Since 2007 when Noront Resources (NOT-V) discovered a high-grade nickel-copper-platinum-palladium deposit in the James Bay Lowlands in an area now dubbed the Ring of Fire, more than a hundred exploration companies have swooped down on the area to stake claims. The staking rush continued following Noront’s discovery of a second nickel-copper deposit, as well as two high-grade chromite discoveries.
The results are now starting to trickle in. Just 45 km north of Noront’s Eagle One deposit, White Pine Resources (WPR-V), Metalex Ventures (MTX-V), and Arctic Star Resources (ADD-V) are now reporting strong zinc and silver intercepts at their 501 discovery.
The joint venture has drilled a total of 45 holes totaling 10,786 metres, and yielding intersects as notable as 19.3 metres of 10% zinc and 41.5 grams per tonne silver (hole 16).
Other drill highlights include hole 20, which cut 10.4 metres of 6.65% zinc and 3.9 grams silver per tonne; hole 21 that returned 18.6 metres grading 5.11% zinc and 9.9 grams silver per tonne; and hole 29 intersected 6.35% zinc and 9.5 grams silver per tonne. True widths have yet to be determined.
The 501 property consists of 160 acres and is under option by White Pine Resources, whereby it can earn up to a 50% interest in the property. So far White Pine has earned 25% of the project.
The joint venture has delineated a high-grade, zinc-copper-lead-silver mineralized zone over a north-south strike length of 200 metres and to a vertical depth of 275 metres from surface.
The zone dips steeply at 75 degrees to the east with a steep 65 degree plunge to the south. Horizontal widths of the high-grade zone can reach up to 22 metres.
“We had a very favourable hit-to-miss ratio as the new interpretation of the geometry of the zone proved to be correct,” Mike Kilbourne, president of White Pine Resources said in a prepared statement.
At press-time, White Pine Resources was trading at 8¢ per share with a 52-week trading range of 2¢-$10 per share. Metalex was trading at 7¢ per share with a 52-week trading range of 2.5¢-55¢ per share; and Arctic Star was trading at 3¢ per share with a 52-week trading range of 1.5¢-17¢ per share.