Noront Resources Inc. president and chief executive officer Alan Coutts is a man of great faith, at least when it comes to mining. This week, his company strengthened its commitment to developing the Ring of Fire with another acquisition.
Noront announced it had signed an agreement with MacDonald Mines Exploration Ltd. to acquire 75 per cent of its claims in the Ring of Fire district.
Now Coutts is waiting to see if the Government of Ontario has a similar strong belief in the potential of the rich chromite, nickel, zinc and copper deposits. If it does, he expects it will put its plan to develop transportation and energy infrastructure for the Ring on the table by year’s end.
Subject to approval of the TSX Venture Exchange, Noront will acquire majority interest in two blocks of claims. One is the Butler property, 77 claim units covering a belt of volcanic rock hosting four known zinc-copper rich volcanogenic massive sulphide (VMS) occurrences. The other is the 70-claim unit Sanderson property, covering the “Big Mac” intrusion and containing nickel, copper and chromite deposits.
Noront now owns 75 per cent of the claims in the area with the signing of the MacDonald agreement. It’s another step in the process of developing a mining company that isn’t just out to make a quick buck, said Coutts. Under his leadership, Noront is building a multi-metals corporation, in partnership with neighbouring first nations, that will benefit all parties.
“We’re trying to build the mining company of the 21st century,” Coutts said Tuesday, “and this the new discovery region we can build that around.”
Noront is bullish in its belief the Ring of Fire is the next great major mining camp to be developed in Canada, “and we’re all in.” If an opportunity comes along to add to its land position, Noront is going to jump at it.
Noront acquired the storied Cliffs Natural Resources chromite deposits in early 2015, taking Noront from minor player to major developer of mineral deposits thought to be worth $60 billion.
Deals such as the MacDonald Mines agreement are being made by Noront when commodity prices are low and some people are losing faith in the Ring so they are willing to make transactions for pennies on the dollar, said Coutts.
He is excited about the most recent acquisition, saying it puts Noront in a good position when commodity markets improve and some of the infrastructure is built or at least planned for the Ring of Fire.
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