Final assay results are in for Noront’s Eagle One

After laboratory delays and a series of quality control issues, final assays finally are in for seven holes drilled at the base metal Double Eagle discovery, Noront Resources (NOT-V, NOSOF-O) reported today, but the results didn’t seem to make much of an impression on the markets.

In mid-day trading, Noront shares were down 4 apiece to $4.66 with 156,235 shares changing hands. The company has a 52-week trading range of 29-$7.42.

The seven holes testing Noront’s 100%-owned Eagle One project in the McFauld’s Lake area of northeastern Ontario, which the company has referred to as “the highest grade grassroots discovery since Voisey’s Bay,” were completed during late January and early February. Highlights came from holes 28, 30 and 34.

Hole 28 averaged 6.73% nickel, 5.11% copper, 0.05 gram platinum per tonne, 14 grams palladium per tonne, 0.41gram gold per tonne and 12.9 grams silver per tonne over a 1.5 metre core length within a much larger 73.2 metre section that averaged 1.31% nickel.

Hole 30 averaged 3.5% nickel, 3.54% copper, 0.48 gram platinum per tonne, 8.96 grams palladium per tonne, 0.22 gram gold per tonne and 9.3 grams silver per tonne over 11.1 metres within an 84.7 metre core length that averaged 1.1% nickel.

Hole 34 averaged 6.88% nickel, 5.05% copper, 2.53 grams platinum per tonne, 14.07 grams palladium per tonne, 0.39 gram gold per tonne and 15.1 grams silver per tonne over 10.6 metres within an 38.5 metre core length that averaged 2.34% nickel.

Exploration is continuing through the breakup period, the company says, and a third drill is being readied for anomaly testing. Noront plans to test for extensions to Eagle One and drill test several high-priority geophysical targets within the immediate area of Eagle One.

Eagle One is a magmatic massive sulphide discovery. The Precambrian geology lying beneath a thick layer of Paleozoic cover rocks in the James Bay lowland area, which includes Noront’s Eagle One property, has been only minimally prospected.

Noront has 125.5 million shares outstanding.