Noront Finds More Mineralization

Noront Resources (NOT-V, NOSOF-O) has finally published much-anticipated assay results from nine holes drilled almost 1,000 metres below surface at the junior’s flagship Eagle One nickel-copper- platinum group metal (PGM) deposit, in the McFauld’s Lake area of far northern Ontario.

Noront’s new management has renamed the project the Eagle’s Nest, with Eagle One now known as Eagle 1A. The newly discovered mineralized lenses directly below the near-surface Eagle 1A deposit are known as Eagle 1B and Eagle 1C.

Six of the nine holes hit mineralization, two others proved barren, while another was abandoned due to what Noront calls “excessive deviation.”

Four of the six mineralized holes (NOT-09-55, 56, 57, 58) are from the Eagle 1B lens and two (53, 53W1) are from Eagle 1C.

Hole 53W1, perhaps the best of the lot, intersected 54.7 metres of net textured and massive sulphide mineralization (at 873.3 metres down-hole) averaging 2.31% nickel, 1.91% copper, 1.43 grams platinum per tonne and 5.77 grams palladium.

Hole 53 hit 26.4 metres of net textured mineralization grading 1.29% nickel, 0.39% copper, 0.72 gram platinum, 2.91 grams palladium, 0.07 gram gold and 1.76 grams silver.

Highlights from the Eagle 1B lens included hole 56, which intersected 68.6 metres (from 526.4 metres down-hole) averaging 1.99% nickel, 0.94% copper, 1.05 grams platinum and 3.57 grams palladium. Hole 57 cut 50.81 metres (from 545.2 metres down-hole) averaging 1.94% nickel, 1.05% copper, 1.38 grams platinum and 3.38 grams palladium.

Noront says the earliest a new resource estimate on Eagle’s Nest could be published is mid-year 2010, following a winter drilling program.

At presstime, Noront was trading at $1.80 per share. The company has a 52-week trading range of 43.5¢- $3.01 per share with 154.7 million shares outstanding.