TORONTO, ON–(Marketwired – September 29, 2016) – Noront Resources Ltd. (“Noront” or the “Company”) (TSX VENTURE: NOT) is pleased to provide an update on its development in the Ring of Fire, its exploration program and the closing of a recent private placement.
Ring of Fire Development
Noront continues to work closely with the provincial government and First Nation communities to gain commitment on a shared use access road. As previously announced the company is planning for the construction of its first mine, Eagle’s Nest, in 2018 which it expects will be followed by the development of its Blackbird chromite mine. To meet its internal deadlines, Noront requires construction of the shared access road to begin in early 2018.
“We recently reviewed a new mandate letter sent by the Premier of Ontario to the Minister of Northern Development and Mines and we were pleased to see ‘Developing the Ring of Fire’ listed as the top priority,” said Noront President and CEO, Alan Coutts.
The Premier set a target for commencing road work to access the region by 2018 that dovetails with Noront’s planned construction timetable for Eagle’s Nest. In order for the provincial government to meet their timeline for the access road, Noront believes that environmental assessment work must start in early 2017. The company is therefore, urging the government to table a proposal for the shared use access road before the end of this year.
Noront has completed a deep platform drill hole to investigate the UTEM-5 anomaly at its AT5 target. This hole was drilled sub-parallel to the favourable footwall contact in order to be used for follow up geophysical surveys and wedge cuts, as warranted. Drilling was completed to a depth of 1,300 metres with the ultramafic contact being intersected at 828 metres depth. A recently completed down-hole electro-magnetic survey identified an off-hole anomaly of moderate size and conductance at approximately 1,000 metres depth. The nature and size of the anomaly and its association with the host ultramafic unit is suggestive of a sulfide system which appears to be strengthening to the southwest.
The Company will expand its surface UTEM-5 survey to the southwest to test for massive sulfide which may be connected to this conductor at depth prior to initiating any wedge cuts or further drilling. Planning for this surface UTEM-5 survey extension is underway and the survey should be completed in the next week.
“Our approach for identifying deep conductors in geologically favorable nickel-copper sulfide environments is working well,” said Vice President of Exploration, Ryan Weston. “We are using deep-seeing, industry-leading time-domain EM geophysical surveys. Follow-up bore-hole surveying resolved the surface UTEM-5 anomaly significantly and is allowing us to focus in on possible mineralization at depth at AT5.”
Click here for the rest of this news release: http://norontresources.com/noront-provides-update-on-ring-of-fire-development-exploration-and-closes-private-placement/