Great Resume from Millsy This was posted by Millsy, a very respected poster on A goracom.com. It is a long read but worth the time if you are considering this investment. Glorieux
Back on August 29, 2007 Richard and company announced to the investment world that Noront had intersected visible copper sulphide mineralization (chalcopyrite) in a pyrrhotite - chalcopyrite - peridotite geological setting. It is hard to believe but that was almost 7 months ago. Much has happened since that fateful day.
As every shareholder's approach and stategy is unique unto themselves, some who were with us back then have moved on. Other investors/traders have heard the story, liked what they have seen and bought in.
Whether you have been involved with the Noront story for a long time or perhaps are relatively new, we all can be guilty of viewing things on a "micro" level instead of "macro".
To that end, denoted below are some develpments/facts that have transpired since Noront effectively put JBL on the investment community's radar. Much of this is old news for many but it may prove to be a worthwhile exercise for review.
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September 10, 2007, the magnitude of the find changed drastically with the visuals of hole #5. "Hole NOT-07-05 encounters massive chalcopyrite (copper sulphide), pyrrhotite (iron +/- nickel sulphide) and pentlandite (nickel sulphide) over 65.2 meters" Hole 5 in terms of value per tonne is better than any hole ever drilled (this includes the likes of Voisey's Bay and Aurelian)
September 20, 2007 Noront retained the services of IBK Capital Corp. to evaluate strategic alternatives to maximize shareholder value. At that time, Noront management and the board firmly believed that the company was undervalued. (S/P close Sept. 20/07 - $4.12)
October 10, 2007, Noront announced that it has increased it's land position in JBL through continued staking to 30,208 hectares from original land holdings of 7,856 hectares.
October 30, 2007 Noront announced an increased land position to 41,632 hectares (416.32 square kilometers).
November 1/07 - February 11/08 - Noront signs 7 JV option agreements. Many of these JV partners are presently conducting ground work and geophysics and should be drilling soon enough.
November 27, 2007, Noront announced that it entered into an agreement with J.P. Morgan Securities Inc., to assist the company in evaluating strategic alternatives to maximize shareholder value. Again, Noront's management and board at that time believed there was significant unrecognized value in the company's stock price. (S/P close on Nov. 27/07 - $5.55)
December 13, 2007 Noront announced that Geological Consultant Jim Mungall, Ph.D. Associate Professor from University of Toronto, is now consulting exclusively for Noront. Mr. Mungall states: "The large amounts of sulfide and of ultramafic cumulate make it absolutely clear that the Eagle One deposit has formed in a magmatic conduit. No magma could have carried the observed amount of sulfide in solution, therefore the sulfides have been left behind by a through-going volume of magma much greater than what presently remains in the intrusion." Dr. Mungall goes on to state "If the intrusion is accepted to be a conduit then it must be continuous over considerable distances likely measurable in kilometers.
January 3, 2007 Noront announced an increased land position to 66,976 hectares (165,498 acres) in 283 claims.
January 28, 2007 Noront announced that Johnny and June have arrived and and have commenced drilling. There are now three drills on the project completing infill drilling and testing other geophysical targets.
February 4, 2007 Noront announced Private Placement raising 26 million dollars. Private placement participants include some heavy hitting names - Rosseau Asset Management; Pinetree Capital Ltd.; Robert McEwen, President, Evanachan Limited; Pierre Lassonde, Chairman, Franco-Nevada Corporation; Sprott Asset Management; and Northfield Capital Corporation purchased a substantial portion of the units in this private placement. If the warrants attached to this PP are exercised by the deadline (April 10/08) it will add another $16,250,000 to the coffers.
February 19, 2007 Noront announced the presence of Platinum group elements including; platinum, palladium, rhodium, osmium, iridium and ruthenium from hole 5 assays. To date, we have not received any other "IUM" assays for any other holes and therefore they can be expected.
February 25, 2007 Noront announced that Eagle 2 has Landed. This new massive sulphide discovery occurs at the Aerotem Anomaly #2, located approximately 2 kilometers to the southwest of the Eagle One magmatic massive sulphide occurrence. A detailed account of this new discovery will be press released shortly.
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Beyond the preceeding, there are many other items of relevance (in no particular order)
- We are capitalized very well to allow exploration for a long time to come.
- Initial 43-101 on DE1 due within the next couple of months (with a possibility of seeing one for Burnt Hill as well)
- Three drills will apparently be turning at Double Eagle next week with the fourth to arrive in April.
- Sir Richard has continually repeated "There is no bad news"
- Genuity raised their target price to $7.00 after DE2 N/R
- Noront in conjuction with Freewest are currently using the VTEM survey which is capable of reading deeper conductor responses for better 3D imagaging. Apparently this started a couple of weeks ago and results are expected soon.
- DE2 assays should be released any day and visuals on DE3 are also likely soon
- Vale / Inco staking in the area - Need I say more.
- Majors also in discussion with Noront Management.
- Activation Labs in Thunder Bay will soon be turning around assays within a 2 week period.
- Shareholder Rights Plan in place
- As per the Wasserman report, Inco paid 40% of in-situ for Voisey's Bay
- There are hundreds of identified anomolies in the JBL region with many within 5 Km. of DE1
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The list goes on and on. In light of everything that has transpired and the accelerated pace to which things will progress, it is very difficult to not be excited. I feel like a kid knowing that the Easter Bunny is coming tomorrow.
On that note, I would like to wish everyone a Happy Easter!
Cheers,
Milsy1