Noront continues rally on Double Eagle copper intercept

Vancouver – A pair of copper-mineralized drill intercepts by Noront Resources (NOT-V, NOSOF-O) from initial drilling of its Double Eagle project in the northeastern Ontario’s James Bay Lowlands continues to strongly buoy the company’s stock price and also has neighbouring companies waving arms for area-play attention.

Hole NOT-07-01, drilled at a minus-45 degree inclination, cut 26 metres (from 56-metres downhole depth) of visible copper mineralization (chalcopyrite) within a pyrrhotite-chalcopyrite-peridotite ultramafic cumulate setting. Noront notes the sulphide percentage weakened from 69-82 metres downhole and decreased to trace levels beyond 125 metres depth. A total of 69 metres of mineralized sulphide zone was encountered.

A second hole, NOT-07-02, collared from the same location and drilled steeper than the initial hole intersected 72.9 metres of similar mineralization starting from 91.3 metres downhole depth.

Plotting of the two holes indicate a likely vertical dipping structure of about 50-metres true width.

Noront spotted the holes based on a previous (2004) ground geophysical survey identified a magnetic and electromagnetic anomaly.

Samples from the mineralized sections have been sent for assay.

Noront has moved its drill rig about 100 metres to the northeast to test for extension of the structure. The company is also keeping tight reign on information discussion and release from field personnel by curtailing unnecessary communications from the field camp.

“The discovery by Noront is located approximately 4 km to the west of a layered chromitite bearing peridotite, that was recently discovered by others exploring in the MacFauld’s Lake area for massive sulphides,” states Noront director and geologist Neil Novak.

“The percentage of sulphide mineralization as well as olivine crystal size is gradational between 56 meters and 125 meters, decreasing with down-hole depth, suggesting that the rock unit is structurally overturned,” continued Novak.

The Double Eagle project is adjacent to Spider Resources‘ (SPQ-V, SDERF-O) and KWG Resources‘ (KWG-V, KWGBF-O) MacFaulds Lake project where the JV partners have identified several volcanogenic massive sulphide occurrences.

After being halted at 39.5 per share for the drill intercept news, Noronts shares have risen as much as 50 to touch the 90-level and have recently traded at about 85. Based on its 90.3-million shares outstanding, the company posts a $77-million market capitalization. The stock has a 52-week trading range of 13.5-$1.07.