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Mining company reports results at Eagle One

7/4/2008 12:36:45 PM | Buzz on the Boards

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Noront Resources (NOT) reports significant sulphide mineralization

In mining news this morning, Noront Resources (TSX: V.NOT, Stock Forum) reported results from an initial resource estimate on its recently discovered Eagle One Cu-Ni-PGE Deposit within the Double Eagle Project in northeastern Ontario’s James Bay Lowlands.

Trading of Noront Resources was halted Friday morning. The stock was trading at $2.70 Thursday afternoon.

The company reports that in the estimate, conducted by P&E Mining Consultants, “significant sulphide mineralization was outlined on nominal 50-metre spaced sections over dip lengths of up to 225 metres that can be projected to 200 metres of strike length.”

“Given Eagle One's close proximity to the newly discovered Eagle Two occurrence and the nearby potentially large Chromite deposit, it is clear that this area will continue to be the centre of a highly focused exploration program,” says Noront.

The company adds that the realization of “very high Ni grades (6.5% to 7.0%) in the massive sulphide zone allows Noront to consider the possibility of first shipping unprocessed ore to a southern based concentrator/smelter complex” and that several diamond drills will be testing geophysical targets that have the potential to become additional feed for the processing facilities now to be considered by Noront in the McFauld's Lake camp.

"With these 43-101 compliant mineral resources at Eagle One and our other exciting exploration projects in the McFauld's Lake area, coupled with our very recent discovery of additional course, visible gold mineralization in the current underground program at Windfall Lake in northern Quebec, our shareholders can see lots of light at the end of the tunnel. These developments indicate excellent potential for production revenues in the not too distant future,” says Richard Nemis, CEO of Noront.

The Bullboard was busy following the news, with cutsheal commenting “The shorts will hold this. There will be a huge sell off here. I cannot see this reopening today with many of the U.S. investors unaware of the NR [sic].”

Mooger says “There doesn’t seem to be…any negative effect on the other area plays today. PRB, BMK, GGY, and even SPQ are all in the green today. Usually these stocks follow Noront's lead [sic].”

Continue to follow the action on the NOT Bullboard.

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