Ring of Fire News

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What's up with the biggest thing happening in mining in NW Ontario?

#RingOfFire (#RoF) News – April 23, 2018


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#RingOfFire (#RoF) News – March 22, 2018


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#RingOfFire (#RoF) News – February 19, 2018


 

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#RingOfFire (#RoF) News – February 6, 2018


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#RingOfFire (#RoF) News – January 17, 2018


 

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#RingOfFire (#RoF) News – January 10, 2018


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#RingOfFire (#RoF) News – December 29, 2017


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#RingOfFire (#RoF) News – December 14, 2017


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#RingOfFire (#RoF) News – December 7, 2017


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#RingOfFire (#RoF) News – November 27, 2017

  • A quick shout-out with thanks to reader Tim for pointing out that last week’s first commentary item was from 2013 – mea culpa.
  • The latest out of Noront Resources  “Follow-up drilling on the recently discovered McFaulds No.8 VMS occurrence was completed in October. A single hole (MCF-17-89) totalling 566 metres was drilled up-dip from the previously reported intersection in MCF-17-88 (see press release dated September 26, 2017). The Main Zone at hole MCF-17-89 intersected 10.9 metres of massive sulphide grading 1.1% copper, 1.7% zinc, 10.9 grams per tonne silver and 0.4 grams per tonne gold … “The copper-zinc thickness and grade we found provides an early, positive indication of the mineralization continuity at McFaulds No.8. We look forward to following up on these results early in the new year,” said Noront Vice President, Exploration Ryan Weston … Results indicate potential down-plunge continuity of mineralization in many of the known occurrences. Coupled with the recent drilling at McFaulds No.8, this will guide drill targeting for our winter 2018 drilling program …” (company news release)
  • Analysts still keeping an eye on Noront …
  • “Focusing in closer on shares of Noront Resources Ltd, we have seen that the Minus Directional Indicator is presently above the Plus Directional Indicator. Traders tracking these indicators might be looking for the stock to be gaining bearish momentum …” (22 Nov 2017)
  • “Here we will take a look at several key ratios for Noront Resources Ltd., starting with the Book to Market (BTM) ratio. Value investors seek stocks with high BTMs for their portfolios.  The ratio is a comparison of the firm’s net asset value per share to it’s current price.  This is helpful in determining how the market values the company compared to it’s actual worth.  The Book to Market value of Noront Resources Ltd. currently stands at -0.175855 …” (21 Nov 2017)
  • “Shares of Noront Resources Ltd (CVE:NOT) closed at 0.28 (17 Nov). Noront Resources Ltd currently has a total float of 321.31 million shares and on average sees 279,710 shares exchange hands each day. The stock now has a 52-week low of 0.22 and high of 0.52 …” (18 Nov 2017)
  • “Shares of NORONT RESOURCES INC. last traded at 0.181, representing a move of -11.71%, or -0.024 per share, on volume of shares. After opening the trading day at 0.18, shares of NORONT RESOURCES INC. traded in a close range. NORONT RESOURCES INC. currently has a total float of shares and on average sees shares exchange hands each day. The stock now has a 52-week low of 0.13 and high of 0.29 …” (13 Nov 2017)
  • The Soo remains optimistic about its chances of getting Noront’s chromite smelter  “Sault Ste. Marie Mayor Christian Provenzano harbours no worries that the CCAA process with Essar Steel Algoma will jeopardize his city’s pursuit of a ferrochrome plant.  Sault councillors were given a briefing by city and economic development staff (links to PDF presentation to council) on Nov. 20 on their preparations to provide Ring of Fire developer Noront Resources with a compelling case to select the northeastern Ontario community as the host site for a chromite processing facility … The proposal deadline is Feb. 2 …” more (sootoday.com)
  • Ring of Fire, mining & resource revenue sharing mentions in the new Ontario Conservative Platform document now available online.  On the Ring of Fire & mining …  “… Mining represents a major economic opportunity for Northern Ontario and the province. The Ring of Fire project is a great example. There is an estimated $60 billion worth of mineral deposits in the Ring of Fire, with the Ontario Chamber of Commerce estimating that the development in the Ring of Fire region can sustain 5,500 jobs annually and contribute almost $2 billion in government revenues.  Yet, the Ontario Liberal government has put up roadblock after roadblock to obstruct these projects and the economic opportunities associated with them. The result is fewer jobs, less economic activity, and a missed opportunity for the region and our province. The Ring of Fire roads took the Liberals 10 years to promise, coincidentally coming months before a provincial election and just after the government lost a key by-election in Northern Ontario.    The government should not play politics with the roads to the Ring of Fire.  Mining in Ontario is about more than just the Ring of Fire. Take an initiative like Quebec’s Plan Nord for example. In Quebec, the province has worked with industry to unlock the opportunities that can flow from mining development. Ontario should replicate the Quebec model by establishing a high-level government working group between mining proponents, key ministries, and the Premier’s Office to work together and ensure there is a proper regulatory environment for mining investment and development. This high-level working group will focus on major mining projects, force government to be accountable for its actions, and have a clear mandate to remove roadblocks to development rather than create them …”
  • … and on sharing resource revenues:  “… When new mining, forestry and aggregate developments are proposed, local communities and indigenous communities may be reluctant to support them without knowing how they would share in the benefits of the development. It is in the interest of both project proponents and the local communities that the provincial government plays a role in sharing resource revenue with these local municipalities and indigenous communities.  The province should take a portion of the provincial revenues collected from aggregate licenses, stumpage fees and the mining profits tax and redistribute them to local host municipalities or indigenous communities to help fund specific community projects and improvements.180 The provincial government should not be the only level of government to benefit from a resource development project. There will be no increases in fees to accommodate for this new revenue-resource sharing model …”
  • A reminder:  Ontario’s next general election’s set for no later than June 7, 2018

 

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