Noront Resources

Open simply means they haven't found a boundary, an edge, a limit to the deposit, in the specified direction. They haven't drilled enough to determine if the ore continues or not.

It is not true that there is nothing more to be found at Eagle 1. It isn't known if there is more to be found.

Eagle 1 is a conduit that came from somewhere, and was going to somewhere else. The only ways it doesn't continue on strike are: a) faulting, but that only means that we lose track of it, not that it's not ever to be found; or b) the dip that collected the sulphides stops being a dip, and the grade goes down. But even the latter doesn't mean there isn't more to found.

The real difficulty just now is that the geophysical signal from the known near-surface deposit is so strong that it masks the much weaker signal that could possibly be detected from similar rock at depth. One of the reasons Grid 1 ground geophysics was conducted was to try to tease out that deep signal. Mungall told me at PDAC that he knew where he'd put the next hole, but at that depth, that's a quarter million dollar crap shoot. I got the sense from the luncheon presentation that they're a little more confident now about the deep drilling program.

Also recall from the Mungall portion of the presentation that there is another drill target adjacent to Eagle 1 (another dyke) that has never been properly investigated. His Coreshack presentation included the following image. I'm going to stretch my interpretation to suggest that the chart of the VTEM response was terminated so that it wouldn't show the increased signal over the yet to be drilled dyke. It does start to rise just as the lines are cut off. I believe this second dyke straddles the claim boundary with FNC, but I'm not certain of that.

Anyway, anyone who says that all there is to be found at Eagle 1 has already been found is wrong, in my opinion. Very wrong.

Lar