Eagle One, Drill time away and the JV with Probe.
posted on
Jun 08, 2009 09:26PM
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)
Just a theory of mine and i'll try to lay it out for the heck of it.
November 10th we get Hole NOT-08-44 with 28.8 m of massive nickel copper mineralization. On the edge of our seats we sat in anticipation of assays from this hole.
January 23rd. we awoke to find a press release outlining the assays received from hole NOT-08-44, 28.8m inclusive of a zone of 7.6m yielding 1.16% Nickel, then a zone of 14.1m yielding 7.46% Nickel and then a zone of 7.1 yielding 1.03% nickel, for an average of :
Hole ID from to int Ni% Cu% Pt g/t Pd g/t Au g/t Ag g/t
-------------------------------------------------------------------------
NOT-08-44 294.0 322.8 28.8 4.21 2.14 0.35 6.30 0.14 4.31
also in the release were assays from ongoing drilling at AT12.
Now, at the end of the Eagle One assay update we see this:
While hole NOT-08-44 had the best drill intersection (not true width) of massive sulphide, a further 10 holes drilled in the area returned mineralization that is considered less significant. Nevertheless, this drilling has expanded the geological and mineralogical information available to Noront and has allowed the Company to better target further drilling on this deposit. Details with respect to locations for these holes are available on Noront's website at:
http://www.norontresources.com/proje...
The posts on the forum that day reflected a large degree of disbelief that another 10 holes drilled in the immediate vacinity encountered mineralization which was considered and said to be, less significant.
Still no assays released for these additional 10 holes drilled.
So just what was found?
Time moved on and so did the drill. The Eagle sat idle, waiting, waiting for what? Geophysics. Meanwhile the news vacumn prevailed until some assays from At12, then some more time went goes by, JV's around the ring give up on the land optioned with NOT. Mid March came a rumor of a drill working along UC land 12 kms SSW of Eagle One and a new nickel hit. Confirmation came by way of release on update of drilling activity: April 13th.
A fifth drill has been mobilized to explore an area located approximately 12 kilometres to the southwest of the Eagle One and Blackbird areas. To date, this drill has completed three holes (NOT-09-1G123, 127 and 134) totalling 904 metres. Drilling continues in this area, testing geophysical targets for their base and precious metal potential.
April 28th:
The fourth drill, exploring an area located approximately 12 kilometres to the southwest of the Eagle One and Blackbird areas completed an additional two holes (NOT-09-146 and NOT-09-150) totalling 456 metres bringing the total number of holes drilled into this area to five totalling 1,360 metres. Assays are pending for these five holes. Drilling in this area has been temporarily suspended for the break up period.
Looking forward to assays and hopefully the return of the drill to AT11.
In the mean time, we continue to outline the Blackbirds and are drilling up and around the Ring as well as NNE of the FWR chromite claims and lo and behold up from the ground came Vanadium and Titanium, assays pending.
The forum continues to form up opinions on strategy going forward, sale to major, major participation in PP's, Institutional accumulation, JV and consolidation theories abound, meanwhile, geophysics are completed and being reviewed from the drilling at Eagle One. NOT continues to promote the chromium play as being very strategic going forward and plays up the Vanadium deposit as potentially running onto Probes claims as well as the 800m of potential chromite extension onto Probe claims.
Now the sleeper throughout all the BOD's apparent directional flipflop between chromite and nickel is imo Eagle One and what has been gleaned from the ground magnetometer geophysics.
In looking at the very accurate modelling of Eagle One by none other than that of the industrious Rockaur and then the wonderful 3D 360 degree flyable and surfable drill plan of the Eagle One, Blackbirds, Big Daddy and Black Thor drill locations and flying them from every and all angles it appears that the tail end of or feeder conduit to Eagle One is not progressing SSW but more in a westerly direction, this is of course my interpretation and should not to be considered fact until proven.
Accumulation aside, the point of the previous information is to submit a theory as to the ongoing subterfuge, news vacumn on assays etc, etc, the real reason for the miss direciton, proven by the recent flipflop by Joe from chromite is king to nickel is king was timed perfectly with the JV announcement with Probe. The real reason for the JV with Probe, not chromite, not Vanadium, no, its plain...... and simple...nickel, and more specifically the Probe claim immediately to the west of Eagle One.
Disclaimer, the above is only my opinion and i do not currently hold Probe.