selkirk are you familiar with Noront Resouces

[LOR]

I have never been involved with a stock with this much info available to me as a shareholder. I feel this info gives us an unbelievable playing field that only an insider or a professional stock analyst would be per vie to. Here is a phone conversation a poster on the agora board had with N. Novak from Noront Resource NOSOF, NOT


As a follow up to my telephone calls last week to NOT, and after playing telephone tag this week, I was able to connect with N. Novak. The purpose of the call was to get an update on the drilling progress at DE.
The call was also an attempt to quite down the rumour mill.
First let me say that the controls they have onsite to insure information is not leaked are very tight. Only three geologist touch the core and the core is sealed. The chain of custody is followed very tightly. He stated the drillers are in a seperate camp from the geos.
He has email communication with the site and his project manager and gets daily updates.
The exploration project is being run in very professional manner and by a professional(s).
RN and JH are on holidays needing a break. They will be back next week. As explained to me they want to be back when a NR is issued as the phones light up and do not want one person to face the in rush!!!
These guys are very busy but have things under control.
Here are some of the questions.
Where are the drills drilling and what depth of hole?
Both drills are testing anomalies with one being close to DE1 incase they need to drill additional holes for 43-101.
They have completed up to Hole 36/37 on DE1. Samples are in the lab.
Anomaly drilling. Finished one hole. Drills are advancing on second and third holes. Hole numbering system will be different for anomaly drilling.
Generally drilling up to 300 m holes.
Are you happy with new drills and what type of meters do you get?
Yes happy with drills but it is minus 45 and have trouble with freezing.
Hard to give an average meters per day right now but on a good shift can get between 60 - 70 meters .
Survey of existing holes ?
In progress have to make sure sections are on 37.5 m spacing for 43-101. If not need some more holes.
Do you have a backlog of core for logging?
Have three geos at site. They are keeping up with workload.
Here is the very interesting part - Probe drilled in 2006 13 holes near the anomalies they are now testing. They have the core and are now relogging and resampling the core. Getting a better understanding of the geology.
Status of outstanding assays and Rhodium work?
Assays for holes 20-25 & 28 are coming in now . Has some in hand.
The initial Rhodium and total PGE testwork on Holes 1,2 &5 are now coming in. With what is indicated now it is justified to go back and resample more core.
Have you ever done an ICP scan for all elements including Cobalt?
Yes we have and Cobalt levels were very low - 100s of ppm.
It was reported in a NR that Specific Gravities were completed on the core?
Yes did some initial in field tests now following up with lab work. Will be included in 43-101.
How is the 43-101 going?
P&E is working on it but still need results of survey work and drilling results for new holes in DE1.
Clarified that the study will be more of/include a sensitivity sort of scoping study for various open pit volumes - more of potential than absolute.
The resource will be 43-101 compliant. Probably safe to say report out in March.
As a Australian geologist friend of mine use to say "no worries".

 

[LOR]

selkirk, Here is another post from agora board about another phone call with Novak. Don't know if you own any of the stocks being talk about.

Everything in the ROF is important to NOT
This was posted by Johndefur on SH but I think it was snug who made the call:

