Ring Around the Double Eagle. . . and the Stocks Fall Down

McFauld’s Lake explorers watched their stock fall recently, after benefiting from Noront Resources’ (NOT-V, NOSOF-O) recent Double Eagle nickel discovery in the James Bay Lowlands of northern Ontario.

Investors had been awaiting news of an additional Noront assay, but a trading halt on Noront’s stock diverted market pressure to other juniors in the area.

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

MacDonald Mines Exploration (BMK-V, MCDMF-O) slid 14%, or 5, to 31.5 on trading volume of 35.4 million shares, while joint-venture partner Temex Resources (TME-V, TMXRF-O) slipped 22%, or 15, to 52 on 1.9 million shares traded.

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

Spider’s other joint-venture partner KWG Resources (KWG-V, KWGBF-O) fell nearly 39%, or 5, to 8 apiece on 24.6 million shares.

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

And Noront shares fell nearly 16% on 16.6 million shares traded to $3.30, after the company reported an additional 36-metre intersection 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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