I have heard this theory before Luker, and I agree. The magma chamber, I believe it is called, that created the Eagles Nest formation must have had a great deal of pressure behind it, coupled with a path to the surface that was both passive and straight to give the Eagles Nest it's long conical shape. Like an underground volcano spewing directly upward with immense force, taking everything it contains, and everything in its path, and displacing it as a river of combined  mineral wealth to surface, or subsurface, estuaries; legs of the elephant. 

This elephant theory seems the most plausible one, because I can see not just one path, or river, of passive resistance from an immense magma chamber far below, but several.  The Eagles Nest IMHO is just that one path to the magma chamber that received the greatest affect from its pressure, which gives me the impression that it's straight path to the surface is simply because it lies directly above it.  I believe this is why it's mineral content  is so rich as it solidified when the river stopped flowing. However, I am sure the pressure that built up all those years ago found other paths to take, not just the one, which falls back to why we all agree that Noront has taken the time and effort to drill around the Eagle to prove this.  I still believe Noront is holding back certain drill results that are crucial to this theory.  Eventually I see the AT5 claim being one of those elephant legs, with another stepping over the border between Noront and Fancamp; all IMHO.

TM.