TORONTO – BUSINESS – Noront Resources Ltd. (Noront) (TSX VENTURE: NOT) has obtained and filed a National Instrument 43-101 (NI 43-101) compliant Mineral Resource Estimation Technical Report (the “Acquired Properties Report”) on the Black Thor, Black Label and Big Daddy chromite deposits in the Ring of Fire, which it acquired in April 2015 from Cliffs Natural Resources Inc. (“Cliffs”). Noront has also filed a related restatement of its 2014 annual MD&A, as detailed below.
Black Thor and Black Label are 100% owned by Noront while Big Daddy is a joint venture between Noront (70%) and Canada Chrome Mining Corporation (30%).
The Acquired Properties Report, titled “Black Thor, Black Label and Big Daddy chromite deposits, McFaulds Lake Area, Ontario, Canada, Porcupine Mining Division, NTS 43D16 Mineral Resource Estimation Technical Report”, was prepared by Alan Aubut, P.Geo., of the Sibley Basin Group, an independent geological consulting company. Mr. Aubut is a “qualified person” for purposes of NI 43-101 who has visited these projects on several instances, most recently in March 2014. The Acquired Properties Report, which is dated July 27, 2015, has been filed on SEDAR at www.sedar.com and can also be found on the Noront website.
The Acquired Properties Report includes the following mineral resource estimates using a 20% Cr2O3 cut-off:
|Measured and Indicated||137.7||31.5|
|Measured and Indicated||5.4||25.3|
|Measured and Indicated||29.1||31.7|
“These are very impressive mineral resource totals,” stated Noront President and CEO Alan Coutts. “As I’ve said before, Noront has acquired a world-class series of chromite deposits both in size and quality. Our current focus is on the permitting and development of our Eagle’s Nest mine because we see that as a proving ground for successful large scale development in the Ring of Fire. Alongside that, we are actively advancing our chromite strategy with a view to completing a Preliminary Economic Assessment outlining our preferred approach for moving development forward there as well.”
Restatement of 2014 Annual Management Discussion and Analysis
Noront has filed restated 2014 Annual Management Discussion and Analysis (MD&A) to revise the discussion under “Strategy – Chromite Projects”. The Black Thor estimate included in the originally filed 2014 MD&A was an historical estimate based on data, reports and information that had been obtained and prepared by Cliffs prior to Noront’s acquisition, including an internal technical report prepared by Cliffs. At that time, Noront had not completed the work necessary to classify the estimate as current mineral resources. As a result of having obtained and filed the Acquired Properties Report, the mineral resource estimate for the Black Thor chromite deposit (as reflected above) is now a current resource estimate for purposes of NI 43-101.
Scientific and technical information in this press release was reviewed and approved by Alan Aubut, P.Geo., of Sibley Basin Group (a geological consulting firm independent of Noront), and a “qualified person” for purposes of NI 43-101.
About Noront Resources
Noront Resources Ltd. is focused on the development of its high-grade Eagle’s Nest nickel, copper, platinum and palladium deposit and the world class chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire. www.norontresources.com
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