NORONT RESOURCES LTD. NI 43-101 TECHNICAL REPORT PRELIMINARY ASSESSMENT McFAULDS LAKE PROPERTY EAGLE’S NEST PROJECT JAMES BAY LOWLANDS ONTARIO, CANADA Effective Date: September 9, 2010 Signing Date: October 22, 2010 Simon Baker, P.Geo. Harry Burgess, P.Eng. Richard Gowans, P.Eng. Greg Greenough, P.Geo. Christopher Jacobs, C.Eng., MIMMM Charley Murahwi, M.Sc., P.Geo., MAusIMM Paul Palmer, P.Eng., P.Geo. SUITE 900 - 390 BAY STREET, TORONTO ONTARIO, CANADA M5H 2Y2 Telephone (1) (416) 362-5135 Fax (1) (416) 362 5763 Table of Contents Page 1.0 SUMMARY .................................................................................................................... 1 1.1 INTRODUCTION ....................................................................................................... 1 1.2 PROPERTY DESCRIPTION ...................................................................................... 1 1.3 OWNERSHIP .............................................................................................................. 2 1.4 HISTORY .................................................................................................................... 2 1.5 GEOLOGY AND MINERALIZATION ..................................................................... 3 1.6 EXPLORATION AND OTHER PROGRAMS .......................................................... 3 1.7 MINERAL RESOURCE ESTIMATION .................................................................... 4 1.8 PRELIMINARY ASSESSMENT ................................................................................ 4 1.9 CONCLUSIONS AND RECOMMENDATIONS .................................................... 10 1.9.1 Recommendations .............................................................................................. 13 1.9.2 Budget for Ongoing Work ................................................................................. 13 2.0 INTRODUCTION AND TERMS OF REFERENCE .............................................. 15 2.1 TERMS OF REFERENCE ........................................................................................ 16 2.2 UNITS AND CURRENCY ....................................................................................... 18 3.0 RELIANCE ON OTHER EXPERTS ........................................................................ 22 4.0 PROPERTY DESCRIPTION AND LOCATION .................................................... 23 4.1 LOCATION ............................................................................................................... 23 4.2 CLAIMS .................................................................................................................... 24 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ....................................................... 34 5.1 ACCESS .................................................................................................................... 34 5.2 CLIMATE .................................................................................................................. 34 5.3 PHYSIOGRAPHY ..................................................................................................... 35 5.4 INFRASTRUCTURE ................................................................................................ 35 5.5 FLORA AND FAUNA .............................................................................................. 35 6.0 HISTORY ..................................................................................................................... 37 6.1 EXPLORATION HISTORY ..................................................................................... 37 6.2 DEVELOPMENT HISTORY .................................................................................... 38 7.0 GEOLOGICAL SETTING ......................................................................................... 39 7.1 REGIONAL GEOLOGY ........................................................................................... 39 7.2 LOCAL GEOLOGY .................................................................................................. 40 7.3 LOCAL DEPOSITS AND MINERAL OCCURRENCES ....................................... 41 7.3.1 Eagle’s Nest Deposit .......................................................................................... 42 7.3.2 Blackbird Deposit .............................................................................................. 42 7.3.3 Triple J Gold Mineral Occurrence ..................................................................... 42 7.3.4 AT12 Nickel-Copper Mineral Occurrence ........................................................ 43 i 7.3.5 Thunderbird Vanadium-Titanium-Iron Mineral Occurrence ............................. 43 8.0 DEPOSIT TYPES ........................................................................................................ 44 9.0 MINERALIZATION ................................................................................................... 45 9.1 MASSIVE SULPHIDES ........................................................................................... 45 9.2 NET-TEXTURED AND DISSEMINATED SULPHIDES ...................................... 45 10.0 EXPLORATION .......................................................................................................... 46 10.1 AIRBORNE GEOPHYSICS ..................................................................................... 46 10.1.1 2003 Fugro Airborne Survey ............................................................................. 46 10.1.2 2007 Noront AeroTEM III Helicopter Survey................................................... 47 10.1.3 2008 VTEM Airborne Survey ........................................................................... 48 10.1.4 2009 Gravity Gradiometry Airborne Survey ..................................................... 48 10.1.5 2009 Z-Axis tripper Electromagnetic Geophysical Survey – Airborne Survey ................................................................................................ 48 10.1.6 2009 High Resolution Aeromagnetic Gradient and VLF-EM Airborne Surveys ............................................................................................... 48 10.2 GROUND GEOPHYSICS ......................................................................................... 49 10.2.1 2004 Ground Magnetic and Horizontal Loop EM Survey ................................. 49 10.2.2 2006 Condor Diamond Corp In-fill Ground Magnetic Survey .......................... 50 10.2.3 2007 Magnetics, HLEM and Gravity Surveys over Eagle’s Nest Deposit ............................................................................................................... 50 10.2.4 2007 Gravity Survey .......................................................................................... 51 10.2.5 2008 Magnetic, VLF, HLEM, Gravity and Large Loop TDEM Surveys .............................................................................................................. 51 10.2.6 2009 Magnetic, VLF, HLEM, Gravity and Large Loop TDEM Surveys .............................................................................................................. 51 10.2.7 2009 Gravimeter Survey on the Grid 2 Extension – Ground Survey ................................................................................................................ 51 10.3 DIAMOND DRILLING ............................................................................................ 52 10.3.1 2006 Probe Diamond Drill Program .................................................................. 52 10.3.2 2007 and 2008 Noront Diamond Drill Program ................................................ 52 10.3.3 2009 Noront Diamond Drill Program ................................................................ 53 10.4 OTHER EXPLORATION WORK ............................................................................ 53 10.4.1 2008 Drill Hole IP Surveys ................................................................................ 53 10.4.2 2009 to Present Drill Hole EM Surveys ............................................................ 53 10.5 RESULTS OF FIELD PROGRAMS ......................................................................... 54 10.5.1 Eagle’s Nest Deposit .......................................................................................... 54 10.5.2 Blackbird Deposit .............................................................................................. 56 10.5.3 Eagle Two Mineral Occurrence ......................................................................... 56 10.5.4 Triple J Mineral Occurrence .............................................................................. 56 10.5.5 AT12 Mineral Occurrence ................................................................................. 57 10.5.6 Thunderbird Mineral Occurrence ...................................................................... 57 11.0 DRILLING ................................................................................................................... 58 ii 11.1 EAGLE’S NEST ........................................................................................................ 59 12.0 SAMPLING METHOD AND APPROACH ............................................................. 63 12.1 CORE LOGGING AND SAMPLING PROCEDURES ........................................... 63 12.2 SURVEYING OF DRILL HOLES ............................................................................ 64 13.0 SAMPLE PREPARATION,