More nickel,gold found at high-grade Canada strike TORONTO, Jan 28 (Reuters) - Shares of Canadian mineral
explorer Noront Resources leaped 17 percent on Monday,
after the company announced the highest grade nickel drilling
results so far from its Double Eagle project in northern
Ontario, and said it had also found notable gold levels within
the samples.
The company's shares have risen tenfold since August, when
Noront announced high-grade nickel and copper mineralization at
the property, located in the remote James Bay region of
northern Ontario, about 900 km (560 miles) from Toronto.
Noront said on Monday it had uncovered nickel grading 7.91
percent along a 35-metre zone of hole 27, the highest
concentration yet from its drilling program, along with 3.45
percent copper and 3.87 grams per tonne of gold.
"This hole is quite significant as it contains high gold
values within the massive sulphide zone not seen in earlier
holes," Noront said in a release.
At mid-afternoon, the company's stock was up 58 Canadian
cents at C$4.03 on the TSX Venture Exchange.
The results last year prompted other explorers to rush in
and stake claims, and have driven up shares of other players
with properties in the region. Their stocks also shot higher on
Monday.
MacDonald Mines was up 11 percent at 61 Canadian
cents, Spider Resources rose 15 percent to 11.5
Canadian cents, and KWG Resources was up 13 percent at
9 Canadian cents, with all trading at several times normal
volume.
($1=$1.00 Canadian)
(Reporting by Cameron French; Editing by Peter Galloway)
((cameron.french@reuters.com; 416-941-8199: Reuters Messaging:
cameron.french.reuters.com@reuters.net))
Keywords: NORONT/DOUBLEEAGLE