News of another discovery at Noront Resources’ (NOT-V, NOSOF-O) Double Eagle project drove up the company’s share price 67to$5.50 over two days, with about 4.2 million shares changing hands.
The discovery of a second massive sulphide occurrence 2 km southwest of its Eagle One magmatic massive sulphide occurrence, in the McFauld’s Lake area of northeastern Ontario, was based on four holes and is being called Eagle Two.
Encountering the nickel-copper massive sulphides in a sheared deformation zone hosted by peridotite so close to Eagle One lends even more substance to the company’s belief that it has discovered what could become the country’s next large base metals camp.
Highlights of the drilling are as follows:
Hole 1G2 encountered a mineralized deformation zone over a length of 29 metres starting at 39 metres down-hole, made up of a 3-metre section of massive sulphide magnetite breccia and units of sulphide breccia with widths ranging from a few centimetres to 1 metre throughout the zone.
Hole 1G3 encountered the deformation zone containing massive pyrrhotite-magnetite with chalcopyrite at 43.3 metres depth over a core length of 3.4 metres. Below the massive sulphide intersection, the hole uncoveredtwomassive chromitite layers. (The upper layer was 5 metres thick starting at 123 metres, and the lower one was 3 metres thick, ending at about 143.7 metres.)
Hole 1G6 entered strongly altered peridotite until encountering a deformation zone at 113.2 metres over a core length of 17.8 metres. The veins host semi-massive pyrrhotite, chalcopyrite and magnetite and also indicated a positive reaction to the DMG nickel test, as in the other holes, the company noted.
Finally, hole 1G8, which is still under way, struck massive sulphide mineralization at 123 metres downhole over 7 metres.
The Double Eagle project, in the James Bay lowlands, has attracted enormous attention over the last year.
Noront’s shares have a 52-week trading range of 29-$7.05. The Canadian junior has 125.3 million shares outstanding.
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