ONTARIO – Toronto-based Noront Resources is leasing the McFaulds Lake exploration camp belonging to Cliffs Chromite Ontario, a subsidiary of Cliffs Natural Resources. Cliffs' camp is located next to Noront's existing Esker camp and will be used as a construction base for the development of Noront's Eagle's Nest nickel-copper-PGM mine.
Noront recently received approval of its mining lease application for the Eagle's Nest project and the Blackbird chromite deposits. The Eagle's Nest deposit contains proven and probable reserves 11.13 million tonnes grading 1.68% Ni, 0.87% Cu, 0.89 g/t Pt, 3.09 g/t Pd and 0.18 g/t Au. The deposit also contains an inferred resource of 8.00 million tonnes grading 1.1% Ni, 1.14% Cu, 1.16 g/t Pt, 3.49 g/t Pd and 0.30 g/t Au.
The Blackbird deposit is located less than 2.0 km from Eagle's Nest. It has a measured resource of 9.3 million tonnes at 37.4% FeCr2O4, an indicated resource of 11.2 million tonnes at 34.4% FeCr2O4, and an inferred resource of 23.5 million tonnes at 33.1% FeCr2O4. The chrome:iron ratio is 2:1 or less in all categories.
The camp lease carries certain conditions, but the deal is expected to close during Q3 2014.
Readers are invited to read the Eagle's Nest and Blackbird fact sheets by clicking this link.
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