Company entered into a property option agreement with Eagle Hill Exploration Corporation pursuant to which Eagle Hill may earn up to a 100% interest subject to a 2% net smelter royalty in the Company’s 100% owned Windfall Lake Property, located in Quebec, Canada. Eagle Hill satisfied the financing condition during the year and as such made the first property of payment of $400 thousand towards earning a 10% interest in the property.
DISCONTINUED PROJECTS
Fishhook Project, James Bay Lowlands, Northeastern Ontario
After entering into an option agreement dated July 2008, with Temex Resources Corp. (“Temex”), and East West Resource Corporation (“East West”), Noront contributed $0.6 million consisting of a property payment of $0.1 million and an expenditure commitment of $0.5 million to earn up to a 60% interest in the 960 claim units (16,650 hectares) property located approximately 50km south of Eagle One. On October 26, 2009, the Company entered into a revised agreement which superseded an option agreement dated June 2008 over 60 claims (the Fishhook claims) with East West and Temex. Under the revised option agreement, the Company has earned a 33 1/3% carried interest for having incurred expenditures of $956,529 over the period from July 2008 to October 2008. East West and Temex have the option to buy back the Company's interest for payment of $1,000,000. During the year ended April 30, 2010, the Company determined that further activity on this project was not warranted, and all associated costs were written off. The discontinuation of this project does not have any effect on the Company’s current operations.
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As of July 29, 2010, the Company had 175,633,642 shares outstanding, 10.4 million stock options outstanding with a weighted average exercise price of $1.67 expiring between 2011 and 2014 and 722,150 warrants outstanding. The issuance of common shares of the Company upon the exercise of options and/or warrants will dilute the ownership of the Company’s current shareholders
First Nations Noront is committed to working in partnership with our local communities and First Nations in a manner which fosters active participation and mutual respect. Noront works towards minimizing negative project impacts, encouraging certain joint consultation processes, addressing certain decision making processes and towards maintaining meaningful ongoing dialogue not only for the Company but for all participants in the Ring of Fire region. Many of Noront’s contractors and suppliers live and work in the local communities. The Company regularly consults with communities proximal to the Company’s exploration activities to advise them of plans and answer any questions they may have about current and future activities. The objective is to operate to the benefit of the shareholders and the local communities using the resources and the environment today without compromising the long ‐term capacity to support post exploration and ultimately post mining land uses.
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