News released half an hour before the closing bell of the TSX Venture Exchange on Monday of another discovery at Noront Resources‘ (NOT-V, NOSOF-O) Double Eagle project drove up the company’s share price 21 to $5.04.
In early afternoon trading Tuesday, the stock was trading up 54 apiece to $5.58, with 2.8 million shares exchanging hands.
The discovery of a second massive sulphide occurrence 2 km southwest of its Eagle One magmatic massive sulphide occurrence in the McFauld’s Lake area of northeastern Ontario was based on four holes and is being called Eagle Two.
Encountering the nickel-copper massive sulphides in a sheared deformation zone hosted by peridotite so close to Eagle One lends even more substance to the company’s belief that it has discovered what could become the country’s next large base metals camp.
Highlights of the drilling are as follows:
Hole NOT-08-1G2 encountered a mineralized deformation zone over a length of 29 metres between 39 and 68 metres downhole, made up of a 3-metre section of massive sulphide magnetite breccia and units of sulphide breccia with widths ranging from a few centimeters to a maximum of 1 metre throughout the entire zone, Noront announced in a press release.
Hole NOT-08-1G3 encountered the deformation zone between 43.3 metres and 46.7 metres over a core length of 3.4 metres containing massive pyrrhotite-magnetite with chalcopyrite. Below the massive sulfide intersection, the hole uncovered two massive chromitite layers. (The upper layer was 5 metres thick starting at 123 metres to 128 metres, the lower one was 3 metres thick, terminating at about 143.7 metres of core length.)
Hole NOT-08-1G6 entered strongly altered peridotite until encountering a deformation zone between 113.2 and 131 metres over a core length of 17.8 metres. The veins host semi-massive pyrrhotite, chalcopyrite and magnetite and also indicated a positive reaction to the DMG nickel test as in the other holes, the company noted.
Finally, Hole NOT-08-1G8, which is still underway, struck massive sulphide mineralization between 123 meters and 130 metres downhole over a core length of 7 metres.
The Double Eagle project in the James Bay Lowlands has attracted enormous attention over the last year.
Noront’s shares have a 52-week trading range of 29 to $7.05.
The Canadian junior has 125.3 million shares outstanding.
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