So where are we now? Part 1.
posted on
Jun 11, 2008 02:07PM
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
So where are we now? Part 1.
Nickel is what people want. It may be that one day chromium is King. But for now, deep in our hearts, we all want more nickel!
Except for a chromium column in the following grid, to show which drill holes hit chromium, this discussion centers on nickel finds.
Eagle Two (AT2) has proven promising... however, so far, not a blockbuster.
In the latest news release, drill holes G2, G3, G6, and G8 have from .69 to 2.24% nickel in mostly short intervals of 5 meters and less.
Two other drill holes - G17 and G22 - have short intervals of .35 to 1% nickel.
The good news? More nickel. But the bad news, not enough - yet.
We had, at the time of the last release on May 27th, 22 holes completed at Eagle Two (AT2 - however I only count 21 in the release), For eight of these twenty two we already have assays.
Two additional holes were underway at Eagle Two: 40 and 41.
As you can see under the column "Best Nickel" below, the remaining assays may not be impressive until we get to hole 32 and higher.
Where you see AT2 - this is Eagle Two. The other AT's are other anomalies drilled farther southwest of Eagle Two. Why all the anomalies are mixed up in the same identification scheme is curious, unless its simply the order in which they were received.
I have placed ++ next to those drill holes that have some nickel indicated. Now that I count them, 11 out of 22 is not bad! Just wish they were a little longer in length.
* AP = Assays Pending
* NSA = No Significant Assay
Hole Best Nickel in that hole Chromium
1G2 - 1.44 AT2 ++
1G3 - 2.24 AT2 ++
1G6 - .69 AT2 ++
1G8 - 1.98 AT2 ++
1G10 - AP * AT3
1G12 - NSA* AT3
1G14 - AP AT3
1G15 - NSA AT2
1G16 - NSA AT2
1G17 - .59 AT2 ++ YY
1G18 - NSA AT3
1G19 - AP AT3
IG20 AT2 YY
1G22 - 1.00 AT2 ++
1G23 - AP AT3
1G24 - some AT2 YY
1G25 - minor AT2
1G26 - AP AT3
1G27 - AP AT3
1G28 - minor AT2 YY
1G29 - NSA AT8
1G30 - minor py AT4
1G31 - minor AT2 YY
1G32 - semi massive AT2 ++ YY
1G33 - abandoned AT4
1G34 - minor py AT4
1G35 - semi massive AT2 ++
1G36 - abandoned AT2
1G37 - abandoned AT2
1G38 - semi massive AT2 ++
1G39 - semi massive AT2 ++
1G40 - semi massive AT2 ++
Still underway as of News Release
1G40 -
1G41 - AT2
The continuing and more recent drilling holes, noted above as Eagle Two [AT2], are looking better. Here is a more exact description of what they've observed without having assays:
1G32 - 8 meters of semi massive
1G35 - 4 meters of semi massive
1G38 - 15 meters of semi massive
1G39 - 17 meters of semi massive
1G40 - 8 meters of semi massive
Two drills continue to work on Eagle Two.
Remember the announcement of visuals - "Eagle 2 has landed"?
"...Nickel-copper massive sulphides in a sheared deformation zone hosted by peridotite have been encountered in four holes, located 2 kilometers to the southwest of Eagle One "
These holes appear to have been AT2 1G2, 1G3, 1G8 and had short intervals of 1.4 to 2.24 percent nickle.
It is unlikely they will announce visuals for Eagle Two again. More likely they will simply release new hole descriptions with the upcoming assay results.
Other hopeful Eagles, all 4 to 6 kilometers SW of Eagle one (farther away Eagle 1 than Eagle 2), do not appear to have found any nickel:
AT3, AT4, AT8 [included in the chart above] though they have assays pending, saw no visible massive or semi massive sulphides.
AT3 - 6 holes, no visible, assays pending.
AT4 - 2 holes, no visible, assays pending.
AT8 - 1 hole, no visible, assays pending.
In summary. Eagle 2 shows we are on the right track. There is more nickel in the area.
The 'Not so good' results at AT3, AT4, and AT8, farther to the South West are disappointing.
This dispels the myth that whenever you find a target you will find nickel. We are reminded that there is nothing simple or certain about exploration.
Regardless, it has been shown that there is nickle 'in them there hills', and NOT has the land, the team, the expertise and the monetary backing.
We have Eagle One, continuing work on Eagle Two, new exploration north of Eagle One and more to come.
Where there is smoke, there is fire, a ring of fire.
All they have to do is find it.
BK
ps - of course, this is my interpretation. If any of these observation are crucial to you, please double check them using your own dd.