Moving forward
posted on
Oct 09, 2013 07:06PM
Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%
Well it certainly didn't take long after the news of the appeal for Bold/KWG to counter
"Bold is pleased to report that KWG Resources Inc. has given the Company binding notice that it will elect to make the next payment of $500,000 due in April 2014 and expend an additional $2,000,000 in exploration expenses by April of 2014 to reach an aggregate of $5,000,000 to satisfy the terms of the Option agreement with Bold for the Koper Lake Project"
So, what we have is a committment to further develop their Blackhorse Chromite deposit. The further this project moves forward, the more likely Cliffs Black Thor gets shelved.
Moving forward, KWG will move the inferred resource to measured and indicated. I think further drilling wil also show that this deposit runs continuous onto Noront's property. This will provide the scale needed and will provide a basis for some sort of JV arrangement for the underground production of the chrome.
In the meantime, the natives and gov't will need to re-focus their attention on the most likely developments in the ring of fire....that being KWG and Noront, as Cliffs will become a certain no-go without a road to transport the material.
Noront's underground mine (first nickel; then chrome) is more likely to gain approval from an environmental point of view. Furthermore, Noront has argued for some time now, that you need the nickel and chrome to make this work.....that chrome alone will not be economical.
Other companies that will benefit are FNC and Bold