I had a brief discussion this a.m. with Neil Novak. He was answering the phones before 9:00 a.m. when I caught him. We discussed a number of things before he had to head off to a meeting at 9.
On the topic of the SPQ/FWR/KWG chromite and PGM , Neil was up at the site last week. He spotted the first drill hole location and the drill crew is ready to go. The start of drilling is pencilled in for February 15. Neil noted that there are "junior geos" at the site but that Dr. Lahti, the senior geologist, will be overseeing the drilling.
5000 meters is scheduled to be drilled by June with a July completion date. If something "big" is struck, more drilling can take place at these locations.
Regarding the "Diagnos" project, the preliminary geophysics has been done. Neil mentioned that he has identfied a couple of anomalies which look good. He has to put a proposal together to put in front of the JV partners.
Note 2: The drill platform from the chrome & PGM site would be used for this drilling unless of course something exciting was seen at the first site.
On the topic of McFaulds East & West, Jim Voisin of UC Resources is driving these projects. A meeting is scheduled to take place next week where Jim will pitch his ideas. Decisions will be made at that time with regards to moving forward on these projects.
Neil is in constant contact with all of the players at McFaulds, particularly with Noront . I think he is very happy with his role as VP of Noront. He has known Richard Nemis for a long time; he believes/trusts in him; and he understands that RN is the "deal maker" (his words).
He's in weekly contact with John Harvey who is the "big picture" guy (Neil's words). Neil, talking about himself, is the "details guy". He believes in project protocols. (i.e., he's no Robert Friedland).
Some final thoughts:
I asked Neil about the PDAC luncheon on March 6. He seems to think that it will have a strong emphasis on students. The presentation will be geared to telling the students about McFaulds and its geology. In fact, the First Nations people will have representation. Neil has done a fabulous job working with the First Nations. (His last presentation in Thunderbay to the Chiefs was scheduled to run 30 minutes. It ended up going 5 hours!)
So there you have it. I wish I could tell you about drill cores, visuals, assays, 43-101s, and the fabulous wealth that's on the horizon - but I can't. But thsere are viable SPQ projects with project timelines. And it's all part of the McFaulds Great Canadian Area Play.
Be patient and keep the faith.

 

[BOHICA]

LOR,

I like the Agoracom discussion boards, although they do seem to be at times a little too optomistic.
I have a position in Sgae Gold (SGX) that I look at like an expensive lottery ticket. Got in at $.21 so I am not expecting a great windfall, but it would be nice.
Good luck to you.
Selkirk, do you have any info on SGX?

 

[LOR]

Bohica, Sgae Gold (SGX) is up .01 today, most are down a little. What made you buy that instead of Noront Resource (NOT or NOSOF)? I own nosof & mcdmf out of the group invovled with the Ring of Fire. Agoracom discussion board, is at times a little too optomistic and they don't like if you ask a question that might seem a little bit negitive on the stock. Most wear rose colored glasses when looking at Noront. There is also alot of great info posted there, have to take the good with the bad when trying to protect our investments!

 

[selkirk]

some thoughts LOR on those posts:

"Neil, talking about himself, is the "details guy". He believes in project protocols. (i.e., he's no Robert Friedland)."

no however Mr. Friedland is briilliant. sure finding diamond fields was almost pure luck, and he had to flee the US before that because of a mine/envirmonent problem.

He is a great promoter and even made money for investors in Mongolia, not easy...missed that one totally. What makes him great is how much he got for diamond field shareholders, and having inco and falconbridge bidding against each other....(they should have combined).... will post more about him and the book that covers the story so well, however for now forgot the title.



"His last presentation in Thunderbay to the Chiefs was scheduled to run 30 minutes. It ended up going 5 hours!)"

it is Thunder Bay, and Noront just bought a building at the airport there, to do the testing. makes sense fly the bulk samples in and test them there.... get a building by the airport and a large one, and test. three drill should provide material.

(note: heard this just this week, so I assume it is Noront, may not be. Do not live in Thunder Bay, though NW Ontario.

also like the deal they struck with Intrinsic 1.3million first year, and 4.55 million.

they should strike more of these joint ventures, always good to have other companies spend the money on your projects. exploration is very very expensive.

thanks
selkirk

 

[selkirk]

Bohica do not know much about SGX however have been through the area where they are drilling.

would agree with you opinion on the stock and most of these jr.s, they are lottery tickets and most go to zero.

as for SGX high .80 low .10 close .275, it will depend on the drilling results to see if they can extend the strike. will post any info if I come across any......hope they have enough cash to do a few drilling programs, would hate to go to the market at a time like this, (maybe good drilling results will help drive the stock up, since would hate to do finance in .20-30 range.

also agree the boards though good for information also have a large 99.99% cheerlearder portion. ($58 for Noront) as an example. also use to know a shortseller he would not be negative however list just facts on a particualar company.

