“RING OF FIRE” INVESTMENT OPPORTUNITIES
IN ONTARIO’S FAR NORTH
December 1st, 2010
Devin Cranston
Information and Marketing Services
Ontario Ministry of Northern Development Mines and Forestry
Investment Opportunities in the Ring of Fire of Ontario’s Far North
Background
The Ring of Fire area in Ontario’s far north represents a rare and unique
investment opportunity for those seeking to realize a rate of return in equity
markets and organizations seeking to secure supply of raw materials for
manufacturing by financing development. There may also be opportunities for
organizations to engage in public/private partnerships to develop required
infrastructure.
Already a number of significant and contrasting world class mineral deposits of
chromite/PGM’s and nickel/copper/PGM’s have been made by the dozens of
mining and mineral exploration companies working in the Ring of Fire area and
more discoveries are anticipated.
On the scale of the South African Bushveld complex, the world’s largest chromite
and PGE producing district, the Ring of Fire area is emerging in its own right and
may prove to be equally prospective. Some industry veterans are beginning to
suggest that the Ring of Fire has real potential to rival mineral production from the
world’s most prolific chromite/PGE mining camps.
Geological Setting
The Ring of Fire area straddles the boundary between Archean basement rocks of
the Superior Province and unconformably overlies Paleozoic sedimentary rocks of
the Hudson Platform. The area is underlain by the arcuate Neoarchean McFaulds
Lake greenstone belt and sub vertically dipping mafic to ultramafic intrusions, at
least some of which are layered and crosscut the western portion of the belt.
This area contains several large, Archean layered intrusions, mostly along or
close to a major northwest-trending, sheared terrain boundary from Big Trout
Lake to east of Wunnummin Lake. The detailed geology of the area around the
Ring of Fire intrusion is inferred from airborne geophysical data supplemented by
sparse gravity and diamond drill data. Magnetic patterns suggest a basement
complex comprising volcanic and sedimentary belts between large expanses of
granite and gneisses.
The Ring of Fire Intrusion is a mantle-derived, highly magnetic peridotitic
intrusion, emplaced along the margin of a granodiorite pluton which has intruded
and deformed the host greenstone belt rocks. The RFI is magnetically distinct
allowing it to be traced more or less uninterrupted, for tens of kilometers along
the granodiorite margin. Given the fact that at least two ages of mafic to ultramafic
intrusive activity have already been identified in the region, there is likelihood that
other intrusions will be found. A large greenstone belt has been identified by
geophysics north of the Ring of Fire. Its mineral potential also remains to be seen.
For further geological interpretation of the area please consult Mark Smyk P.Geo.
Regional Resident Geologist, Thunder Bay North District, Ministry of Northern
Development, Mines and Forestry at [email protected]
Exploration History
In 2002 a De Beers diamond exploration program intersected interesting grades of
copper-zinc mineralization in drill core which resulted in a staking rush. From
2003 to 2007 more than 30 companies were actively staking and exploring the
area. The discovery of the Eagle One high grade Ni-Cu-PGE deposit resulted in a
second staking rush which is widely considered to be the largest in Ontario’s
history.
In 2008 the Eagle Two Ni-Cu-PGE deposit and the Blackbird One, Big Daddy and
Black Thor chromite deposits were discovered. By early 2010 impressive NI-43101 compliant resource estimates were released for all of these deposits. Recently
additional zones of chromite mineralization have been discovered, confirming the
world class nature of the area.
Ontario Mining and Exploration Policy
Ontario has a healthy and vibrant mineral resource sector and has been a major
supplier of metals and industrial minerals to the world for more than a century.
Ontario continues to encourage exploration and development of its natural
mineral endowment, thereby maximizing growth opportunities for investors.
Ontario offers one of the most competitive tax and fiscal regimes for exploration
and mining anywhere in the world. It’s regulatory and taxation regime is
particularly beneficial to the North, where exploration and mining is integral to the
fabric of society. Some of the many taxation and fiscal incentives available to
those organizations that explore for and develop mineral deposits in Ontario are
as follows:
•
•
•
Focused flow through shares for exploration – reduces the after-tax cost of
a $1,000 investment up to $432.
Capital tax exemptions – progressive increase to the exemption with a
planned elimination of the tax by 2012
Tax holiday on new or expanding mines – includes a 10 year tax holiday for
new remote mines
Ontario has introduced a “one window approach” to mineral development. Under
the new one window process Ontario will appoint a Mineral Development Officer
to guide proponents through the permits and approvals process resulting in a
more coordinated and efficient approach.
Geosciences data and knowledge supports the mineral sector in Ontario by
facilitating informed decision making. Geology Ontario (www.geologyontario.ca)
is a web based data and information access system. In addition to providing a link
to the Geoportal (internet based gateway to permitting for the exploration and
mining industry) the websites allows users to search ClaimMaps to identify lands
available for staking claims and to search over 85,000 reports and maps from
Ontario Geological Survey publications.
