My rant for the week
posted on
Sep 02, 2010 10:24PM
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)
March 19 - Noront announces that they are resuming exploration
The objective "focus on continuing to add resources at the Eagle's Nest and Blackbird deposits with additional exploration at AT-12."
March 30 - Noront reports on status of drilling; five drills; two deep drills; two infill; one to AT-12; none to blackbird deposits
The objective "our focus will be directed towards increasing the 11.2 million tonne indicated and inferred resource at Eagle's Nest disclosed on March 9, 2010. The deep drills we are currently mobilizing to site will allow us to test below the 2,000 metre elevation. Geophysical surveys are underway at AT-12 with the objective of identifying a nickel, copper sulphide system similar to the Eagle's Nest."
May 12 -- assays on iums from the fall and exploration update
"Currently five drills are operating at the Eagle's Nest deposit, one drill at AT12 and an auger drill at the Triple J extension target. Ground geophysical surveys are underway. Both of the new deep drills, designed to test Eagle's Nest to a depth of over two kilometers, are producing core and there are three additional drills performing infill drilling and testing for high grade mineralization along structural trends."
June 3 -- assay results from infill drilling - 5 holes + update on exploration -- no signs of technical problems yet
"Plans for 2010 remain focused on completing the infill drilling and testing the Eagle's Nest deposit at depth. The Company has commenced drilling at prioritized geophysical targets proximal to the Eagle's Nest deposit. Currently we have six drills operating with five dedicated to the Eagle's Nest program. The sixth drill will focus on regional target follow up."
July 20 -- assay results from infill drilling - 7 holes of infill + 8 holes AT-12 + update on exploration
"It has also largely finalized the limits of the mineralization above the 1,200 metre level, and has increased the extent and limits of massive sulphide material"
"The infill program will be completed shortly and the exploration focus will shift to testing new targets for new Ni-Cu-PGE sulphide deposits in the immediate vicinity of Eagle's Nest."
Oh....and by the way...
"Deep drilling at Eagle's Nest has encountered technical difficulties which have delayed results."
Ok...so we started in March...that's April, May, June, July....4 months before shareholders are made aware of "technical difficulties"
Moving on...
"We will report results from the deep drilling when they become available. Two holes are currently underway to test the promising structural convergence zone at depth at Eagle's Nest"
August 11 -- completed infill drilling + exploration update
Noteworthy part "We have successfully accomplished our goals with our infill drilling, namely to increase the average resource grade, move inferred resources to indicated resources and verify that our Eagle's Nest model can predict the location and extent of both massive sulphide and high grade platinum and palladium mineralization."
And the deep drilling....they've expanding somewhat on the term technical difficulties
"This program has suffered significant mechanical and technical delays including excessive hole deviation, engine and electrical malfunctions with the newly fabricated drills and lost holes as a result of rods being stuck in the hole and poor ground conditions that prevented certain holes from reaching their target depth. The Company remains committed to testing the continuation of the Eagle's Nest deposit at depth and two holes are currently underway with that objective."
Now....five months....and not one hit of nickel below 1200 meters
August 12 -- by the way, we're finding more chrome...and it's high grade and close to eagle's nest
August 18 -- latest update on the deep drilling
"Recent geophysical interpretation of historical data, which the Company's geoscientists believe accurately maps the untramafic host rocks, extends the highly prospective ultramafic-granodiorite contact to a depth of nearly two kilometers where our deep drilling program is focused"
And something to talk about after 6 months of no results on deep drilling...
"The Company is currently drilling several strong bore hole electro-magnetic targets within two hundred metres of the Eagle's Nest deposit which are being drill tested."
In summary: all the hype has been over the deep drilling...what they will find below the 1200 meter level...the potential to significantly increase the resource estimate ....we have waited patiently as the blockade delay things...then in March, it seemed we were finally going to show the market what was down there. Afterall; all we needed to do was extend hole 49...right? Here we are, 6 months after the first announcement that we were resuming exploration and we have nothing.....absolutely nothing from the deep....expensive deep drilling. Meanwhile, the CEO is taking calls at the office from retail shareholders as our stock price gets decimated.
My rant for the week