VANCOUVER–Noront Resources (NOT-V, NOSOF-O) posted a 20% gain in recent trading on drill results the company says are its highest grade to date from the Double Eagle project, in northeastern Ontario.
Hole 27, collared on the Eagle One occurrence, returned 46.2 metres (from 113 metres down-hole) grading 6.25% nickel, 2.75% copper, 1.85 grams platinum per tonne, 10.2 grams palladium and 3 grams gold 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.
The results had the company’s shares up 69 at $4.14 per share.
“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,” said Richard Nemis, Noront’s president and CEO in a statement.
Nemis said the company plans to complete infill drilling needed for a resource estimate and to start drill testing high-priority geophysical targets in the project area.
Another hole, 29, cut 65.9 metres (from 18.3 metres) averaging 1.5% nickel, 1.1% copper, 1.2 grams platinum and 2.9 grams palladium, mostly within net-texture sulphide-mineralized peridotite.
The company says the intersections are not true widths.
Recently adding a pair of drills to its Double Eagle program, Noront has three rigs spinning on the project.
Assay results are pending for several additional holes at Double Eagle. The company also continues to resample some previous core to test for rhodium values in the magmatic- hosted massive sulphides.
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