did not last long on the board. not even slamming the stock just posting info to think about.....

believe most jr. companies are very good for getting information out, it you go back 10 years, many times you would have to rely on short pr., or an article in the Northern Miner.

one more item about these boards, many people who post on these sites, have very large positions and this may cloud their judgement; also it has been known in the past that some companies would have their own employees post info, and bullish comments without declaring that they worked for the company or a special interest.

thanks
selkirk

 

[selkirk]

made a mistake, not the first one....Noront is not buying a building for testing. Another company is setting up the operation, and may hire up to 60 people. They will do testing for most of the companies (they probably hope all) testing of drill core samples.

many jr. and sr. mining exploration companies, Noront is mentioned as one of the clients....as well other jrs....that is all...not very important news, just thought would correct my error.

thanks
selkirk

 

[LOR]

selkirk, NOSOF was halted around 1:00pm and never reopened. We now have DE2, I can't wait til tomorrow to see what price this will open at! My quess is around $10.00 a share, are you hearing anything on what price? Agora board is saying as high as $40.00 a share, I would be doing back flips if it did.

 

[LOR]

I really thought the price of this stock would be a lot higher with the news of DE2. It was as high as $5.75, closed at $5.50. Maybe when the offical assay results are released we will move higher. I told my family & friends yesterday when the stock was halted, this news is only the train ride around the park as to what is to come for Noront Resouce & its share holders. With the new lab, June & Johnny working for us this is going to be an exciting ride until we are bought out by a major.

 

[selkirk]

LOR the stock reacted very well to the latest results. now 5.50 .46 +9.13% for the day.

they will have to drill more to see the values, basically extending and trying to prove up the area(prove how big the deposit is....). have to realize that every $1 it goes up it adds over $100 million marktet cap.

the stock has benifitted from two factors:
1. the good drill results, and the expansion of the resource, also the fact of the amounts of gold found in the last results. now it appeals to gold bugs, and people looking for a base metals play.

2. the general market, especially for jr. mining stocks has been very bullish in the last month. missed out on most of these runs, incredible people sold these off in dec, jan, oversold.

however after the 1st week of feb, they just climbed higher.... know of a few stocks that have tripled in the last month...after the sever sell off... missed most of the play myself.

thanks
selkirk

 

[LOR]

selkirk, Any chance you or your mining friends going to the Mining Convention next week in Canada? If so, please fill me in on whats being said & the peoples reaction up your way to whats going on with the Ring of Fire. Richard Nemis will be presenting on be half of Noront Resource. It has been a good week for NOSOF closed today at $6.96. All the jv mining company invovled in the McFaulds Lake area seen a nice spike in thier price this week. As always I appreciate your post. Thanks, Lor

 

[selkirk]

LOR not going to the Prospectors and Developers
Association of Canada conference in Toronto, and and only know a couple that are: mainly promoters, pr.... who will try to talk up the jr. they work for... depends what month, week it is, depends on the company.

have only gone a few times, however it is very interesting...especially if there is good times ( or the thought), there is a lot of energy and hope.

though if you ever go have to remind yourself that about 80-90% (maybe more) or these small companies are going to zero. some are run by thiefs but most are run by people who have a dream; most never see it.

there is going to be some coverage on the event, so will post some info here, know the cdn. business channel BNN will have some (know this because get the email of what is on the next day, do not watch it much). also maybe some articles in Globe, financial post, and a few weeks later Northern Miner.

thanks
selkirk

 

[selkirk]

if you are ever interested in jr. mining and resource stocks a good event to take in at one time, can find out about a large number of stocks and their stories.

thanks
selkirk

 

[LOR]

Hi selkirk, NOT/NOSOF is halted. Are you hearing anything as to why? Thanks

 

[selkirk]

here is the pr, you probably have.

