Noront Resources Ltd. (NOT-V) : Initial Blackbird Resource a Starting Point; Eagle's Nest Extended at Depth...as Expected

Blackbird chromite resource - 15mm-tonnes and growing.
Maiden resource estimate prepared by Micon Engineering yields 8.9mm tonnes of chromite in M&I category, another 6.1mm tonnes in inferred.

World-class grades, widths & Cr:Fe ratios cannot be ignored.
Potential regional and Eagle's Nest-related synergies lower hurdle rate for chromite prod'n, but more tonnes needed to be of strategic interest.

Drilling extends Eagle's Nest to 1,100 metres depth...as expected.
Hole 69A cuts 59.9 m grading 1.4% Ni & 0.84% Cu, beginning 1,094 m down hole; such extensions already accounted for in our model.

Maintain Buy rating and target price of $2.80.
Target based on a 0.85x multiple of NAV10% of $3.31/sh (unchanged). Potential for ~$4/sh by selling Cr2O3/PGM stream & exploration success.