Ring around the Double Eagle … and the stocks fall down

McFaulds Lake explorers watched their stocks fall back today after benefiting from Noront Resources (NOT-V) recent Double Eagle nickel discovery in the James Bay Lowlands of northern Ontario.

Investors had been waiting on news of an additional Noront assay for the past few days, but a trading halt on Noront’s stock diverted market pressure to other juniors in the area. The assay results were released today.

Noront next-door-neighbour Probe Mines (PRV-V) plunged 29%, or 26, to 90 on a trading volume of 8.3 million shares.

Mac Donald Mines Exploration (BMK-V) slid 14%, or 5, to 31.5 on 35.4 million shares while joint venture partner Temex Resources slipped 22%, or 15, to 52 on 1.9 million shares.

Spider Resources (SPQ-V) dropped 29%, or 4, to 10 apiece on 29.2 million shares, similar to partner UC Resources (UC-V), which fell 23%, or 11.5, to 39.4 on 4.1 million shares.

Spiders other joint venture partner KWG Resources (KWG-V) fell nearly 39% or 5 to 8 apiece on 24.6 million shares.

Fancamp Exploration (FNC-V) was down 27%, or 57, to $1.56, on 6 million shares.

And Noront shares fell nearly 16% on 16.6 million shares to $3.30 today after the company reported an additional 36-m intersection in hole one that graded 1.84% nickel and 1.43% copper.

Noront shares were trading below 40 apiece at the end of August.


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