Noront Resources Ltd. (TSXV:NOT) reported new nickel mineralization at the McFaulds Lake Project, in the Ring of Fire, James Bay Lowlands, Ontario, and provided other updates.
As quoted in the press release:
NOT-11-1G243 intersected 37.3 metres averaging 0.26% Ni, 0.10% Cu, 0.19 g/t Pt and 0.62 g/t Pd NOT-11-1G244 intersected 2.9 metres averaging 1.01% Ni, 0.02% Cu, 0.03 g/t Pt and 0.05 g/t Pd.
NOT-11-1G231 intersected 8.2 metres averaging 39.63% Cr2O3 at a 1.94:1 Cr to Fe ratio; NOT-11-1G236 intersected 6.1 metres averaging 42.19% Cr2O3 at a 2.21:1 Cr to Fe ratio and NOT-11-1G239 intersected 11.5 metres averaging 35.88% Cr2O3 at a 2.01:1 Cr to Fe ratio
In January 2012, analytical results from the three-hole drill program were received and the results confirmed the presence of nickel sulphide mineralization. Hole NOT-11-1G243 intersected over 37 metres of low-grade nickel sulphide mineralization, 250 metres south of the Eagle’s Nest deposit, at a depth of approximately 250 metres from surface. Individual samples within this interval returned much higher nickel, platinum and palladium grades over smaller intervals. Hole NOT-11-1G244 intersected 1.0% nickel over an approximate 3.0 metre core interval on a separate zone 250 metres south of the mineralization intersected in Hole NOT-11-1G243.
The major focus of the Company’s 2011 drill campaign was directed towards increasing the Company’s chromite resource base. A total of 44 holes (22,243 metres) were drilled and 37 holes intersected significant chromite mineralization.
The Eagle’s Nest Feasibility Study is progressing on time and on budget.
Noront CEO, Wes Hanson, said:
“While drilling to increase the chromite resource at Blackbird continued to return excellent results, the discovery of two new zones of nickel sulphide mineralization, within 500 metres of Eagle’s Nest, highlights the tremendous exploration potential of this area. Both zones of nickel sulphide mineralization were identified by a new, ground based geophysical survey that was completed in November. In light of the results, Management decided to expand the survey area to include the Eagle Two and AT12 areas and raised additional flow through funds to drill test the resulting targets during the first quarter of 2012.”