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)
Message: posted before?
Nickel Investing News Featured Stock
http://nickelinvestingnews.com/2941-noront-resources-ltd-%e2%80%93-multi-metal-exploration-in-the-ring-of-fire.html
Noront Resources Ltd – Multi-Metal Exploration in the Ring of Fire
1
Overview
Noront Resources Ltd. (TSXV:NOT)2 is a development company focused on world class multi-metal discoveries in the area of northern Ontario called the Ring of Fire. Noront Resources owns a 100% interest in a development stage nickel-copper-platinum group elements project known as Eagle’s Nest, a development stage chromite project known as Blackbird; two nickel-copper-platinum group metal discoveries known as Eagle Two; AT-12; an iron-vanadium-titanium discovery known as Thunderbird; and a zone of gold mineralization known as the Triple J Gold Zone. Noront is engaged in the development, exploration and acquisition of properties prospective in base and precious metals, including: nickel, copper, platinum group elements (“PGE’s”), chromite, iron, titanium, vanadium, gold and silver.
Chromite
Chromite is an iron chromium oxide mineral and the only ore of chromium metal. It occurs exclusively in ultramafic igneous rocks. Over 95% of the worlds chromite is converted into various ferrochromium alloys for use in the stainless steel and other alloy industries. Chromite ore is typically smelted in submerged arc furnaces to produce ferrochrome.
South Africa, India, and Kazakhstan are the world’s primary producers of chromite, though Canada is now poised to join them as a result of the world class chromite discoveries in the Ring of Fire district in the James Bay lowlands of northern Ontario.
Noront holds title to over 112,000 hectares in this emerging multi-metals camp. North American chromite demand is currently at 1.2 million tons per annum, while China’s demand is 12.0 Mtpa, and demand is expected to rise steadily in direct response to the urbanization of Asia, India and other emerging economies.
Rapid urbanization worldwide requires more raw materials for infrastructure like public transit systems and buildings. China estimates that stainless steel production will double in five years and is therefore seeking a long-term and stable supply of chromite. Today, North America’s chromite supply is entirely imported. Noront’s Blackbird deposit could easily sustain the current North American demand, potentially generating significant revenue for the company.
Investment Highlights
-
-
- Two near term development projects in the Ring of Fire area
- Largest land position (112,000 hectares) in the evolving Ring of Fire
- Updated National Instrument 43-101 Compliant Feasibility Study for Eagle’s Nest (September 2012) indicates an after tax Net Present Value at an 8% discount rate of $543 million; an after tax IRR exceeding 28%
- Chromite resource tripled at Blackbird project in March 2012:
- Measured Resource 9.3 M tonnes averaging 37.44% Cr2O3 and 2.00 Cr:Fe
- Indicated Resource 11.2 M tonnes averaging 34.36% Cr2O3 and 1.95 Cr:Fe
-
Key Projects
4
Eagle’s Nest
The Eagle’s Nest Project is a magmatic massive sulphide deposit discovered in August 2007 situated in the “Ring of Fire” in the James Bay Lowlands of Northern Ontario, approximately 500 km northeast of Thunder Bay and 150 km west of the Victor Mine. It is on traditional lands of First Nation communities. Most local communities are members of a tribal council known as the Matawa First Nations. The nearest community is Webequie First Nation, 80 km to the west.
In July 2008, P&E Mining Consultants completed an initial resource estimate on Eagle’s Nest. This study estimated 1.8 million tonnes in a measured resource and and additional 1.1 million tonnes of inferred resources. The total resource grades exceeded 2.0% nickel and 1.0 % copper. These estimates were compiled in a NI 43-101 report5 dated August 14, 2008
In October 2008, P&E Mining Consultants completed a NI 43-101 compliant preliminary economic analysis for Eagle’s Nest that suggested that it could be profitably mined.
In June 2009, hole NOT-09-049, a vertical hole drilled at Eagle’s Nest, intersected two intervals of mixed massive to disseminated sulphides. The first lens was intersected between 270 and 510 metres and the second lens was intersected from 750 to 950 metres depth. The initial interpretation was that two additional lenses of mineralization, similar to the upper zone, had been intersected.
Follow up drilling determined that rather than three distinct lenses, the Eagle’s Nest deposit was a sub-vertical, continuous magmatic massive sulphide body ranging between 100-200 metres on strike and 25-75 metres in thickness. The deposit has been traced by drilling to depth 1,200 metres and mineralization remains open at depth.
In March 2011, Noront announced a Ni 43-101 compliant resource estimate completed by Micon International on the Eagle’s Nest Deposit. This revised estimate included the results of the drill program completed during 2010. The revised resource estimate, based on a 0.5% Ni grade in the Main Zone is summarized as:
Tonnes Nickel Copper Platinum Palladium Gold
| (x1,000) | (%) | (%) | (g/tonne) | (g/tonne) | |
| Mineral Reserves | |||||
| Proven | 5,264 | 2.02 | 1.04 | 1.01 | 3.45 |
| Probable | 5,867 | 1.38 | 0.72 | 0.78 | 2.76 |
| Proven and Probable | 11,131 | 1.68 | 0.87 | 0.89 | 3.09 |
| Mineral Resources (exclusive of Mineral Reserves) | |||||
| Inferred | 8,966 | 1.10 | 1.14 | 1.16 | 3.49 |
In September 2012, Noront Resources announced the results of an updated NI 43-101 compliant Feasibility Study6 for a stand alone nickel, copper, platinum group element mine and mill complex exploiting the 100% owned Eagle’s Nest deposit. The results of the independent study confirm that Eagle’s Nest offers robust economics.
