The Ring of Fire – Noront McFaulds Lake Project

This Corporate Profile Advertorial about Noront Resources Inc. originally appeared in the Fall/Winter 2010 issue of the Ontario Prospector magazine which is produced by the Ontario Prospectors Association and published by Naylor (Canada) Inc.

For an extensive list of articles on this mineral discovery, please go to: Ontario’s Ring of Fire Mineral Discovery

Exploration Activities in the Ring of Fire

Noront Resources Ltd. is focused on its McFaulds Lake Project, which includes a number of significant, multiple, high-grade nickel-copper-platinum-palladium, chromite, vanadium and gold discoveries in an area known as the “Ring of Fire,” an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the largest landholder in the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and a well-funded and aggressive drill plan for 2010 and 2011. The company recently completed Canada’s first NI 43 101 technical resource estimate for chromite and updated its Eagle’s Nest Ni, Cu, PGM NI 43 101 technical resource report in March 2010. Noront is a publicly traded company and is listed on the Toronto Venture Exchange under the symbol NOT.

Noront’s plans for the future include a three-pronged approach: exploration and regional targeting for additional resources; development and feasibility of the Eagle’s Nest deposit to de-risk the project; and corporate social responsibility with a focus on the environment and aboriginal initiatives.

History

In August 2007, Noront Resources discovered high-grade nickel, copper and platinum group elements (PGEs) at its Eagle One discovery in the McFaulds Lake District located in the James Bay Lowlands. This discovery led to an unprecedented staking rush on a geological structure now referred to as the Ring of Fire.

Noront controls more than 1,100 square kilometres in the Ring of Fire, which represents approximately 30 percent of the total Ring. Since the discovery of Eagle One, now renamed Eagle’s Nest, the company has had tremendous exploration success, with seven mineral discoveries in the past 33 months, including nickel, copper, platinum, palladium, chromite, vanadium and gold.

In May of 2008 Noront discovered what it believes to be a world-class, high-grade chromite deposit named the Blackbird Deposit. In mid 2009 the company commissioned Micon International to complete a NI 43-101 Technical Report and Resource Estimate on the deposit, which was released in the fourth quarter of 2009, providing Canada’s first economic chromite resource.

In May 2009 Noront announced the discovery of a large vanadium deposit, called The Thunderbird Occurrence at the Ring of Fire.

In July 2009 Noront returned its focus to Eagle’s Nest and drilled a 1,000 metre hole down dip. This hole identified what appeared to be two additional resource-grade copper, nickel, PGE lenses below the current ore body.

In March 2010 the company updated its original NI 43-101 resource estimate on the Eagle’s Nest, tripling the known resources at Eagle’s Nest to 11.2 million tonnes.

Currently the company is conducting a drill program to further delineate the deposit and it expects to drill below 2000 metres in 2010.

Fully Funded

To date, the company has spent more than C$65 million on its exploration activities in the Ring of Fire. On August 26, 2009 the company completed a fully subscribed C$25 million Flow Through Share Financing. In early 2010 the company raised $6.7 million in equity via private placement. In May 2010 it closed a C$13.9 million Flow Through Share private placement. Funds from these financings will be used to further the drilling program in and around the Eagle’s Nest and to investigate other high-priority targets in the Ring of Fire through the end of 2011.

Eagle’s Nest Complex

The Eagle’s Nest (Ni, Cu, PGEs). Noront’s Eagle deposits can be described as forming part of a much larger ultramafic intrusion (Ring of Fire intrusion) where disseminated sulphides encapsulate lenses of higher-grade massive sulphides to form a well-defined mineralized zone. The deposit remains open along strike and to depth, allowing for potential expansion and identification of related deposits along a magmatic conduit system. The original deposit (formerly Eagle One) is near surface with an indicated and inferred resource of three million tonnes of high-grade nickel and PGEs.

The remainder of the deposit comprises a single helix-like configuration which pinches and swells and can measure up to 50 metres wide and up to 200 metres in length. Mineralization is consistent to a depth of over of 1,000 metres. The deposit remains open at depth and in all directions. The company recently updated its 43-101 to increase its resources from 3 million tonnes to 11.2 million. The company continues to drill to a depth of at least 2,000 metres to further delineate the deposit.

Eagle Two (Ni, Cu). Eagle Two is described as a shear hosted sulphide zone, which has been divided into two mineralized zones. One hosts Ni, Cu and the other is adjacent to the chromite deposit. Drilling intersected semi-massive to massive sulphide mineralization two kilometres from Eagle’s Nest some 39 feet below surface.

Blackbird (Cr203). The deposit was discovered within two kilometres of the Eagle Two deposit with drill intercepts ranging as high as 75 metres. The deposits appear to be in massive and intercalated pod-like beds (as shown) with mineralized zones remaining consistent with approximately 42 percent Cr203 with a Cr:Fe ratio up to 2.2. Preliminary metallurgic testing shows that Blackbird massive and semi-massive chromite is amenable to DMS and can be recovered using conventional gravity separation to produce high-quality concentrate. Early bench-scale recoveries show 87 percent on massive and 80 percent on a mixture of heavily disseminated and intercalated beds. Testing demonstrates that the product can be produced to access high-end chromite concentrate markets and further examination is needed to determine other value added products.

Canada’s First Ni 43-101 Technical Resource Report on Chromite

In December 2009, Noront was pleased to issue Canada’s first 43 101 Technical Resource Report on Chromite. The report was based on 154 drill holes (52,375 m) and confirmed Noront’s previous findings of pod-like lenses and world-class grades and chrome-to-iron ratios. At present the resource measures 8.9 million tonnes. However, and most importantly, the deposit remains open at depth with excellent potential to expand the resource in the future. Furthermore, the geometry is very well suited for a low-impact, underground mine with a limited environmental footprint.

Thunderbird Occurrence (V205)

In April 2009 Noront discovered The Thunderbird Vanadium occurrence, a massive and semi-massive structure with extraordinary widths of up to 241 metres.

Triple J Gold Zone

In late October 2009 the company also announced the discovery of the JJJ Gold Zone, which forms part of the structure of the Eagle Two and Blackbird discoveries. Both of these discoveries attest to the robustness of the Ring of Fire and all discoveries have been found within a 12 kilometre distance.

Corporate Social Responsibility

Noront’s mission is to include, respect and support its community partners and their environments in and around the company’s operating areas.

At the company’s Annual General Meeting in October of 2009, Noront introduced the Noront Bursary Awards. The inaugural awards were presented to three people in the communities of Webequie and Marten Falls. The bursaries are given to deserving youth in the communities who are role models and who have inspired other members to further their education. Noront is also a proud supporter and board member of DAREarts, which targets disadvantaged youth through the dramatic arts. DAREarts has had a positive influence in the First Nation community of Webequie for the past two years, with plans to visit Marten Falls in the near future.

In late 2009 Noront became the first mining company to officially implement a First Nations Advisory Board. The board consists of aboriginal leaders and advocates from all regions of Canada and includes: Mr. Jerry Asp, Ms. Leanne Hall and Mr. Roy Whitney. Shortly thereafter, the company appointed Mr. Glenn Nolan, Chief of the Missanabie Cree First Nation, as its Vice President, Aboriginal Affairs and Leanne Hall as its Vice President of Human Resources. Together, they will advise Noront on best practices regarding First Nations policies.

For more information on Noront’s First Nations initiatives, please visit their website at www.norontresources.com.

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