Noront Resources

High-grade Ni-Cu-Pt-Pd-Au-Ag-Rh-Cr-V discoveries in the "Ring of Fire" NI 43-101 Update (March 2011): 11.0 Mt @ 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au (M&I) / 9.0 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inf.)

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Jim Mungall part 2

Noront Resources

almost 16 years ago

So, in 2007, when the first hole was drilled at Eagle 1, this is what was known about the geology in the area of interest here.

This is a geological map, I’ve perhaps oversimplified a bit but the little tiny black dots are outcrops, and they’re all essentially granite. So, as of 2007, this whole area was thought to be underlain by granites and it wasn’t very interesting. But the discovery of the VMS deposits off to the east here in 2003 aroused a lot of attention, and made people realize that maybe there was more under this swamp than people realized.

Using the existing magnetometer survey results that had been compiled by people looking for diamonds, people like Renforth who came in and staked these little isolated mag highs, other people came in chasing VMS deposits. Noront picked up a big piece of ground in here ( gesturing). This is just a portion of the Ring of Fire, this is the portion I’m concentrating on because that’s where the discoveries have been. But other people like Freewest and Probe are in here as well. So we picked up a lot of the very highly magnetic rocks which are either iron formations, which are good hosts, or the ultramafic intrusions, which are, of course, the immediate hosts to the deposits.