Noront Resoures’ current objectives for the project are the continued development of Eagle’s Nest with the objective of establishing commercial production in and around 2016. The Company is currently completing condemnation, geotechnical and hydrological drilling near the proposed portal location and detailed engineering related to portal construction. The company is also evaluating potential benefits to producing both a nickel concentrate and a copper concentrate now that the development of Eagle’s Nest no longer considers use of a concentrate slurry pipeline. Additional metallurgical samples will be required as will additional metallurgical testing.
Noront Resources is continuing the consultation process with First Nation communities in the Ring of Fire with open houses and meetings with community leaders planned throughout the fall and winter season.
Blackbird
The 512-hectare Blackbird chromite deposits are located in the McFaulds Lake area in the James Bay Lowlands of north-central Ontario, some 260 km north of the town of Nakina.
7
click to zoom
In 2009, Noront Resources carried out a drill program on Blackbird, located in the Ring of Fire area that included 52,375 meters of drilling over 154 holes, which confirmed the presence of a significant chromite resource. Noront was the first Canadian company to release a measured, indicated, and inferred chromite resource estimate in the Ring of Fire. Measured resources include 5.2 million tons at 34.4% chromite; indicated resources include 6.7 million tons at 35.3% chromite; inferred resources include 6.1 million tons at 33.4% chromite.
In February 2009, the company committed $20 to $25 million to completing a drill program designed to allow an initial estimate of chromite resources sufficient to support a 25 year mine life. A total of 154 holes for 52,375 metres were completed at Blackbird.
In June 2011, Noront announced that Baosteel Resources had completed a strategic investment in Noront acquiring a 9.9% interest for an investment of $17.4 million. Baosteel’s investment funded the completion of the Feasibility Study for the Eagle’s Nest nickel sulphide deposit and a drill program to increase the mineral resource at Blackbird.
The updated resource estimate was based on results from 119 drill holes. Chromite grades were capped at 45% Cr2O3. A cut-off grade of 30% Cr2O3 was selected to allow for reasonable prospects of economic extraction by comparison with current world producers in Finland, Turkey and South Africa.
In March 2012, Noront Resources announced an updated, independent Mineral Resource Estimate completed by Micon International Ltd., an independent consulting engineering company.
| Measured Resource | 9,290,000 | 37.44% | 2 |
| Indicated Resource | 11,173,000 | 34.36% | 1.95 |
| Measured & Indicated Resource | 20,463,000 | 35.76% | 1.97 |
| Inferred Resource | 23,481,000 | 33.14% | 1.97 |
The chromite mineralization at Blackbird remains open at depth and offers an excellent opportunity for further resource increases.
Summary
Noront Resources Ltd. is focused on development of the high-grade Eagle’s Nest nickel, copper, platinum and palladium deposit and the high-grade Blackbird chromite deposit, both of which are located in the James Bay lowlands of Ontario in an emerging metals camp known as the Ring of Fire.
Noront Resources is committed to responsible development. The Company is engaging local First Nations communities and forging strong relationships with all levels of government. The Company will be consulting with all stakeholders through the development of its projects in order to minimize its environmental impact and to maximize the benefits of development to local communities.
Management
Wesley (Wes) C. Hanson – President and Chief Executive Officer
Mr. Hanson was formerly Vice President Mine Development for Western Goldfields, before the recent announcement of its business combination with New Gold Inc. and he previously held the position of Vice President, Technical Services for Kinross Gold Corporation. Mr. Hanson has held several senior positions in the mining industry throughout his 28 year career, where he has been directly involved in the engineering construction and commissioning of numerous mining projects in Canada, the US, Brazil, Chile and Russia. Mr. Hanson has a Bachelor of Science, Geology from Mount Allison University in Sackville, New Brunswick, Canada.
Mr. Hanson was formerly Vice President Mine Development for Western Goldfields, before the recent announcement of its business combination with New Gold Inc. and he previously held the position of Vice President, Technical Services for Kinross Gold Corporation. Mr. Hanson has held several senior positions in the mining industry throughout his 28 year career, where he has been directly involved in the engineering construction and commissioning of numerous mining projects in Canada, the US, Brazil, Chile and Russia. Mr. Hanson has a Bachelor of Science, Geology from Mount Allison University in Sackville, New Brunswick, Canada.
Gregory R. Rieveley – Chief Financial Officer
Mr. Rieveley is a finance executive with 12 years experience in the mining and retail industries. Previously he held the position of Vice President, Internal Audit and Business Development at Harry Winston Diamond Corporation (formerly Aber Diamond Corporation), and prior to that he was the Controller for Dundee Precious Metals a mid sized copper and gold producer.
