Posted in | News | Mining Business | Discoveries

Noront Releases Update on Exploration and Financing Activities

Noront Resources Ltd. is pleased to provide an update on exploration and financing activities.

The Company completed Phase 1 of its nickel-copper-platinum-palladium exploration program at the end of November. Some compelling IP anomalies within three kilometres of Eagle's Nest were probed by UTEM 5 surveys, resulting in the delineation of a highly conductive target 250 metres to the northeast of the known orebody. The UTEM 5 system has been demonstrated to double the extent of vertical penetration of previous electromagnetic surveys, detecting massive sulphide conductors at depths of up to 450 meters and is also capable of detecting super-conducting massive sulphides at low frequency settings.

Phase 2 of the program will begin in early January with similar IP screening of the favourable footwall contact followed up by UTEM 5 coverage. This round of surveys will concentrate on prospective areas up to ten kilometres north and northeast of Eagle's Nest focusing on footwall zones with existing nickel-copper-platinum-palladium showings. Drill testing of the UTEM 5 conductors will begin in late January 2016.

Noront is finalizing an amending agreement with its largest shareholder, Resource Capital Fund V ("RCF") to extend the term of its existing US$15 million convertible debenture and to satisfy the repayment of the US$2 million bridge loan with RCF both of which are scheduled to mature and become due and payable on December 31, 2015.

The Company has also issued 2,446,552 shares at a deemed issue price of $0.46 per share in satisfaction of advisory fees in relation to the previously announced financing of the purchase of the Cliffs Chromite Assets which closed on April 28, 2015. The issued shares are subject to a four month hold period which will expire on April 30, 2016.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Wyloo Pty Ltd. (2019, February 17). Noront Releases Update on Exploration and Financing Activities. AZoMining. Retrieved on July 18, 2024 from https://www.azomining.com/News.aspx?newsID=12446.

  • MLA

    Wyloo Pty Ltd. "Noront Releases Update on Exploration and Financing Activities". AZoMining. 18 July 2024. <https://www.azomining.com/News.aspx?newsID=12446>.

  • Chicago

    Wyloo Pty Ltd. "Noront Releases Update on Exploration and Financing Activities". AZoMining. https://www.azomining.com/News.aspx?newsID=12446. (accessed July 18, 2024).

  • Harvard

    Wyloo Pty Ltd. 2019. Noront Releases Update on Exploration and Financing Activities. AZoMining, viewed 18 July 2024, https://www.azomining.com/News.aspx?newsID=12446.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.