Vancouver – Calling it the highest grades encountered to date at its Double Eagle project in the McFauld’s Lake region of northeastern Ontario, Noront Resources (NOT-V, NOSOF-O) posted a 20% gain in January 28th trading to close up 69 at $4.14 per share on drill results.
Hole NOT-07-27 collared on the Eagle One occurrence returned 46.2 metres (from 113 metres down-hole depth) grading 6.25% nickel, 2.75% copper, 1.85 grams platinum per tonne, 10.2 grams palladium per tonne and 3 grams gold per tonne in mostly massive sulphide mineralized peridotite. The intercept included a 35.6-metre interval of 7.9% nickel, 3.45% copper, 1.7 grams platinum, 12.8 grams palladium and 3.9 grams gold.
“This hole is quite significant as it contains high gold values within the massive sulphide zone not seen in earlier holes, and it extends the high grade massive sulphide zone to depth on this section,” Richard Nemis, Noront’s president and chief executive said in a prepared statement. “Our immediate drill objectives are to complete infill drilling as required for resource estimate calculations and to begin drill testing several high-priority geophysical targets within the Double Eagle project area.”
Another hole, NOT-07-29, cut 65.9 metres (from 18.3 metres depth) averaging 1.5% nickel, 1.1% copper, 1.2 grams platinum and 2.9 grams palladium mostly within net-texture sulphide mineralized peridotite.
Acknowledging its drill intersections are not true width the company says it will determine that figure once a resource tally is completed.
Recently adding a pair of drills to its Double Eagle program, Noront has three rigs spinning on the project.
Assay results remain pending for several additional holes at Double Eagle. The company also continues to resample some previous core to ascertain rhodium values within the magmatic-hosted massive sulphides.
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