Mr. Rieveley is a finance executive with 12 years experience in the mining and retail industries. Previously he held the position of Vice President, Internal Audit and Business Development at Harry Winston Diamond Corporation (formerly Aber Diamond Corporation), and prior to that he was the Controller for Dundee Precious Metals a mid sized copper and gold producer.
Mr. Rieveley is a Chartered Accountant and has a Bachelor of Commerce degree from the University of British Columbia.
Paul G. Semple, P. Eng. – Chief Operating Officer
Mr. Semple’s 28 year career in the mining industry has focused on feasibility studies, project development and operations of precious and base metals deposits. Much of his time was spent with Kilborn (later SNC-Lavalin) where he was involved in all aspects of global project development from initial studies through to construction and operations. During this time, Mr. Semple held various positions including Vice President and General Manager, SNC Lavalin Engineers and Constructors. Recently, Mr. Semple was Vice President of Projects for Western Goldfields Inc, and was responsible for the feasibility study and engineering/construction required to restart the Mesquite Mine. Mr. Semple holds a Bachelor of Applied Science from Queen’s University and is a professional engineer.
Mr. Semple’s 28 year career in the mining industry has focused on feasibility studies, project development and operations of precious and base metals deposits. Much of his time was spent with Kilborn (later SNC-Lavalin) where he was involved in all aspects of global project development from initial studies through to construction and operations. During this time, Mr. Semple held various positions including Vice President and General Manager, SNC Lavalin Engineers and Constructors. Recently, Mr. Semple was Vice President of Projects for Western Goldfields Inc, and was responsible for the feasibility study and engineering/construction required to restart the Mesquite Mine. Mr. Semple holds a Bachelor of Applied Science from Queen’s University and is a professional engineer.
Mark Baker, P. Eng. – Vice President, Projects
Mr. Baker has over 32 years working for mining companies and their suppliers, and with several consulting engineering companies supporting mining and other industries. He has held technical and management roles with responsibilities for developing and delivering projects, and managing project teams. He had 12 years with ICI Explosives, with roles in R&D, Engineering, and Operations, including leading plant design in the Americas and Europe, and as Engineering Manager for Canadian operations. Mr. Baker’s consulting work included projects for major nickel mining companies. Recent roles include Vice President for Seneca Engineering, Vice President for Virtual Engineers, and Business Development Manager for WorleyParsons, Minerals and Metals. Mr. Baker holds Bachelor and Master’s Degrees in Applied Science from Queen’s University and is a professional engineer.
Mr. Baker has over 32 years working for mining companies and their suppliers, and with several consulting engineering companies supporting mining and other industries. He has held technical and management roles with responsibilities for developing and delivering projects, and managing project teams. He had 12 years with ICI Explosives, with roles in R&D, Engineering, and Operations, including leading plant design in the Americas and Europe, and as Engineering Manager for Canadian operations. Mr. Baker’s consulting work included projects for major nickel mining companies. Recent roles include Vice President for Seneca Engineering, Vice President for Virtual Engineers, and Business Development Manager for WorleyParsons, Minerals and Metals. Mr. Baker holds Bachelor and Master’s Degrees in Applied Science from Queen’s University and is a professional engineer.
Glenn Nolan – Vice President, Aboriginal Affairs
Mr. Nolan has advised a number of exploration and mining companies on Aboriginal engagement strategies and has provided information to Aboriginal communities on partnership development and opportunities related to resource development. He is committed to continuing the creation of greater dialogue between communities and the mineral industry.
Mr. Nolan has advised a number of exploration and mining companies on Aboriginal engagement strategies and has provided information to Aboriginal communities on partnership development and opportunities related to resource development. He is committed to continuing the creation of greater dialogue between communities and the mineral industry.
Currently Mr. Nolan is the President of Prospectors and Developers Association of Canada where he sits on a number of committees.
Glenn was elected as Chief of the Missanabie Cree First Nation in 2001 and served for three consecutive terms, ending in August 2010.
Leanne Hall – Vice President, Human Resources
Ms. Hall has over 19 years of leadership experience in the human resources industry. In 1988, Leanne founded a human resources company, Woodland HR Inc., with the vision of contributing to the First Nation and Aboriginal communities of Northern Alberta by providing professional career development programs and services.
Ms. Hall has over 19 years of leadership experience in the human resources industry. In 1988, Leanne founded a human resources company, Woodland HR Inc., with the vision of contributing to the First Nation and Aboriginal communities of Northern Alberta by providing professional career development programs and services.
In addition to a degree from Wilfrid Laurier University, Leanne has completed a specialized program at the Society of Human Resource Management as well as a Career Development Program at Concordia University College. She possesses expert skills in demonstrating First Nation community partnerships, promoting engagement, and encouraging relationship building. She is also a member of the Noront Resources First Nations Advisory Board, and the Canadian Institute of Mining.
New Message
Please
login
to post a reply