Noront reports new high-grade intersections at Double Eagle

Noront Resources (NOT-V, NOSOF-O) is reporting promising new assay results from its rich nickel-copper find in the remote James Bay region of northern Ontario.

Results from Noront’s 100%-owned Eagle One occurrence within the Double Eagle project in the McFaulds Lake area appear to lend weight to the company’s belief that it has stumbled upon what could become the country’s next large base metal camp.

Assays from new drill hole data indicate high-grade intersections of nickel, copper, platinum and palladium over “impressive widths,” the company said in a press release.

Highlights include hole NOT-07-14, where 3.6 metres of massive sulphides averaged 3.43% copper, 7.45% nickel, 5 grams per tonne platinum, 9.1 grams per tonne palladium, and 0.12 gram per tonne gold, at depths of between 52.8 and 56.4 metres.

Those encounters were within part of a much larger intersection at depths of between 45.9 to 80 metres, which averaged 1.22% copper, 2.28% nickel, 1.6 grams per tonne platinum, 4.13 grams per tonne palladium and 0.14 gram per tonne gold.

The assay results also show a lower grade zone exists from 80 to 110 metres, averaging 0.28% copper, 0.59% nickel, 0.37 gram per tonne platinum, 1.18 grams per tonne palladium and 0.1 gram per tonne gold.

Hole NOT-17-16 encountered a net-textured peridotite section combined with the massive sulphide section over 12.7 metres, between depths of 121.1 and 133.8 metres, averaging 1.55% copper, 2.4% nickel, 2.63 grams per tonne platinum, 5.1 grams per tonne palladium, 0.12 gram per tonne gold and 4.5 grams per tonne silver.

That hole also encountered a lower grade section between 92.9 metres and 121.1 metres at a width of 28.2 metres, averaging 0.50% copper, 0.57% nickel, 0.47 gram per tonne platinum, 1.5 grams per tonne palladium, 0.17 gram per tonne gold, and 1.5 gram per tonne silver.

Since drilling began on the Eagle One occurrence in late August, Noront has completed 5,046.6 metres of drilling in 27 diamond drill holes.

In addition, Noront said preliminary analytical work on selected samples for other platinum group elements suggest that rhodium is also present.

Rhodium “could add significant value to the zone’s resource potential,” Richard Nemis, Noront’s president and chief executive said in a prepared statement.

The price of rhodium has shot up from US$452 per ounce in January 2004, to $6,725 per ounce on Dec. 12.

Rhodium is a silver-white metallic element and is used as a finish for jewelry, mirrors, and search lights. It is also used in electric connections and when alloyed with platinum, can be used in aircraft turbine engines. The metal can also be used, together with platinum and palladium, to control exhaust emissions.

Noront’s shares on the TSX Venture Exchange fell 9 to close at $4.27 on a trading volume of 1.4 million.