ONTARIO — Toronto-based Noront Resources has completed a $20-million private placement of flow-through shares with which to fund continuing exploration on its McFauld’s Lake property in the James Bay Lowlands. Each share is priced at $2.80.
Noront is drilling several properties in the Ring of Fire. Chief among them are the Eagle One and Two nickel-copper-PGE deposits and the Blackbird One and Two chromite deposits. The company completed a 43-101 report on the Eagle One deposit last year. The recently discovered Thunderbird anomaly has returned promising vanadium and titanium assays.
Noront (www.NorontResources.com) is only one of many companies exploring the Ring of Fire. For more on the others, see CMJ, February 2009.