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Thread: NFE.V - Northern Iron Corp.

  1. #1
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    NFE.V - Northern Iron Corp.

    Northern Iron is a mineral exploration company focused on developing high quality iron ore opportunities in the Red Lake Mining Division of Ontario, Canada, which is a past-producing iron ore district. The Company is a 100% owner of five iron ore properties in the Red Lake district containing significant historical resources with grades ranging from 22% to 31% Fe2O3. Northern Iron is listed on the TSX Venture Exchange and commenced trading on 26 August 2011.

    Northern Iron Corp Q1 Results Ending December 31st 2014
    Price: $0.03
    Common Shares: 95,727,875
    Insider Holdings: Just under 25% as per www.sedi.ca
    Cash: $1,355,590
    Receivables: $9,431
    Prepaid Amounts: $17,691
    Deposits: $200,000
    Property and Equipment: $258,339
    Exploration Assets: $9,619,850

    Total Assets: $11,460,900 or a net asset value of $0.12c a share.
    Total Liabilities/Debt: $53,347(Accounts payable)
    Quarterly cash burn rate: $177,701

    MD&A Highlights

    Future Outlook
    The resource definition drilling program at the Griffith Mine commenced in August of 2012 and 11 holes totalling 3730m were completed by 21 September 2012. The holes were drilled around the perimeter of the North Pit. Past production indicated the higher grades and larger resource are located towards the South end of the pit. This should be the priority area for delineation drilling. It is estimated that a minimum of 10,000 metres will be required on the south-west and north-east. Fence drilling can be carried out from the East side, and fan drilling farther South.


    Significant Events

    On 16 October 2014, the Company announced that it has entered into an investment agreement with OMC Investments Limited (“OMC”), of Hong Kong. The transaction closed on 28 November 2014, and the Company issued 19,048,000 units of the Company (“Units”) by way of private placement at a price of $0.05 per unit, for aggregate proceeds of $952,400. OMC now holds approximately 19.9% of the issued and outstanding shares of the Company. Each Unit consists of one common share in the capital of Northern Iron and one common share purchase warrant (a “Warrant”). Each Warrant is exercisable for a period of three years from the date of closing of the Private Placement at an exercise price of $0.05. The Company also issued 15 common shares of its subsidiary Canadian Iron Metallics Inc. (Canadian Iron) to OMC, reducing its ownership share from 100% to 85%. Canadian Iron holds the Company’s interests in the Karas and Griffith’s properties. The value attributed to the noncontrolling interest in CIM on the closing date is nil. In addition, the shareholders’ agreement with OMC will allow OMC to progressively earn additional equity in CIM, up to a total of 70% of CIM’s issued and outstanding shares, as follows: · an additional 30% for $8.2 million in funding from OMC for dewatering, resource drilling and environmental permitting (“Resource Definition Funding”); · an additional 5% for $2 million in total funding for a preliminary economic assessment, funded 70% by OMC and 30% by Northern Iron; and · an additional 20% for $20 million in total funding for a feasibility study, funded 70% by OMC and 30% by Northern Iron, and assuming the feasibility study establishes technical and economic viability.

    Should either party not fully contribute its share of funding to both the preliminary economic assessment and feasibility study, it may face dilution. In connection with this transaction, Northern Iron has also agreed to enter into an option agreement with OMC on its other mineral properties. Should OMC fund the full $8.2 million Resource Definition Funding, it has the right to acquire an 80% interest in either the El Sol, Whitemud and Papaonga properties. This may be increased to 90%, if within a five year period after earning 80%, OMC funds an additional $1.5 million in expenditures on the property chosen. This private placement is subject to final acceptance by the TSX Venture Exchange, and all of the securities issued in connection with it are subject to a statutory hold period expiring on 29 March 2015.

