on the TC site. (not to confuse with the other donny...)
A Dundee report:
Noront Resources Ltd.
NOT-V: C$1.62)
This Just In!
November 4, 2009
NOT RATED, Speculative Risk*
12-month target price: N/R
Ron Stewart / (647) 428-8324
Ron.Stewart@dundeesecurities.com
Robert Thaemlitz / (647) 428-8392
rthaemlitzl@dundeesecurities.com
Eagle's Nest Ni-Cu-PGE Deposit Target Size Increases
Conclusion: Noront is in a strong position to create value
Noront Resources (NOT-V, Not Rated) remains focussed on exploring for nickel and copper at the Eagle's Nest deposit in order to gain the scale needed to develop the McFaulds Lake property in Northern Ontario. In a release, on November 3rd the company provided an update of exploration activity including:
• Drilling continues to increase the size of the Eagle's Nest deposit and target potential;
• Drilling commenced at the AT-12 anomaly, where a new interpretation of geophysics shows promise of a discovery;
• A NI 43-101 report on the chromite resource at of the Blackbird deposit is due out this quarter;
• Drilling has been halted on the Noront - Freewest (FWR-V, Not Rated) joint venture claims and reiterated that the Company's hostile offer of 0.25 NOT share for each FWR share stands. FWR has recommended shareholders reject the offer.
A fifth drill has been added to the exploration campaign. Four drills are currently defining the extent of the mineralization at Eagle's Nest. Two are now dedicated to extending coverage to 1,500 metres depth while the other two are focused on defining the strike length of the zone. A steady stream of results can be expected over the coming six months.
Eagle's Nest, Deposit Target Size Increases
The Company described the Eagle's Nest deposit geometry as ribbon like, being contained in a vertical zone with dimensions 1,000 metres vertically by an east-west strike length of 200 metres by a variable width of several metres to up to 60 metres. In our October 16 note, we estimated a combined target size of the Eagles' Nest at 10Mt that, based on the Company's dimensions, could understate the opportunity by a factor of 2 times (See Exhibit 1). Couple this with the fact that the Eagle's Nest is open on strike and to depth and we believe that there is excellent upside potential on this deposit alone
Bold furnished by Milsy1
Cheers,
Milsy1
