Looking Forward
posted on
Aug 30, 2009 10:08AM
I'm looking forward to three positive activities that will reflect on Probe sp in the next two weeks. This stock moves up fast once in motion. For the time being, let's forget about small down-side players from TD SEC at low trading volumes.
1) West Timmins has an option to earn a 55-per-cent interest in the Bristol township project by completing $1-million in exploration expenditures and making cash and share payments over a four-year period ending in June, 2010. Probe holds a total of 250,00 WTM shares ($57,500 Oct. 31, 2008 now $530,000 as of last Friday). WTM acquired 10 additional properties in the West Timmins Gold district (Aug. 25, 2009) with a combination of issuing common shares (security deposit) and obligating exploration expenditures (similar arrangement to Probes'). With the recent merge agreement, LSG plans to build mines and push Thunder Creek into production at least three years faster.
WTM has indicated to Probe that this target warrants further testing and a drill program is currently slated for late summer or early fall 2009. Unless they start drilling in early fall this year, it will be difficult to keep an option to earn 55-percent in the Bristol township project by June 2010.
2) Probes yielded high-grade chromite mineralization in the last assay report. They are now preparing and discussing the Phase II drill plan in technical committee meetings with Noront. I sincerely hope deep-down drilling near Eagle One to be included as part of the Phase II drilling plan. This will be perceived by investors as a positive news to move sp up fast especially when Noront is going to announce the assay results on hole 51 in early September. It was originally in Dave's plan in June this year due to very high MMI readings in PRB/NOT jv property as said by Karren. Nobody, including Noront, knows the geological structure of the depth below 250 metres of Eagle One. So extension of Eagle 1C deposit is widely open to all directions.
3) FNC and PRB are two stocks piggybagging Noront stock performance. I believe NOT will have a chance to jump to the next level soon. PP was closed last Wednesday, insiders (Joe Hamilton and Wes Handerson) participated in PP, and Noront BOD members received stock options at $2.70 per share lately. Insiders have taken their interest. Anymore? The annual meeting will be Oct. 15th and proxy vote will begin in mid of September 2009.
More importantly, NOT moved up fast beginning July 15h coincidently when the hole 51 had a visual mineralization. Wes indicated Noront hadn't yet received assay results by Aug. 20th. I believe they are now in posession of assay results of hole 51 (hole 50 was just a BHEM hole) and its assay compilation is about to be finished. They will be in a position to choose the day and announce hole 51 official assay results in the first week (maybe second week) of September. Hole 51, I think, was 200 metres step-out hole from north-western contact of Eagle One (hole 49) either towards west or north direction which is closer to PRB/NOT jv property.
Here is a part of Q/A at Noront luncheon presentation. Wes indicated something about hole 50 & 51.
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Q: There is a Dundee report that referenced the hole about 350 metres away from Eagle One. From geological standpoint, why would you drill it BHEM hole that far away?
Wes: Because that was the distance that we were recommended to do evaluation with the down hole in the end. We want to get stuff well away from lenses and mineralization so you get a view from outside back.
Q: From what I understand, BHME has a range of 100-150 metres through the density of media up there. So that far away, are you saying that we had a 200 step-out?
Wes: So we got how much between two holes? 400 metres? We got 200 metres arrangement between two each hole. That covers between two holes, does it not?
Q: Thanks for confirming the location of hole 50.
Wes: I'm sorry??