Noront says halt about Windfall Lake, not Double Eagle


2008-03-18 11:06 ET - News Release

Mr. Richard Nemis reports

NORONT COMMENTS ON TRADING HALT

Noront Resources Ltd. advises that the trading halt requested by the TSX Venture Exchange is unrelated to its Double Eagle project in McFaulds Lake area. The halt is pending news release relating to the company's Windfall Lake project in Urban township, Quebec.

Recently, a number of shallow drill holes were completed in support of a geotechnical and hydrological study by Forage Abitibi under the supervision of Qualitas Monterval geotechnical subcontractor arranged by the company's contractor, Genivar LP, of Val d'Or, Que.

Assay results from these drill holes have been received and will be reported as soon as it can be prepared by the company.

Investors are invited to visit Noront's IR hub where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence and they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

 

[LOR]

selkirk, FWR was also halted with NOSOF, I don't own FWR. I bought shares of Spq & was thinking about buying FWR last week when I heard they started drilling & didn't. I can't believe they never reopened for trading today and 12 hours later still no news release. Have you ever owned or seen a stock do this before? I didn't. I'm hoping it good news! It's going to be hard trying to sleep tonight, wondering whats up with this stock.

 

[selkirk]

LOR if you continue to follow jr. mining companies you quickly see almost anything.

I have seen a company enter production with a sr. mining company, and then after 6 months, stop when the great profitable mine, was not producing close to expected.... after years, and plenty of tests, and feasibilty tests.

when Vancouver was still going strong one stock was listed and raised over 1 million. the company went broke and delisted after 1 year, the only assets were a new home for the founder, and a sports car..... the shareholders could not prove, or try.

on another ocassion someone try to drill for gold in a residential section of (either Vancouver, or Victoria, this was over 15 years ago. truth be told I only remember the interview with the neighbour who lived close to the site and was in fear of their house being destroyed.

there was also plenty of examples of scams, and dreamers, sometimes both....or just good pr hype.

This is a small world, use to own Freewest in 1999, probably have done a few reverse splits since then....they are still going. not sure believe the play back then was a large land parcel in Africa (not sure), anyways sold it for a 20% loss...some work out, some do not.

A good friend of mine who invests little actually boughty freewest at .18 cents and sold it at .35
it was a hot tip and he only put a couple of thousand in it.....he thought I would kill him for investing in a spec.

investing in a spec is fine, just as long as not to much is invested...especially for him, paying down a mortgage, ect. he did little research.

by the way on bnn market call, which generally do not watch (get the time for) Noront came up....flicking through channels and caught it on two shows.

Bill Belovay (manages BMO mutual funds, resource, ect, ) did not care for the stock, thought the market cap was to high for the stage they are at....

Peter Hodson from Spott thought is was a good specualation, and there was a good chance of more news on the drillng front... thought management was not as promotional as they were in the past.

thanks
selkirk

 

[LOR]

Date Published | Mar. 2008

Noront discovery highlights record year

BY NORM TOLLINSKY

A lot of people in the mineral exploration business spend decades raising money, acquiring properties and funding exploration programs with nothing of any significance to show for it.

After a career of close to 35 years in the business, Richard Nemis, president of Noront Resources, was still in search of the motherlode in 2002 when De Beers Canada and two joint venture partners reported some interesting drill results in Ontario?s Far North.

Intrigued, Nemis spent the next four years acquiring a land package and negotiating option agreements to fund exploration. Today, Toronto-based Noront Resources is the talk of Bay Street and Nemis?s phone won?t stop ringing.

In a year of record exploration expenditures in Ontario, it?s Noront Resources? Double Eagle project in the province?s James Bay Lowlands that tops the list of exciting discoveries.

Drill programs

Thousands of claims encompassing hundreds of thousands of hectares have been staked, 20 junior mining companies are carrying out exploration in the region and a number of drill programs are under way, said Brian Atkinson, the Ontario Geological Survey?s resident geologist for the Timmins District.

High grades of nickel, copper and platinum group metals have sent Noront?s stock through the roof and attracted the attention of industry giants.

The original hole drilled in 2002 at McFauld?s Lake, 560 km (348 miles) northwest of Timmins, intersected volcanogenic massive sulfide (VMS) mineralization with copper values of 6 to 7%.

