Kaiser report includes:

My guess is that Noront management realized that its geophysical downhole platform hole had clipped the edges of a string of pearls, much as hypothesized by Michael Gray, but, unlike speculated by Gray, did not find downhole geophysical probes particularly useful in "illuminating" where holes should be spotted to provide "true thickness" intervals of the pearls at depth. One option was to start deep-sea spear-fishing, but in light of how ineffective this had been with regard to Eagle One which should have likened a carp sun-bathing in a slough, Noront management rejected that approach. Instead, I surmise it decided to spot a new platform hole somewhere between Eagle One and the Fancamp border where not only earlier shallow holes had hit nothing, but Fancamp's shallow holes on its side of the border had also hit nothing beyond what keeps dreamers from fully waking up. The market action in Noront exploded on July 15 because some insider probably complained to a network hub that "we fucked up again trying to drill a barren platform hole", which was interpreted as meaning that sulphide mineralization below the Eagle One limits now extended laterally beyond the "down-dip" confines of hole 09-49 (very exciting and meaningful if those sulphides are "nickel-copper", which, of course, remains unstated at all levels, thus leaving the market open to a self-inflicted sucker trap.). This apparent evidence of a third dimension is what smart money is always on the lookout for, and whether this should qualify as material information, perhaps we should ask the analysts who participated in a site visit to Aurelian's Frutta del Norte property in 2006 while the stepouts to the discovery hole were being drilled. Readers may remember that the initial concern with the Aurelian hole was that this blind hole had tagged a structure with locally elevated gold grades.