My impression of the pull back in share price for NOT on Friday has to do with one phrase in the SPQ news release...that being
"The joint venture started the drill test work in the vicinity of their chrome-nickel-platinum group metal bearing peridotite previously discovered by Spider and KWG in 2006, which has many similarities to the new discovery (Eagle Two) of Noront in late February"
Now, we know the news didn't do much for the shares of SPQ or FWR and may have cause some worry about the drill results coming from DE2....Noront actually did start the day trading higher....from what I was seeing, that was the turning point....once people had time to see the effect of that news to the SPQ and FWR shares
Now, I did go back and read the DE2 has landed news release....and it does mention the following:
"Below the massive sulfide intersection, hole 1G3 contained two massive chromitite layers, the upper one being 5 meters thick starting at 123 meters to 128 meters, the lower one being three meters thick, terminating at about 143.7 meters core length."
Now I would like to point out one profound difference between the two deposits....."massive sulfides"....count how many times that gets mentioned in the SPQ news....didn't see any
Having said that, any new deposits found in the area will be significant for everyone in the area....the fact the SPQ news release only gave results on one hole is a beginning....the fact they continue to drill that deposit is encouraging....on hole 11, they state the following:
"The presence of two sulphide zones encountered in this hole is encouraging, these will be analyzed for their base and precious metal content."
I would have liked to see "two massive sulphide zones" ....but, I guess that is the cause for a so so response from the market