Ring of Fire – Ontario Government Priority
Ontario recognizes the world class mineral potential of “Ring of Fire” and has
made development of the area a strategic priority.
Ontario has opened a Ring of Fire Secretariat. The office will be led by Dr.
Christine Kaszycki whose experience includes being the Assistant Deputy
Minister responsible for mines and minerals in both Ontario and Manitoba. The
office will ensure that a collective effort is made in advancing economic
development in the area.
While development is still in its early days, the Ontario government has already
committed $45 million over the next three years towards a new project skills
training program to help Aboriginal Peoples and Northerners benefit from the
emerging economic development opportunities.
Active Mining Claims – “Ring of Fire”- Ontario Far North
Active Claim Holders – “Ring of Fire”- Ontario Far North
1289839 Alberta Ltd.
Abitibi Royalties Inc.
Avalon Rare metals Inc.
Canada Chrome Corp.
Candor Ventures Corp.
Canterra Minerals Corp.
Casey Enterprises Inc.
Cliffs Natural Resources Inc.
De Beers Canada Inc.
Debuts Diamonds Inc.
Macdonald Mines Exploration Inc.
Fancamp Exploration Ltd.
Gamblin, Joe, James
Golden Valley Mines Ltd.
Greenstone Exploration Ltd.
Hodge, Harry J.
Hudson River Minerals Ltd.
Hussey, John, Calvin
INV Metals
James Bay Resources Ltd.
Kasabonkia Minerals Corp.
Landore Resources Canada Inc.
Loder, Kevin Dale
Mantle Diamonds Canada Inc.
Melkior Resources Inc.
Metalcorp Ltd.
Metalex Ventures Ltd.
Metaux DNI Inc.
Meunier, David
Mill City Gold Corp.
Moses, John Ross
Noront Resources Ltd.
Northern Shield Resources inc.
Northern Superior Resources Inc.
O’Keefe, Glenn Ernest
O’nabigon, Derrick Francis
Pele Mountain Resources Inc.
Peplinski, Michael Walter
Platinex Inc.
Probe Mines Ltd.
Rainy Mountain Royalty Corp.
Renforth Resources Inc.
KWG Resources Inc.
Ring of Fire Resources Inc.
Shewaybick, Donald
Sinocan Resources Corp.
Slam Exploration Ltd.
Spade, Bill Simon
Temex Resources Corp.
Tribute Minerals Inc.
Trillium North Minerals Ltd.
UC Resources Ltd.
White Tiger Mining Corp.
The preceding table identifies the mining companies or independent prospectors
with mining claims in the Ring of Fire. Companies such as Cliffs Natural
Resource, Noront Resources, KWG Resources and Probe Mines have already
made substantial world class mineral discoveries, however since further
discoveries are anticipated it is recommended that consideration be given to the
others. The highest rate of return on mineral exploration related investments is
most often associated with mining claims that have not yet yielded results.
Most of these companies maintain websites which provide further information and
identify key contacts. The information and Marketing Services Section of the
Ontario Geological Survey (www.mndmf.gov.on.ca/mines/ogs/ims/default_e.asp)
can provide information as well.
CLIFFS NATURAL RESOURCES INC.
NYSE: CLF
www.cliffsnaturalresources.com
Cliffs Natural Resources Inc. is the largest producer of iron ore pellets in
North America, a major supplier of direct-shipping lump and fines iron ore
from Australia and is a significant producer of metallurgical coal.
Through its acquisition of Freewest Resources and Spider Resources,
Cliffs now owns 100% of the Black Thor and Black Label chromite deposits
and a majority share of a third, the Big Daddy deposit, in the Ring of Fire.
Diamond-drill core samples within these three deposits have consistently
intersected significant chromite zones with world-class thickness, grade and
chromium to iron ratios. Compliant resource estimates to date are as follows;
•
•
Black Thor Chromite deposit - ~70 million tonnes @31.90% chromite
Big Daddy Chromite deposit - ~69.5 million tonnes @ 40.01% chromite
•
These chromite deposits are near surface, open to depth and along strike
and there is high potential to significantly increase tonnages.
Cliffs Natural Resources has a substantial customer base in the United States and
is looking to augment this relationship by providing these and other international
customers with the key ingredient in the manufacturing of stainless steel.
Partnering with Cliffs Natural Resources represents a rare opportunity to secure a
long term stable supply of chromite and ferrochromium.
PROBE MINES LTD
TSX: PRB
www.probemines.com
Shares Outstanding – 37,272,581
Market Cap – CAD $61,127,033
Probe Mines is a Canadian base and precious metal explorer that has made a
significant discovery of chromite mineralization in the Ring of Fire. The discovery
has been named the Black Creek Chromite Deposit which is thought to be an
extension of Cliffs Natural Resources’ Black Thor Chromite deposit.
