TORONTO, ONTARIO -(Jan. 3, 2008) - Noront Resources Ltd. ("Noront") (TSX VENTURE: NOT) is pleased to announce the receipt of additional assays on hole NOT-07-18 on its 100%-owned Eagle One occurrence within Noront's Double Eagle Project in the McFauld's Lake Area of northeastern Ontario. "The results of the unreported additional assays from Hole 18 are very significant with 18.8 meters that averaged 7.4% nickel, 3.2% copper, 1.05 grams per tonne platimum and 10.16 grams per tonne palladium. Our immediate drill objectives for the New Year are to test for extensions to the high grade Eagle One Deposit and to drill test several high-priority geophysical targets within the immediate area of Eagle One," states Richard Nemis, President and CEO of Noront.
HIGHLIGHTS
- NOT-07-18 intersected mineralization between 105.2 meters and 229.8 meters that over 124.6 meters averaged 2.39% Ni, 1.09% Cu, 1.12 g/t Pt, 3.86 g/t Pd, 0.28 g/t Au and 3.89 g/t Ag. This well mineralized zone contained an 18.8 meter massive sulphide mineralized section between 211 meters and 229.8 meters that graded 7.38% Ni, 3.18% Cu, 1.05 g/t Pt, 10.16 g/t Pd, 0.23g/t Au and 8.92 g/t Ag.
- NOT-07-11 was reviewed and found to contain mineralized sulphides over greater lengths than previously reported (November 6, 2007).
- The on-going land acquisition in the Double Eagle area has increased Noront's land position to approximately 66,976 hectares (165,498 acres) in 283 claims.
Assay results (Hole 18 and Hole 11)
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From To Int Cu Ni Pt Pd Au Ag
Hole # (m) (m) (m) (%) (%) (g/t) (g/t) (g/t) (g/t)
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NOT-07-18 105.2 229.8 124.6 1.09 2.39 1.12 3.86 0.28 3.89
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including 105.2 132.5 27.3 0.22 0.50 0.33 1.06 0.06 1.05
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and
including 132.5 211.0 78.5 0.89 1.85 1.40 3.33 0.37 3.67
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and
including 211.0 229.8 18.8 3.18 7.38 1.05 10.16 0.23 8.92
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NOT-07-11 54.5 95.0 40.5 0.58 1.00 0.55 2.20 0.07 2.31
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including 54.5 75.8 21.3 1.02 1.68 0.64 3.78 0.08 3.93
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and
including 75.8 95 19.2 0.10 0.23 0.44 0.96 0.05 0.52
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NOT-07-18 was positioned at the same collar location as hole NOT-07-17 and NOT-07-16 undercutting the mineralization encountered in the two upper holes. The initial dip of this hole was set at -69 degrees. As reported earlier, (December 21, 2007) there were several samples outstanding over a 14.8 meter wide massive sulphide section. These outstanding results were recently received. Between 215 and 229.8 meters (14.8 meters long) the section averaged 2.63% Cu, 7.59% Ni, 0.5 g/t Pt, 8.72 g/t Pd, 0.22 g/t Au and 7.28 g/t Ag. Averaging these new results with the previously reported assays covers the entire massive sulphide section between 211 meters and 229.8 meters that over 18.8 meters averaged 3.18 % Cu, 7.38% Ni, 1.05 g/t Pt, 10.16 g/t Pd, 0.23 g/t Au and 7.28 g/t Ag.
NOT-07-11 was reviewed and found to contain mineralized sulphides over greater lengths than previously reported (November 6, 2007). Additional mineralization was observed above and below the previously sampled sections. The new mineralized length extends from 54.5 meters to 95 meters (40.5 meters) and averages 0.58% Cu, 1.0 % Ni, 0.55 g/t Pt, 2.2 g/t Pd, 0.07 g/t Au and 2.31 g/t Ag.
