Rhodium = Bonus

HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

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)

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Rhodium = Bonus

posted on Dec 08, 2009 06:38PM

Rhodium was previously reported in the Fall of 2008 reports associated with high grade Pt, Pd values. In some place greater then 3g/t Rhodium. In lower grade Pt, Pd zones the (non Pt, Pd) PGE's were << 1g/t but still Rhodium and the other (non Pt, Pd) PGE's are a nice bonus to the Eagle Nest Ni deposit wherever they are found.

I believe the reason they have not been systematically assayed for before is that they were found in relatively low concentrations (<< 1 g/t) and the assaying costs are high and the process slow. I suspect that the plan was to assay the concentrate shipped to the smelter for what could be expected to be recovered as secondary metal credits. When they smelt the Ni concentrate the PGEs will be recovered and paid for.

After hitting 26+ g/t Pt over 22.8 metres it makes sense that they would assay Pt rich zones more extensively for the (non Pt, Pd) PGE's.

I also find it interesting that in the lower grade Pt material Pt:Pd runs 1:3 (or more) but in this zone the Pt:Pd is 3+:1. Almost the inverse relationship of the the lower grade Pt material. With Pt at $1411/oz , Pd at $369/oz these pods of high grade Pt will add a lot of dollars.

No Eurekas here on NOTs part. Just a reminder that there is a lots of value/tonne in that Eagle Nest ore in addition to Ni that people tend to forget about. And maybe a reminder for FWR shareholders that there may be a few surprises in their FWR deposit that they would lose out on if they sell to Cliffs before assays are returned.