Noront soars higher on Double Eagle assays

Vancouver – Following a recent meteoric share price rise based on a pair of visually mineralized drill intercepts from its Double Eagle project in northern Ontario’s James Bay Lowlands, Noront Resources‘ (NOT-V, NOSOF-O) stock more than doubled after partial assay results from the initial hole.

Hole NOT-07-01 returned 36 meters (from 56 metres down-hole depth) averaging 1.84% nickel and 1.53% copper with further results pending. It was drilled at minus 45 degrees and intersected 69 metres of sulphide mineralization within a pyrrhotite-chalcopyrite-peridotite ultramafic cumulate setting. Noront notes the sulphide percentage weakened from 69-82 metres down-hole and decreased to trace levels beyond 125 metres depth.

A second hole, collared from the same location and drilled steeper than the first, intersected 72.9 metres of similar mineralization starting from 91.3 metres 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 that identified a magnetic and electromagnetic anomaly.

Follow-up holes 3 and 4, 100-metre step-outs collared to the northeast and southwest respectively, both failed to intersect the mineralized zone. However hole 5, located about 50 metres northeast of the initial collar, encountered massive chalcopyrite, pyrrhotite and pentlandite over 65.2 metres (from 47.4 metres depth) within the peridotite suite. Noront acknowledges the hole was drilled down-dip with the intersection not representative of true width.

Noront’s discovery has also prompted several neighbouring companies to commence an arm-waving campaign looking for area-play attention.

Shares of Noront more than doubled on the September 10th assay news, closing up 89 at $1.74 apiece on trading volume of over 20 million. The stock, that has risen from the 40-level in late-August following the report of visually mineralized drill intercepts, has a 52-week trading range of 13.5-$1.82. Based on its 90.3 million shares outstanding, the company posts a $157-million market capitalization following the recent rally.