ONTARIO – Noront Resources of Toronto has offered an update on the development of the Eagle’s Nest mine in the Ring of Fire plus its exploration program and the closing of a recent private placement.
An access road shared with First Nation communities is a priority. Noront needs construction of such a road to being in early 2018 so that it can start construction of the Eagle’s Nest copper-nickel-platinum-palladium mine. The province of Ontario supports this timeline for the road. In order to make this timeline possible, the company wants to begin environmental assessment in early 2017.
Meanwhile, Noront has completed a 1,300-metre drill hole to test the UTEM-5 anomaly at its AT5 target, where the ultramafic contact was reached at a depth of 828 metres. It followed up with a down the hole electromagnetic survey and identified an off hole anomaly of moderate size and conductance at about 1,000 metres below the surface. The company believes that the nature and size of this anomaly is suggestive of a sulphide system that appears to strengthen to the southwest. The UTEM-5 survey will be extended to test this area.
Noront recently closed a private placement of 3 million units for gross proceeds of $960,000. The money will be used for development activities and working capital purposes.
Further information about the Eagle’s Nest deposit and Noront’s other interests in the Ring of Fire are posted at www.NorontResources.com.