It's been drilled before, Noront's initial carrot was a similiar find. Wish SGR would have seen visible gold in the pending drill cores. Nice all the same.
http://www.norontresources.com/Investors/getDocument/not-aif-20090930.pdf
Noront resumed exploration drilling at Windfall later that year and in December 2006, reported
an intercept averaging 1,792.9 grams per tonne of gold over 4.8 metres.
In February, 2007, Noront entered into a option agreement (the “Windfall Option Agreement”)
whereby Noront optioned Murgor’s and Freewest’s claims in the Windfall Lake area. Under the
terms of the Windfall Option Agreement, Noront could earn a 50% interest by issuing 750,000
common shares of Noront and completing $4.0 million in exploration over a three year period.
Noront management also announced that future exploration at Windfall Lake would include an
underground decline to access interpreted mineralized zones, develop along said zones and
collect a representative bulk sample of the gold mineralization encountered. Noront’s
management hypothesized that the only way to effectively understand the gold distribution at
Windfall Lake was via underground exploration.
From May through November 2007, Noront continued exploration drilling at Windfall Lake,
completing 14,000 metres of drilling in sixty-one holes. During this period, the engineering and
permit applications for underground sampling of the Windfall Lake project were being compiled
and submitted to the Quebec government for approval. Genivar Societe en Commandite
(“Genivar”) of Val d’Or, Quebec, were contracted to supervise both surface and underground
infrastructure. On September 25, 2007, the Department of Environmental Protection and
Sustainable Development (“MDDEP”) provided the Certificate of Authorization for underground
excavation at Windfall Lake paving the way for underground exploration to commence. Surface
construction commenced in December 2007, and was completed by April 2008. At that time,
approximately 100 metres of underground development had been completed.
Noront completed Phase 1 work at Windfall Lake during the second quarter of the 2009 fiscal
year. An internal report was completed during the fourth quarter of the 2009 fiscal year and
9
management determined that the exploration results did not warrant further work by the
Corporation. As a result, the capitalized costs associated with Windfall Lake were written off and
the Corporation recognized a $13.6 million write-down for the 2009 fiscal year.
