Noront Provides Update Regarding Exploration Activities and Issuance of Shares and Stock Options
TORONTO, ON--(Marketwired - April 19, 2016) - Noront Resources Ltd. ("Noront" or the "Company") (TSX VENTURE: NOT) is pleased to provide an update on its exploration efforts in the Ring of Fire.
The Company is progressively and systematically exploring the favourable footwall contact that hosts the Eagle's Nest nickel-copper-platinum-palladium deposit and the showings known as Blue Jay and Eagle Two. Noront has claims and leases that cover over 30 kilometres of ground along this highly prospective contact (Please see Figure 1).
Surface geophysical surveys have been completed over Project Areas 1, 2 and 3 (Please see Figure 2). This work consisted of ground based induced polarization (IP) surveys to locate areas of chargeable response along the contact, followed up with deep-looking electro-magnetic (UTEM 5) surveys to identify potential massive sulfide targets.
While several geophysical anomalies were identified in the project areas, none have been classified as "massive-sulfide" targets. Noront remains disciplined in its exploration approach and will focus drilling budgets on those targets with the greatest chance of intersecting massive sulfide mineralization as at Eagle's Nest.
The same testing approach is now being implemented over Project Area 6 which covers the basal contact of the recently acquired Black Thor chromite deposit. Several nickel-copper-platinum-palladium zones were intersected by the previous owners, but they were not followed up as this was not the focus of the program. Previous drill intersections on the basal contact include:
- BT-09-62 (Blue Jay Extension): 1.8 metres @ 1.6% Ni, 1.2% Cu, 1.2gpt Pt and 3.9gpt Pd, from 137.8m depth down-hole.
- BT-09-97 (Contact Zone): 0.35 metres @ 5.7% Ni, 0.2% Cu, 1.0gpt Pt and 4.9gpt Pd, from 424.8m depth down-hole.
These intersections represent separate occurrences 1km apart along the basal contact in Project Area 6 (Please see Figure 2), and while narrow, both indicate high nickel sulphide tenors with potential for high grade platinum-palladium mineralization as well.
A program is also being proposed over Project Area 5, known as the Big Daddy property, now held by Noront (70%) and KWG (30%). Similar to the Black Thor property, the favourable footwall contact remains virtually unexplored as the target of previous drilling focused on chromite resources higher up in the ultramafic sill.
This latest round of geophysical test work will be conducted over the next six months and will be supported by local First Nations workers employed as line cutters, geophysical helpers and cooks. Drill programs will be mounted, subject to financing and the generation of quality electro-magnetic anomalies, upon the completion of geophysical surveying in both Project Areas.
Issuance of Shares and Stock Options
The Company issued 1,403,273 common shares at a deemed issue price of $0.3387 per share in satisfaction of legal advisory fees in relation to the previously announced financing of the purchase of the Cliffs Chromite Assets which closed on April 28, 2015. The issued shares are subject to a four month hold period which will expire on August 14, 2016.
In addition, the Company's Board of Directors has granted the option to acquire an aggregate of 500,000 common shares to new employees with an exercise price of $0.33 per common share, the closing market price on the date of grant (April 13, 2016), exercisable for a period of five years.
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
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:
Julia Bond
julia.bond@norontresources.com
(416) 367-1444 ext. 114
