Noront releases Eagle One initial resource estimate
The Canadian Press
July 4, 2008 at 11:23 AM EDT
TORONTO — Noront Resources Ltd. has released an initial estimate on its recently discovered Eagle One copper, nickel and platinum-group deposit in the James Bay Lowlands of northeastern Ontario, showing an indicated resource of 1.8 million tonnes grading 1.96 per cent nickel and 1.18 per cent copper.
The deposit remains open along strike and down dip for further expansion, Noront said Friday, adding that potential extensions will be explored shortly.
It said high nickel grades — 6.5 per cent in the massive sulphide portion of the find — open the possibility of shipping unprocessed ore to a southern concentrator and smelter, with construction later of an on-site concentrator funded out of cash flow.
“While Noront would need to complete a feasibility study prior to undertaking this direct shipping approach, management of Noront anticipates there would likely be potentially minimal impact to the environment and the mine development would provide road access to several local native communities currently with air access only,” the company stated.
The initial indicated resource estimate includes grades of 0.15 grams per tonne gold, 1.12 grams per tonne platinum, 3.91 grams per tonne palladium and 3.81 grams per tonne silver.
In addition to the 1.8-million-tonne indicated resource, Noront identified an inferred resource of 1.1 million tonnes.
“With these 43-101 compliant mineral resources at Eagle One and our other exciting exploration projects in the McFauld's Lake area, coupled with our very recent discovery of additional coarse visible gold mineralization in the current underground program at Windfall Lake in northern Quebec, our shareholders can see lots of light at the end of the tunnel,” stated Noront CEO Richard Nemis.
“The main advantage of our current exploration effort is the minimal capital expenditures required and possible early lead time to begin obtaining production revenue from these resources.”
