this Voisey's Bay II?
Nickel, copper grades at Noront's James Bay Double Eagle project are 'unbelievable'
Peter Koven, Financial Post
Published: Saturday, October 13, 2007
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MacDonald and its joint-venture partners have already staked more than 60,000 hectares.
The remarkable thing about this staking rush is that it is happening in one of the most isolated areas in the province. The discovery is about halfway up the west side of James Bay and 150 kilometres inland to the west. The only way to reach it is by helicopter, and the only community anywhere close is Webequie, a tiny aboriginal reserve about 50 km away.
The formerly desolate region is now bustling with helicopters and prospectors flying in and out.
"I've heard it described as busy as Toronto airport, with all the airplanes flying around," says Brian Atkinson, resident geologist in Timmins with the Ontario Ministry of Northern Development and Mines. His phone is ringing off the hook with people looking for property in the Lowlands.
But it remains a very difficult place to drill. There is a lot of water and no exposed mineralization on the ground's surface. The mapping of the region is also very limited; the companies are mostly working off of old government maps, and a lot of the geophysical work has to be done in the helicopters.
Geologists, essentially, have nothing on the ground to work with.
As a result of that, and the fact that exploration is still in its very early stages, it is impossible to know exactly how big this discovery is.
"We don't know how long the thing is, and we don't know how deep it goes," says Bill Nielson, a geologist on MacDonald's board of directors. "We don't even know what direction it's going in at this point in time. It could just be a few million tons [of ore]. Or it could be 30 million."
Noront is hoping for the latter. The company believes its shares are grossly undervalued, and has hired financial advisor IBK Capital Corp. to figure out how to maximize value.
IBK is already comparing the stock's recent performance to Robert Friedland's Diamond Fields Inc. shortly after it found Voisey's Bay. That company eventually sold for US$4.3-billion.
"It is probably the biggest new discovery in Canada in the last 10 years," Mr. Nemis says. "That's how big it is. It's important." He pauses. "Very important."
pkoven@nationalpost.com |
