There are three distinct parts to look at here. The first is the AT-12 anomaly, the second the Eagle 2 Nickel deposit and the Blackbird Chrome deposit.

First the AT-12 (Rumour that turned out true) hit. NOT-08-2G01 intersected 6.3m of intermittent and disseminated Nickel Copper mineralization. NOT-08-2G02 was drilled from the same pad location and undercut NOT-08-2G01 on the same azimuth and hit 29.2m intermittent and disseminated Nickel Copper mineralization. So it looks like mineraization increases at depth. In anybody's books that is a nice exploration hit. We won't know how good things are until we get assays (NOT's descriptions are getting a little to generic to determine how good a hits is). What it does tell us is that there is other nickel mineralization out there which is what the market wanted to see. Suddenly all those stand alone pods look real attractive.

If you go to FWR's website ( http://www.freewest.com/_resources/n... ) you will see that AT-12 is part of a larger anomaly that strikes south onto FWR's property. We appear to be roughly 750m North of the 100% FWR claim boundary. The FWR-NOT JV claim block is about 2km to the SW of AT12 with a very distinct and much larger bullseye shaped anomaly. I imagine that there will be serious pressure on NOT and FWR to drill the JV now vs later. The AT-12 hits accounts for the (inside?) buying of FWR over the past couple of days.

On a regional scale the AT12 hit indicates good things for ours, PRB’s and FNC’s pod like anomalies north of the ROF in this core area.

Eagle 2 – OK news in the sense that there is evidence of tonnage with nickel. As a stand alone deposit, Eagle 2 would be sub-economic due to its size. Its clear that there is something there but they haven’t found it yet. 1% Ni plus pgm credits run about $200-$230 insitu value material per tonne it might look attractive but the widths are narrow at depth so it will take a lot of work to prove up tonnage and would be expensive to mine. However Eagle 2 is spatially connected to Blackbird 1 and that changes things dramatically. If Blackbird 1 is mined the cost of mining Eagle 2 would drop dramatically making it much more viable. The key is more tonnage, improving grade or lower mining costs. I suspect that NOT sees Eagle 2 as an exploration venture that they hope to chase to a rich source.

Blackbird 1 is still a big unknown and I suspect the forthcoming announcement will be tomorrow. We appear to have industry average grades for minable Chromite deposits and widths that are above average. We need more info on Fe:Cr ratios, grades and chromite mineralogy. That said Ferro Chrome prices are running $2.05/lb (http://www.miningweekly.com/article.... ). With our grades and widths I suspect that our deposit is going to have a change in status to an Ore body real soon. I hope the soon to be released NR on Blackbird includes a market analysis so that we can get some real valuations to work with.

It would be nice if Genuity steps up to the plate with a revised valuation.

... Been There