Noront hikes resource at Ontario project (04/03/11)

Noront Resources has announced an increase in the mineral resource estimate for the Eagle's Nest deposit at the McFaulds Lake Property in Ontario.

The Canadian exploration company saw an 11 per cent jump in its shares off the back of the discovery.

According to the firm, the main zone has indicated resources of 11 million tons, grading 1.78 per cent nickel, 0.98 per cent copper, 0.99 g/t platinum, 3.41 g/t palladium and 0.2 g/t gold, as well as nine million tons, grading 1.1 per cent nickel, 1.14 per cent copper, 1.16 g/t platinum, 3.49 g/t palladium and 0.3 g/t gold.

"Drilling at Eagle's Nest in 2010 was undertaken to improve the geological confidence of the mineral resource disclosed in March 2010 and to increase the inferred resource at depth," chief executive officer Wes Hanson said.

"This updated resource estimate confirms that both objectives were successfully accomplished."

PTM touts 'brand new' Bushveld discovery (09/03/11)

Platinum Group Metals (PTM) has announced an extension to the Bushveld Complex in South Africa.

The Vancouver-based firm made the discovery in its Waterberg prospect in the north of the complex as part of a joint operation with the Japanese government.

"We've drilled our first hole [and we have since] intersected about 120 square kilometres of brand new Bushveld. Who thought that was possible?" PTM chief executive officer Mike Jones said.

Speaking at the sidelines of the Investing in African Mining seminar, he explained that "it's potentially a very large area of the north limb", adding that "it's still early exploration, but it's interesting that there are still things to find".

PTM raised $143 million (£88.8 million) for its Western Bushveld Joint Venture Project 1 last year and expects to obtain a further $260 million (£161.4 million) from bank loans to complete the construction.

According to a 2009 feasibility study, it would cost $443 million (£275 million) for a 275,000 oz/y platinum, palladium, rhodium and gold mine at project.

Speaking in Toronto, Mr Jones noted that there are still considerable opportunities for mining firms operating in Africa.

"The potential is wide open. There are entire belts and regions in Africa that are yet to be flown or geologically sampled," he said.

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