On August 23rd, 2010 Probe Mines released an initial NI-43-101 compliant resource
estimate for the Black Creek Chromite deposit.
Category
Measured (M)
Indicated (I)
Total M & I
Inferred
Tonnes
3,729,000
1,985,000
5,714,000
2,726,000
Avg. Cr2O3 %
39.90
40.06
40.0
40.99
Cr:Fe Ratio
1.8
1.8
1.8
1.9
The resource estimate tested the chromite horizon along a strike length of ~200
meters and to a depth of ~175 meters. On November 09, 2010 Probe Mines
announced that they received assay results for its recently completed third-phase
drill program. Six of the 10 holes intercepted chromite mineralization, returning
long intercepts of high grade chromite all containing significant intervals of
greater than 40% Cr2O3.
The company has also indicated that this most recent round of drilling extended
the strike length of the deposit by ~ 115 meters and to a vertical depth of ~ 320
meters. This represents an increase in strike length of ~58% and an increase of
the depth by ~ 83%. The company has also indicated that one of these drill holes
intersected chromite mineralization under less than 4 meters of overburden
suggesting that the deposit could be mined using open pit methods.
Probe Mines is currently working on an updated resource estimate. The estimate
is expected to be released by the end of November, 2010. The recent exploration
successes by Probe Mines will likely result in a substantial tonnage increase to
the Black Creek deposit
Noront Resources Ltd.
TSX: NOT
www.norontresources.com
Shares Outstanding - 176,058,641
Market Cap – CAD $177,819,227
Noront Resources is a Canadian junior exploration company focused on exploring
and developing its estimated 12,000 square kilometer land position in the “Ring of
Fire. Noront Resources has made a significant chromite discovery and have
drilled off a magmatic massive sulfide deposit of Ni/Cu/PGM’s with grades rarely
seen in poly-metallic nickel based sulfide deposits throughout the globe.
Noront’s Eagles Nest, Ni/Cu/PGE compliant resource deposit has been delineated
to a depth of ~1150 meters.
•
•
Measured and Indicated resource of 6.9 million tonnes at 2.04% Nickel,
0.95% Copper, 3.4 g/tonne palladium and 1.3 g/t platinum.
Inferred resource of 4.3 million tonnes @1.43%Ni, 0.87%Cu and 3.4 g/t
palladium and 1.3 g/t platinum
Noront is currently focused on converting the inferred resource to the indicated
category and defining the deposit at depth. The company has recently (September
28 and October 13) released very encouraging drill results in regard to infill and
deep drilling activities.
The company has suggested that they have completed enough infill drilling to
move the inferred resource to the measured and indicated categories and the
deep drilling results suggest that this mineral deposit extends to depths well
below the current resource estimate.
Blackbird Chromite Deposit
•
•
Measured and indicated - 8.9 million tonnes @ 34.8% Cr2O3 with a Cr:Fe
ratio of 1.89
Inferred - 6.9 million tonnes @ 33.4% Cr2O3 with a Cr:Fe ratio of 1.87
The Blackbird Chromite Deposit is located immediately adjacent to the Eagles
Nest Ni/Cu/PGM deposit, representing a unique opportunity to extract Ni/Cu/Pt/Pd
and Cr from the same mine.
MACDONALD MINES EXPLORATION LTD.
TSX: BMK
www.macdonaldmines.com
Shares Outstanding – 37,272,581
Market Cap -CAD $61,127,033
Macdonald Mines Exploration is a Canadian junior with a significant land position
in the “Ring of Fire. The company is currently focused on exploring the Butler
Property which has yielded interesting grades of copper/zinc volcanogenic
massive sulfide mineralization in 4 areas over a strike length of approximately 20
kilometers.
Recently Hudson Bay Mining and Smelting, a large Canadian
zinc/copper/gold/silver miner has made a significant investment in Macdonald
Mines. The non brokered private placement is for CAD $3.4 million. The funding is
to be used to further test these copper/zinc discoveries on its Butler Property.
With the investment, Hudson Bay Mining and Smelting has obtained a ~10%
equity stake in Macdonald Mines Exploration Ltd.
FANCAMP EXPLORATION LTD
TSX: FNC
www.fancampexplorationltd.ca
Shares Outstanding – 56,119,612
Market Cap – CAD $29,743,394
Fancamp Exploration Ltd. is a Canadian exploration company with an inventory of
resource projects in various stages of development. Fancamp is the owner of
mining claims located contiguous (and between) Cliffs Natural Resources and
Noront Resources Ltd. Cr/PGE and Ni/Cu/PGE’s deposits.
On November 12, 2010 Fancamp announced the commencement of a 3,000 meter
drill program on its 100% owned Ring of Fire property. There is potential for
Fancamp’s mining claims to host extensions of both the Big Daddy Chromite
Deposit the Eagles Nest Ni/Cu/PGM deposit.
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