Noront Files NI 43-101 Technical Report for Recently Acquired Black Thor, Black Label and Big Daddy Deposits and Restates 2014 Annual MD&A
TORONTO, ON--(Marketwired - August 21, 2015) - 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%).
Technical Report
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:
| Classification | Tonnes (000) | Cr2O3(%) |
| Black Thor | ||
| Measured | 107.6 | 32.2 |
| Indicated | 30.2 | 28.9 |
| Measured and Indicated | 137.7 | 31.5 |
| Inferred | 26.8 | 29.3 |
| Classification | Tonnes (000) | Cr2O3(%) |
| Black Label | ||
| Measured | - | - |
| Indicated | 5.4 | 25.3 |
| Measured and Indicated | 5.4 | 25.3 |
| Inferred | 0.9 | 22.8 |
| Classification | Tonnes (000) | Cr2O3(%) |
| Big Daddy | ||
| Measured | 23.3 | 32.1 |
| Indicated | 5.8 | 30.1 |
| Measured and Indicated | 29.1 | 31.7 |
| Inferred | 3.4 | 28.1 |
"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.
Qualified Person
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.
Forward-looking information is based on reasonable assumptions that have been made by Noront as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Noront to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; that all conditions precedent to the transactions will be met; risks related to government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations (including those contained in the Feasibility Study) and changes in project parameters as plans continue to be refined; problems inherent to the marketability of base and precious metals; industry conditions, including fluctuations in the price of base and precious metals, fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Noront; stock market volatility; competition; risk factors disclosed in Noront's most recent Management's Discussion and Analysis and Annual Information Form, available electronically on SEDAR; and such other factors described or referred to elsewhere herein, including unanticipated and/or unusual events. Many such factors are beyond Noront's ability to control or predict.
Although Noront has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate as actual results and future events could differ materially from those reliant on forward-looking information.
All of the forward-looking information given in this press release is qualified by these cautionary statements and readers are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. Noront disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. This forward-looking information should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.
Contact
For more information:
Janice Mandel
janice.mandel@stringcom.com
(647) 300-3853