  2. #2
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    Bar chart shows NFE as a very strong buy right now: http://www.barchart.com/opinions/stocks/NFE.VN

    Composite Indicators Signal
    Get Chart Get Performance TrendSpotter Buy

    Short Term Indicators
    Get Chart Get Performance 7 Day Average Directional Indicator Buy
    Get Chart Get Performance 10 - 8 Day Moving Average Hilo Channel Buy
    Get Chart Get Performance 20 Day Moving Average vs Price Buy
    Get Chart Get Performance 20 - 50 Day MACD Oscillator Buy
    Get Chart Get Performance 20 Day Bollinger Bands® Hold

    Short Term Indicators Average: 80% Buy
    20-Day Average Volume - 91,589

    Medium Term Indicators
    Get Chart Get Performance 40 Day Commodity Channel Index Hold
    Get Chart Get Performance 50 Day Moving Average vs Price Buy
    Get Chart Get Performance 20 - 100 Day MACD Oscillator Buy
    Get Chart Get Performance 50 Day Parabolic Time/Price Buy

    Medium Term Indicators Average: 75% Buy
    50-Day Average Volume - 93,726

    Long Term Indicators
    Get Chart Get Performance 60 Day Commodity Channel Index Hold
    Get Chart Get Performance 100 Day Moving Average vs Price Buy
    Get Chart Get Performance 50 - 100 Day MACD Oscillator Buy

    Long Term Indicators Average: 67% Buy
    100-Day Average Volume - 152,791

    Overall Average: 80% Buy

    Price Support Pivot Point Resistance
    0.030 0.030 0.030 0.030

  3. #3
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    Insider Holdings Breakdown: http://online.barrons.com/quote/stock/ca/xtsx/nfe

    AlphaNorth Asset Management 2.43M 2.54% 0 06/30/14
    Dimensional Fund Advisors LP 692.73K 0.72% 0 01/31/15
    NameShares HeldAs Of Date
    Renault SA 19.05M 03/6/15
    Basil Botha 1.02M 03/6/15
    Annie Storey 0 03/6/15
    Paul Thomson Sarjeant 0 03/6/15
    Alberto Hassan 0 03/6/15

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    Steel report: http://www.oecd.org/sti/ind/Item%206...on%20Final.pdf

    Great report came out last week on steel production worldwide. Take a look, it's barely growing in most producing countries, some even declining. So there will be a much higher demand for HBI shortly. Investors still haven't separated the stigma of typical low grade Iron that trades that the sub $60 per tonne price and HBI which is the purest form prior to creating steel. Once you've done this, you'll understand the value NFE has over the juniors in this space. This is why OMC will likely fund the Griffith and Karas all the way to production and Danieli will assist in finding buyers AND of course their 500,000 tonnes per year commitment agreement.

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    https://www.youtube.com/watch?v=jKkdLO_vOeI

    New video from NFE's ceo explaining the difference between typical Iron ore and DRI/HBI. This will help set the record straight that NFE is still in a very lucrative business compared to the loses mounting on standard iron ore production. On top of that, NFE is in a safe jurisdiction compared to the rest of the other HBI producers worldwide(Libya, Venezuela, etc).


    As well, great news today from US Steel Business. Looks like prices are starting to rise and this is a bullish. Article link below:

    http://www.northernironcorp.com/#!Ju...f235f81957ec76

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    NFE Financial Results Ending March 31st 2015,

    Assets
    Cash - $1,142,743 – 1.2c a share in cash
    Receivable - $11,007
    Prepaid Amounts - $14,685
    Deposits - $200,000
    Property & Equipment - $212,288
    Exploration & Evaluation Assets - $9,677,864
    Total Assets: $11,258,587

    Total Debt/Liabilities - $53,595 (Accounts Payables)

    True Net Asset Value Of Company: $11,258,587 - $53,595 / 95,727,875(common shares) = $0.11.7c
    At 3.5c, NFE is trading at a 70% discount to its NAV. This does not even include the partnerships created with Danieli and OMC Investments which can easily yield new clients for their HBI product and financing to increase the 43-101. HBI is still very desirable business as it was stated by CEO Basil Botha.

    Video: https://www.youtube.com/watch?v=jKkdLO_vOeI

    May 2015 Presentation: http://media.wix.com/ugd/f57d32_e0b5...4dc567fa78.pdf

    Cash burn is roughly $200,000 per quarter, but the company states in the MD&A that they can easily keep going well into 2016 and even 2017. Please see the MD&A Highlights below for more comments:

    NFE MD&A Highlights:
    Northern Iron is a mineral exploration company focused on developing high quality iron ore opportunities in the Red Lake Mining Division of Ontario, Canada, which is a past-producing iron ore district. The Company is a 100% owner of five iron ore properties in the Red Lake district containing significant historical resources with grades ranging from 22% to 31% Fe2O3. Northern Iron is listed on the TSX Venture Exchange and commenced trading on 26 August 2011.
    The Company is focusing the majority of its efforts in introducing the Griffith mine project to prospective industry partners in North America. It is the intention of management to attract a large industry partner into the project to provide expertise and capital to advance the project.