?I hadn?t seen anything quite as good in a long time,? said Nemis. ?The area had never seen much drilling or exploration because there are no outcrops ? it?s all bog, so I decided to go in and get some ground.

?We staked as much as we could with the limited funds we had at the time.?

Noront Resources negotiated several option agreements with other junior mining companies to fund exploration over the next few years, but the results were disappointing.

Targets were identified using airborne geophysical studies, however, the focus was on geophysical signatures for VMS deposits, not for signatures that would represent a magmatic type environment.

Nemis was intrigued by some ?very, very unusual geophysics? on a couple claims that were tied up in litigation. ?It looked spectacular,? he said. ?It just begged for a diamond drill.?

When ownership of the claims was resolved, Noront Resources swooped in to buy them and proceeded to drill the anomaly.

Discovery hole

?That was hole number one, the discovery hole,? said Nemis.

Assay results showed average grades of 1.1% nickel, .9% copper, .7g/t platinum and 2.1g/t palladium over a length of 71.5 metres.

Noront Resources? stock went from pennies to $1.25 in late 2006, then shot up to $4 in September 2007 when the results from hole number five showed average grades of 5.9% nickel, 3.1% copper, 2.9g/t platinum and 9.8 g/t palladium, as well as gold, silver and rhodium over a length of 68.2 metres.

The company now has 65,000 hectares of claims staked, three drills turning and consistent results from 29 holes.

?We know we have a deposit, but we don?t know how big it is,? said Nemis. ?Another six holes and we?ll give it to engineering to work up a 43-101 resource.?

All of the drilling to date has been to depths of 240 to 250 metres, with mineralization encountered in some holes as close as seven metres from surface.

Comparisons with Voisey?s Bay, a nickel deposit discovered in northern Labrador and purchased by Inco in 1996 for $4.3 billion are tempting.

?The difference with this thing is the grade,? said Nemis. ?If you just had platinum and palladium at these grades, you?d have a mine. With the grades of copper, you?d have a copper mine. With the grades of nickel, you?d have a nickel mine. Voisey?s Bay has no platinum or palladium.?

Nemis has his strategy all mapped out. Financial advisors have been retained and up to a 10 per cent stake of the company may be sold ?for a very large sum of money? to help develop the area play.

The zone of interest forms a big arc dubbed the Ring of Fire. The magmatic deposits are inside the ring and the VMS deposits are on the outside. The Eagle One occurrence is responsible for all of the buzz, but there are numerous other targets and Nemis hopes to see Eagle two, three, four and five as exploration continues. The project as a whole has been named the Double Eagle.

Joint ventures with other exploration companies are being negotiated to accelerate exploration activity.

?That?s what the area needs: a lot of money spent on it.?

At some point, the area play will be packaged and sold to one of the giants in the industry, possibly Vale Inco or Xstrata.

?The key for us is to maximize the price that?s paid, so the shareholders get their due. That?s what I?m here for, to make sure the shareholders are taken care of. I don?t want to sell it cheap. I want the biggest bang for the buck.

This is the plan. When we?ve developed it to a stage that?s intriguing to a major company, they?ll be there.?

The isolated location of the deposit and the swampy terrain may be the biggest obstacle to overcome.

Road access

?With a gold operation or a diamond operation, you can fly your product out, but with a base metal producer, you pretty well need a permanent road or rail link to get your concentrate out,? said Mark Smyk, the OGS?s acting regional manager for northwestern Ontario. ?That puts a whole new wrinkle in your economics, so it?s tough. What will likely happen is that exploration will continue until they get to a point where they pretty well know what they have and then they?ll have to crunch the numbers.?

Smyk estimates that the nearest permanent road is 150 to 200 kilometres away. A winter road to Webique, a First Nation community approximately 90 kilometres from McFauld?s Lake, offers another possibility, but global warming and the uncertainty of ice conditions make this a risky alternative.

