Well, our friends at Canaccord (Morning Coffee (MC) for Feb 26) are out with comments on Noront. (with references to other area plays) This MC is a little different from past comments as it appears to have a better positive spin on NOT. (although they did comment of asseys results which still need to be confirmed...ok we will let them have that) To me I see a very different tone in this MC as posted from last comments.
Noront Resources (NOT : TSX-V : $5.04), Net Change: 0.21, % Change: 4.35%, Volume: 646,735
Macdonald Mines (BMK : TSX-V : $0.56), Net Change: 0.11, % Change: 23.08%, Volume: 10,187,350
The Double Eagle has landed. Following its stock being halted, Noront released visual descriptions from a series of drill holes that tested a second EM geophysical conductor similar in character to the Eagle #1 discovery within its 100%-owned Double Eagle project in the McFauld’s Lake area of Northeastern Ontario. The Eagle #2 occurrence is about 2 km to the SW from Eagle #1. Canaccord Adams has been previously advised that the Eagle #2 EM (Areotem #2) target signature is at least twice (company maps concur) the length of the Eagle #1, which is about 300 metres in its longest length. The company has six additional EM targets that remain untested on the Double Eagle project. Four drill holes testing the Eagle #2 target all intersected altered peridotite hosting a 3-26 metres wide deformation zone containing veins and breccia zones hosting pyrrhotite, magnetite, chalcopyrite (Cu sulphides) and pentlandite (Ni sulphides), associated with chromitite layers. Drill hole NOT-08-1G8, according to the company intersected the most significant mineralization, 7.0 metres of massive sulphide (true width unknown). It is encouraging that Noront has intersected a second zone of mineralization associated with the Eagle #2 anomaly. We would expect the market to positively endorse this as new speculative upside for Noront, and the other companies exploring the area. At this time, visual descriptions suggest to us that the company has intersected modest Cu-Ni mineralization but assays are required to determine the grade, since fine grained pentlandite is visually impossible to determine. Companies that are simply geographically closest to Noront include: Macdonald Mines, Fancamp Exploration (FNC), Probe Mines (PRB), Temex Resources (TME), KWG Resources (KWG), UC Resources (UC), and Spider Resources (SPQ).
