ONTARIO – Toronto-based Noront Resources finished phase 1 of its exploration program at the Eagle’s Nest copper-nickel-platinum-palladium project in the Ring of Fire at the end of November. The company conducted UTEM 5 surveys on a number of IP anomalies within 3 km of Eagle’s Nest, and delineated a target 250 metres to the northeast of the known orebody.
Phase 2 will begin early this month with IP surveys of the footwall contact followed by UTEM 5 coverage. The work will cover areas as much as 10 km north and northeast of Eagle’s Nest.
Separately, Noront has amended its debt arrangements with Resource Capital Fund V (RCF). The term of the existing US$15 million convertible debenture has been extended six months to June 30, 2016. In addition, the company has entered into a 1% net smelter return agreement worth US$2.5 million with RCF.
More information about the proposed Eagle’s Nest development is available in Noront’s corporate presentation.