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Noront Resources Receives Assay Results from McFaulds Lake Project in Ontario

Noront Resources Ltd. (TSX Venture: NOT) has reported the following assay results from the Eagle's Nest Complex and the regional  exploration at the Company's McFaulds Lake Project in the James Bay lowlands, Ontario.

HIGHLIGHTS:

Eagle's Nest Footwall

Hole NOT-10-096 intersected 0.4 metres of 11.2 gpt Pt, 25.1 gpt Pd, 2.08% Cu, 2.42 gpt Au

AT1 Target (Blackstone)

Hole NOT-10-1G184A intersected 8.75 metres of 0.28 g/t Pt and 0.62 g/t Pd including:

  • 0.3 metres averaging 0.56 gpt Pt and 1.41 gpt Pd
  • 0.2 metres averaging 1.26 gpt Pt and 3.33 gpt Pd
  • and 0.4 metres averaging 0.79 gpt Pt and 1.81 gpt Pd
  • also intersected 15.6 metres of 0.17 g/t Pt and 0.39 g/t Pd including:
  • 1.4 metres averaging 0.39 gpt Pt and 0.83 gpt Pd
  • 0.5 metres averaging 0.56 gpt Pt and 1.36 gpt Pd
  • and 1.5 metres averaging 0.37 gpt Pt and 1.03 gpt Pd
  • also intersected 14.1 metres 0.51 gpt Au including:
  • 0.2 metres averaging 9.35 gpt Au and
  • 0.6 metres averaging 1.63 gpt Au

Eagle's Nest Deep Drilling:

Hole NOT-10-085-W1 intersected 104.7 metres averaging 1.66% Ni, 0.81% Cu (previously reported) with 0.96 g/t Pt and 3.78 g/t Pd;

Hole NOT-10-085-W2 intersected 203.3 metres averaging 1.69% Ni, 1.01% Cu (previously reported) with 1.30 g/t Pt and 4.12 g/t Pd;

Noront's President and CEO, Wes Hanson, notes: "The elevated platinum, palladium and gold may be indicative of a layered intrusive complex, similar to what is typical of the Bushveld Complex in South Africa, an interpretation supported by our Technical Advisory Board. This footwall discovery of a zone enriched precious metals demonstrates the significant exploration potential at our McFaulds Lake Project."

Exploration drilling has intersected elevated platinum, palladium and gold mineralization in footwall veins proximal to Eagle's Nest as well as at the new Blackstone chromite zone. This discovery enhances the mineral potential of the Eagle's Nest Complex which includes the Eagle's Nest, Blackbird, Triple J and Blackstone deposits which are in close proximity to one another. The Company has also intersected the Triple J Gold zone above Blackstone which extends the mineralization by 500 metres to the northwest.

The recently identified footwall mineralization, though narrow, returned elevated platinum, palladium, gold and copper which the Company believes represents a new style of mineralization, distinct from the Eagle's Nest nickel, copper sulphides. This mineralization is hosted within structures that splay off of the main Eagle's Nest body into the surrounding granitic host rocks. This interval is the second occurrence of footwall mineralization proximal to Eagle's Nest. The first was intersected in hole NOT-09-070W1 as noted in the Company's press release dated December 8, 2009.

Subsequent to the reporting of the new chromite mineralization at the AT1/Blackstone area, halfway between the Blackbird and Eagle's Nest deposits, the Company has received assay results for platinum, palladium and gold. Hole NOT-10-1G184A contains several zones of anomalous mineralization within the over 600 metre thick sequence of ultramafic host rocks. Recent drilling has identified new pockets of these host rocks and in particularly thick intervals.

Eagle's Nest Previously Reported Intervals with updated Pt and Pd grades.

Exploration Update:

Eagle's Nest Deep

The Company has terminated deep drilling at the Eagle's Nest Complex due to continued difficulties in completing wedged holes from NOT-10-094. Hole NOT-10-094 drilled beneath the intersection reported in NOT-10-085-W2 returned a borehole geophysical target indicating that the Eagle's Nest deposit continues at depth but the mineralization trends to the south west. The Company lost three attempted wedge holes targeting the geophysical target. In light of the inability to complete these deep wedge holes and the high costs associated with this type of drilling, the Company has decided to terminate the deep drilling program while it re-evaluates various alternatives.

The Company is confident, based on the down hole geophysical results, that Eagle's Nest mineralization remains open at depth and definition of the deposit below the 1,400 metre level will occur at a future date as part of advanced exploration and potentially from underground drill stations.

Regional Exploration:

A total of 13 holes testing various targets proximal to Eagle's Nest have been completed.

North of Eagle's Nest, the Company extended the favourable intrusive ultramafic complex over one kilometer beyond the previously interpreted limit, offering new exploration potential for future consideration.

Winter Program

The Company plans to resume drilling in mid-January. During the winter campaign, the Company will operate two drills testing targets to the northeast, in and around the AT-12 discovery. The particularly wet conditions in this area prevented any drilling here during summer months. With the onset of winter, access to these targets is greatly enhanced and drilling costs significantly reduced. The objectives of the Company's winter drilling will be continued focus on new nickel, copper sulphide discoveries and to follow up on the newly discovered platinum, palladium and gold mineralization intersected in the granitic host rocks of the Eagle's Nest Complex.

INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL

A thorough quality control program has been in effect for the McFaulds Lake Project, which includes grouping samples into batches of 35 into which are added 2, certified reference material standards, 2 field and pulp duplicates also form part of the quality control program.  It can be said with confidence that all assays are reported in this Press Release have passed the strict quality control guidelines as set out by Noront's Qualified Person.

All samples reported upon herein were completed by Activation Labs ("Actlabs)" of Ancaster, Ontario.  The samples submitted to Actlabs were analyzed for multi-elements, including Ni and Cu using a four acid digestion and by ICP analysis.  The samples that received base metal values greater than the upper limit for the method underwent further analysis using ICP-OES.  For the Au, Pd and Pt, the assay methodology was Fire Assay on a 30 gram aliquot with an ICP finish. Silver was analyzed using a 3-acid digest with an ICP analysis.

For further information on the McFaulds Lake Project, please refer to the Company's NI 43-101 compliant technical report "Preliminary Assessment, McFaulds Lake Property, Eagle's Nest Project, James Bay Lowlands, Ontario, Canada" (effective September 9, 2010) available on the Company's website.

Preparation of drilling results in this press release has been supervised by Noront's senior management including Jeremy Niemi, P.Geo. Vice President, Geology, who is a Qualified Person under Canadian Securities Administrators guidelines.

Source: Noront Resources Ltd.

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