My interpretation of that is they are saying that Eagle 1 was thought to be closed off. With hole 49, they proved it was not and with further drilling, they have managed to triple the resource from Eagle 1.
They are then saying that the market has failed to properly value this increased resource of ours but in the long run, shareholders will benefit. The only problem here is "long". We have no idea how long "long" is going to be.
My bet is that they have 1 year to do something substantial, maybe less before Cliff's makes a move on them. Cliff's is committed to the area with the chromite but getting a project like Eagle 1 to jump start revenues and pay back their Capex faster is something that has crossed their mind I am sure.
Noront will either have to take a partner or it will be swallowed up by Cliff's and we will have lost another Canadian treasure to our American neighbours and we will have but ourselves to blame!
And yes I am back in Noront, at these prices I cannot see how I can lose with a 12 month horizon! I will keep adding on weakness which there is plenty of these days!
I did talk to JJ and the comforting thing she did say is that the scoping study should be out in August. I believe when this comes out, it will help support a higher share price. For now, we are stuck with a 2% In Situe value for our high grade nickel/Cu/Pt/Pd deposit!
Glorieux
