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Mining Stocks: Investing in Canada’s natural wonders

Posted January 30, 2008

"Take it from someone who looks at drill results from mineral exploration companies almost everyday, these are pretty darn good. These are the kinds of mineralized widths and grades that attract the attention of institutional investors and the major base metal producers like Norilsk and Freeport-McMoRan." — Luke Burgess

by Luke Burgess, Gold World

Baltimore – (TFN):  In September 2007, Noront Resources (TSX-V: NOT) discovered high-grade nickel, copper, platinum, and palladium in drill core over significant widths recovered from the company's 100%-owned Double Eagle property in northeastern Ontario. And share prices took off… (View a Noront stock chart here.)

Further exploration at Double Eagle over the last several months has helped define and expand a mineralized zone on the property and contributed to increasing share prices. Recent drill results include:

  • Hole NOT-07-5: 117.4 meters grading 4.1% nickel, 2.2% copper, 2.1 grams per tonne (g/t) platinum, and 7.1 g/t palladium; and
  • Hole NOT-07-18: 124.6 meters grading 2.4% nickel, 1.1% copper, 1.1 g/t platinum, and 3.9 g/t palladium

Take it from someone who looks at drill results from mineral exploration companies almost everyday, these are pretty darn good. These are the kinds of mineralized widths and grades that attract the attention of institutional investors and the major base metal producers like Norilsk and Freeport-McMoRan.

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Most recently Noront reported two new drill assays for holes NOT-07-29 and NOT-07-27, which recovered the highest-grade mineralization to date.

Hole NOT-07-27 cut a total of 46.2 meters of mineralization including 35 meters of 3.45% copper, 7.91% nickel, 1.66 gt platinum, 12.79 g/t palladium, 3.87 g/t gold, and 9.27 g/t silver. Gold and silver have also been found in previous drillholes, but grades have only averaged ~0.14 g/t gold and ~2.11 g/t silver. (View a complete break down of the two new drill results here.)

Noront reports that two new drill rigs have recently arrived at the project and have commenced drilling to expedite exploration. There are now three drill rigs on the project completing infill drilling and testing other geophysical targets that will help define and expand the mineralized zone further.

To date the company has completed drilling nearly 30 holes for a total of over 5,000 meters. Noront says that assay results are pending for holes NOT-07-20 through to 26 as well as hole 28.

It's still too early for anyone to accurately estimate the contained mineral resources at the Double Eagle project. However, we can assume that several further drill results, similar to what we've already seen in the first 20+ drillholes, will be able to define a significant base metal resource deposit. The Noront story will be one that we follow closely.

If you'd like to do your own research on Noront Resources and the Double Eagle project, visit the company's Web site at www.norontresources.com.

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