Noront Resources Limited is pleased to announce the discovery of a new mineralized zone containing significant concentrations of vanadium, titanium and iron on its wholly owned Double Eagle Project in the James Bay Lowlands of northern Ontario. The new occurrence called the "Thunderbird Anomaly" constitutes a new type of mineralization in the Ring of Fire. Assay results for a single drill hole completed during January are reported here. Assay results from four other holes drilled in March and April 2009 are still pending, as well as additional assays still pending from the first hole.
Highlights
Noront has intersected two zones of disseminated to semi massive V enriched magnetite over a width totaling 277.64 meters in hole NOT 09 2G21, mineralization continues down hole, additional assays are pending.
The A zone returned grades of 0.36% V2O5, 2.77 TiO2 and 24.72% Fe3O4 over 178 meters from 132.55 to 310.58 meters in hole NOT-09-2G21, including 45.88 meters averaging 0.51% V2O5, 3.71% TiO2 and 31.71% Fe3O4
The B zone returned grades of 0.36% V2O5, 2.66% TiO2 and 23.58% Fe3O4 over 99.64 meters from 397.20 to 496.84 meters in hole NOT-09-2G21, including 35.29 meters averaging 0.51% V2O5, 3.56% TiO2 and 30.38% Fe3O4
Similar mineralization was intersected over similar widths in two holes, one 300 meters north and the other 600 meters south of hole NOT-09-2G21
A preliminary metallurgical study is planned to examine possible means to extract iron, vanadium, and titanium from the mineralization
Mr Joseph Hamilton and Mr Paul Parisotto Co CEOs of Noront Resources said that "The new vanadium discovery marks the beginning of an important new chapter in the development of Noront's Ring of Fire multi metals high-grade discovery group. With this addition to our portfolio of deposits and occurrences, mineralization representative of each of the ingredients for the production of stainless steel (Fe, Ni, Cr, and V) is now known to be present in Noront's claims within and around the Ring of Fire. We look forward to further testing the economic potential of these deposits and occurrences."