Coming to an agreement with the First Nation communities in the area could also be challenging, but Nemis is confident that something can be worked out.

?We can work with the Native groups,? he said. ?I know we can. I?ve met with them several times now. They?re not unwilling to work out a deal.?

Smyk concurs. Webique, in particular, has been ?very receptive? to opportunities related to the mining industry, he said. Members of the community have participated in prospecting courses and found employment with the junior mining companies active in the area. Businesses in the community are benefiting from the activity, too.

?They?ve really embraced what?s happening there,? said Smyk.

http://norontresources.com

?I just had to keep drilling. Just like the little pink bunny. It?s persistence. I always thought I?d hit the motherlode. ?
-Richard Nemis, president and CEO, Noront Resources

 

[selkirk]

Mark Symk makes a good point, they will need a road. Northern Ontario is not the easiest place in the world to build a road or infastructure.

while building the the "natiional dream" the railroad across Canada, to ensure the nations future one of the toughest place to build the railway was northern Ontario, it was second only to the rockies.

ice roads are usually for smaller loads, and temporary. also it takes a special kind of driver who even wants to go on them..... for safety reasons and economic you would need a permanant serviceable road.

also just setting up a mine will cost a great deal because of the location, and getting skilled labour for a mine will also be large. brought this up in a thread about Newmont, which is even in a more remote area.

comparisions to voisey bay are useless at this point, however realize why they do it for promotional reasons. another point to consider is inco outbid for voisey bay over falconbridge. they also overpaid at the time, looking for prices to increase. they did however crashed then went up.

most sr. mining companies are very conservative and use lower metal prices when looking at an investment or mine. also you had R. Friedland who did an incredible job in selling the company. there is a book on this subject however forgot the title though posted it before....will post the book again on voisey bay, in a book thread....


what will decide Noront future is the drill results, it will need be a big mine, because mine start up costs and operating costs are only increasing...

thanks
selkirk

 

[LOR]

selkirk, Here is a post of a phone conversation with the CEO from Noront.

Richard conversation
Posted by: d12 on April 01, 2008 04:04PM


Well, this isn't going to be as long. I just spent a ton of time writing up a report and I lost everything. This has happened far too often. Anyways, here is the shorter version:



When can we expect news?

An update should be coming shortly. I can't comment other then something will be coming very soon.



How is Windfall coming along?

The portal is complete and they have been using it for the last few days.



How is the 43-101 coming along?

We are working as hard and as fast as we can. We may still have to go back and drill a little more as Eagle 1 is not closed off.



When can we expect the 4th drill?

The 4th drill will be in soon, before the end of the month.



Is there still lots of blue sky?

There is blue sky everywhere up there. No one is giving anything for blue sky value, and there is tons of it. We eventually are looking to have control of 80% of the ring of fire.



What do you think of the current SP?

It is low. There is no value for Windfall or Burnthill or for any bluesky. It is low.



Do you think the warrants will be exercised?

Not if the share price isn't above $6, but there are lots of updates between now and then that should help.



What is the size of Eagle 1?

Well, it isn't 1 MT nor is it 10 MT, it is somewhere in between.



But it isn't closed off, right?

Certainly not.



Are there still majors sniffing around?

There are all kinds of majors.



Do any of them want a piece of us?

I can't comment, but there are majors around.



Have we hit Eagle 3?

Nothing has been release or written so I can't be said that it is a hit yet.



So there you have it folks, nothing to worry about and the sky is really blue. There was lots more that I could tell Richard wanted to say but his hands were tied. IMO something will be out this week that will make the decision to exercise the warrants very easy. I have a feeling this is why there has been a delay. They want to silence all critics once and for all and the only way to do it is to release stellar news.



I think now all we need to do is be patient and let them drill away. Remember, the more drilling we do the more money we will get. When this thing gets taken out by a major we want as much of the discovery proven so we don't get something pathetic like $15. Richard and the gang are trying to maximize share holder value, lets let them work.....................



Take care all and sorry for the delay, but I had to type it twice



d12