The company has budgeted for four Ontario exploration programs covering properties optioned from Central Crude (TSE) in the Mishibishu Lake area, as well as two programs on claims held jointly by Central Crude and Noront in the Hemlo area. The fourth program covers Noront’s Chisholm Island property, situated in the Lake of the Woods area of northwestern Ontario. Earlier this year, drilling by operator Noranda Exploration intersected 7.9 ft assaying 0.423 oz gold, 1.42 oz silver and 0.65% copper per ton on the Chisholm Island property.
In Newfoundland, the company is spending about $1 million on its grassroots Grubline joint venture with Noranda Exploration as operator. Work on that 850,000-ac project is still at the preliminary stage, but encouraging gold anomalies have been detected.
Noront says it plans to raise an additional $1.17 million this year for its exploration programs.
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