HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

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)

Free
Message: 43-101 Resource Estimate

I don't think it matters much whether you continue drilling or not. When your orebody is open at dpth and also in a horizontal direction, it is a judgement call by the BOD as to when a 43-101 is compiled. Often they are compiled prematurely in my opinion because not enough has been delineated to max the share price. But, other pressures come to bear such as money spent, time passed and the need to raise more funds. In order to begin another 43-101, Noront needs to specify a spatial boundary around the orebody that they have sufficient holes drilled through to get a qualified professional to complete a resource calculation. For all intent and purpose, drilling has stopped in that blob of rock for that calculation. We all believe the resource will nearly triple. In my opinion, this new 43-101 is essential at this point in our history because it will be a new plateau, far higher than previous and should give some renewed confidence after the FWR exercise. Even though this was a success in my opinion in that it elevated the stature of the Ring of Fire and Cliffs were made to pay a higher price for a piece of it, it still left Noront in a somewhat defeated perspect. A new 43-101 will give us a new start from a stronger value position and our future drilling will be to get us higher again.

Share
New Message
Please login to post a reply