Nickel price is UP... Market is UP.. NOT is UP.
The news actually confirmed that Noront received assay results by not denying it. Of course, they need to complie data received from the lab prior to a press release. Please see my previous post below. I believe samples were already in the lab before June 29th announcement and it's about time to release assay results. It looks so apparent to myself that the information was leaked somewhere.
Today's run-up could also be tied up with the visual mineralization on Hole NOT-09-50 that could be even better if you deeply think about it. We are going to see high volume of trading for a while.
Somebody may remember me that I provided the audience here with level II depth information at every hour in year 2007 on the way up.
--------------------------------------------------------------------------------------------------------------posted on Jul 09, 09 09:45PM
Let's think about this in a logical manner. As I noted earlier, Ni-Cu PGE visual mineralization on the hole 49 was detected earlier than June 29th.
"...Noront has recently reassigned one drill to test for downward continuations or extensions of the Eagle One Deposit...." (May 26, 2009)
Let's say drilling was started with NOT-09-047 soon after the news release on May 26th. It shouldn't have taken much time to drill NOT-09-047 (only 100 metres below) & 48 (hit granodiorite) like NOT-09-49 that was planned for a 1,000 platform hole. From around June 10, Noront probably started drilling the hole NOT-09-49 and my guess is that the drilling was completed by June 20th or earlier.
Hole NOT-09-047, targeted 100 metres below the mineralization limit defined in the
Eagle One Technical Report, intersected 2.15 metres of nickel, copper sulphides including 1.75 metres of massive sulphide within a 55 metre thick peridotite zone considered to be the keel of the conduit that hosts the Eagle One Ni sulphide deposit. Hole NOT-09-048 was drilled beneath the extension of the Eagle One deposit intersected by NOT-08-044 but remained in granodiorite to the bottom of the hole. Hole NOT-09-49 was planned as a 1,000 metre platform hole for BHEM survey evaluating the depth extension of the Eagle One mineralization.
Noront provided shareholders with general updates on June 29th. When updates are combined with other results, it could have been delayed. Samples could already be in the lab at the time of the press release.
Hole NOT-09-049, drilled down the mineralized structure at Eagle One, proves that high grade nickel, copper, PGE mineralization continues well below the previously interpreted resource limit. We are currently re-evaluating our planned exploration for the remainder of the field season with a view towards aggressively pursuing resource expansion at Eagle One.
Another unusal statement was Noront already indicated high grade nickel copper, PGE mineralization from even visuals in the news release. Without assurance, Noront wouldn't attempt to make a statement like the above.
My guess is that we may see assay results within a week assuming Noront pays additional fees to make it top priority in getting assay results just for one hole. At least, Noront put forward a request to rearrange the order of lab analysis among Noront's samples.
