Although finding it difficult to raise money these days, “one way or another” Noront Resources (VSE) is determined to proceed with drilling on three of its better-looking projects, President Richard Nemis told the annual meeting.
Top priority will be to test a new theory on a base metals situation in Hurdman Twp., north of Smooth Rock Falls, Ont., recently acquired from prospector Don McKinnon. Considerable staking has been under way in that area, and one of the majors involved in the staking may carry out this drilling for a 50% interest.
Noront has already applied for the Ontario Mineral Incentives Program (OMIP) grants for the Hurdman project, as well as for its recently acquired Clavos West property (also from McKinnon) on the Pipestone fault adjoining the Clavos gold deposit, and for a drill program to test geophysical targets on its Bremmer River property in the Hemlo area.
On the Grubline project in Newfoundland, where the company has spent over $2.7 million to date in a joint venture with Noranda Exploration, the meeting was told a deal is close with respect to a significant high-grade antimony deposit, minable by open pit method. Noront is seeking 100% interest from Noranda which would retain a royalty. It would then become a wholly owned Noront subsidiary and financed separately, with new interests prepared to put up $500,000 for more drilling.
Noront has completed filing of a statement of material facts with the Vancouver Stock Exchange for the sale of one million treasury shares with warrants, and may make a private placement, the meeting was told. It currently has about $250,000 cash on hand.
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