Start Up of Winter Operations
All field crews are scheduled to return to the project area over the next few weeks. A line cutting crew and maintenance crew for the drills are arriving shortly, followed by the geophysical and geological team. The first drill crew will be arriving the week of the 14th of January. Aeroquest is expected to return to the area this weekend to continue the airborne program over the entire "Ring of Fire". Two new drills have been contracted from an additional drill service provider (Forage Orbit Garant) from Val D'Or Quebec and are scheduled to arrive in mid January 2008. Ground geophysical surveys focused on the Eagle One occurrence and its immediate surroundings are being compiled and are under review. Several airborne anomalies, with geophysical attributes similar to the Eagle One occurrence have been identified in the preliminary presentation of the Aeroquest airborne data. The project will focus on these anomalies immediately. These anomalies are located to the south and west of the Eagle One occurrence as well as to the northwest, all within 5 kilometers of Eagle One. Each of these anomalies will be detailed by ground geophysics prior to drill testing.
Research Coverage
Wasserman Morris and Company, an independent investment research firm, began its initial coverage of Noront Resources on December 27, 2007. Wasserman Morris issued a speculative buy rating. The report is available for viewing at http://www.wassermanmorris.com. Wasserman Morris is an equity research firm providing research for significantly under-followed small cap companies. Wasserman Morris distributes its research to a broad audience of institutional and individual investors seeking information on under-followed small cap stocks. A third party has paid Wasserman Morris on behalf of Noront for one year of coverage as detailed in the report. Neither Wasserman Morris nor the analysts own equity or debt securities of Noront Resources. More information about Wasserman Morris policies can be found at
www.wassermanmorris.com.
On Site Quality Assurance / Quality Control Measures
The aforementioned assay and sample information, as well as geological descriptions are taken from drill logs as prepared by two site geologists for the drill program, Dr. Howard Lahti, P.Geo., of Fredericton, New Brunswick and Mike Kilbourne, geologist from Newmarket, Ontario. Billiken Management Services Inc. is providing all services on site for the Noront Double Eagle Project, from their base camp at McFaulds Lake. Billiken is a holder of Certificate of Authorization issued by the Association of Professional Geoscientists of Ontario.
All assay work and sampling procedures have been included in earlier news releases. Chain of Custody includes delivery to ALS Chemex Laboratory in Vancouver BC, where all samples undergo analysis using ALS Chemex assay procedure AA46 for nickel, copper and silver, and ICP24 for Au, Pt, and Pd. When samples received over-limit values they underwent further analysis using ALS Chemex assay procedure ICP27 (for gold, platinum and palladium), as well as GRA21 for gold. The reader is referred to: www.alschemex.com for details of these analytical procedures.
Independent Quality Assurance and Quality Control Protocol
Gold, platinum and palladium are assayed using fire assay on a 50 gram nominal sample weight with an ICP-AES finish. Nickel and copper are assayed using aqua regia (3-acid) digestion with either ICP-AES or AAS finish. A comprehensive QA/QC program has been implemented to monitor all assays on the Double Eagle Project. Samples are assembled in numbered batches of 77 samples, which equates to the number of client samples per furnace batch at ALS Chemex. Included in each batch of 77 samples are 4 certified reference material samples, 3 blank samples comprised of sterile drill core, and 4 field duplicate samples. This QC program was set up for Noront by Tracy Armstrong P.Geo, of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario. Ms. Armstrong is a qualified geologist in the Provinces of Ontario and Quebec. Assay results are being monitored on an on-going, real time basis for accuracy, contamination and precision by P&E. The current sample set will be reviewed by Ms. Armstrong once some additional batches are completed, and will be reported upon in a timely manner.
This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements".
This press release has been prepared by management of Noront Resources Ltd., and has been approved for dissemination by Neil Novak P.Geo., a director and recently appointed Vice President Exploration of Noront, being a Qualified Person under Canadian Securities guidelines.
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 118,478,582 shares issued to date.
Investors are invited to visit Noront's IR Hub at http://www.agoracom.com/IR/Noront where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to NOT@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
ON BEHALF OF THE BOARD OF DIRECTORS:
R. Nemis, President and Chief Executive Officer
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