    Future Outlook
    The resource definition drilling program at the Griffith Mine commenced in August of 2012 and 11 holes totalling 3730m were completed by 21 September 2012. The holes were drilled around the perimeter of the North Pit. Past production indicated the higher grades and larger resource are located towards the South end of the pit. This should be the priority area for delineation drilling. It is estimated that a minimum of 10,000 metres will be required on the south-west and north-east. Fence drilling can be carried out from the East side, and fan drilling farther South. For the Company to continue to operate as a going concern it must continue to obtain additional financing to maintain operations; although the Company has been successful in the past at raising funds, there can be no assurance that this will continue in the future. In an effort to preserve capital, the Company has ceased all field activity and deep cost cutting measures have been adopted. In addition to the reduction in field work, these cost cutting measures include significant reductions in consulting, travel, and shareholder relation expenditures. At the current burn rate the Company has sufficient cash reserves until mid-2016. There were additional cost cutting measures that came about in May 2014 that will provide the Company with additional cash into January 2017.

    Significant Events During the Period
    On 3 February 2015, the Company announced the appointment of Alberto Hassan as Chairman of the Board of Directors. On 16 October 2014, the Company announced that it has entered into an investment agreement with OMC Investments Limited (“OMC”), of Hong Kong. The transaction closed on 28 November 2014, and the Company issued 19,048,000 units of the Company (“Units”) by way of private placement at a price of $0.05 per unit, for aggregate proceeds of $952,400. OMC now holds approximately 19.9% of the issued and outstanding shares of the Company. Each Unit consists of one common share in the capital of Northern Iron and one common share purchase warrant (a “Warrant”). Each Warrant is exercisable for a period of three years from the date of closing of the Private Placement at an exercise price of $0.05. The Company also issued 15 common shares of its subsidiary Canadian Iron Metallics Inc. (Canadian Iron) to OMC, reducing its ownership share from 100% to 85%. Canadian Iron holds the Company’s interests in the Karas and Griffith’s properties. The value attributed to the noncontrolling interest in CIM on the closing date is nil. In addition, the shareholders’ agreement with OMC will allow OMC to progressively earn additional equity in CIM, up to a total of 70% of CIM’s issued and outstanding shares, as follows:

    · an additional 30% for $8.2 million in funding from OMC for dewatering, resource drilling and environmental permitting (“Resource Definition Funding”);

    · an additional 5% for $2 million in total funding for a preliminary economic assessment, funded 70% by OMC and 30% by Northern Iron; and

    · an additional 20% for $20 million in total funding for a feasibility study, funded 70% by OMC and 30% by Northern Iron, and assuming the feasibility study establishes technical and economic viability. Should either party not fully contribute its share of funding to both the preliminary economic assessment and feasibility study, it may face dilution. In connection with this transaction, Northern Iron has also agreed to enter into an option agreement with OMC on its other mineral properties. Should OMC fund the full $8.2 million Resource Definition Funding, it has the right to acquire an 80% interest in either the El Sol, Whitemud and Papaonga properties. This may be increased to 90%, if within a five year period after earning 80%, OMC funds an additional $1.5 million in expenditures on the property chosen.

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    News release just now, RXM is working with Danieli(who is also NFE's partner) to develope their HBI mine which is not far from NFE's Griffith Mine. This means the HBI industry is actually moving forward and that's a positive sign! Only difference is that RXM has no money compared to NFE ($1.1 million vs $70k) and they don't have an investment partner like OMC. So if RXM is worth 2 cents a share as is, then NFE should be at 5-6 cents right now. Read the news below:


    Rockex to work with Danieli to develop Eagle Island
    2015-06-29 14:56 MT - News Release

    Mr. Armando Plastino reports
    ROCKEX MINING SIGNS CO-OPERATION AGREEMENT WITH DANIELI FOR PROJECT DEVELOPMENT INITIATIVES FOR ITS 100% OWNED EAGLE ISLAND PROJECT
    Rockex Mining Corp. has signed a co-operation agreement with Danieli & C. Officine Meccaniche SpA of Buttrino (Udine), Italy, for the two parties to co-operate and collaborate to develop Rockex's 100-per-cent-owned Eagle Island iron ore deposit near Sioux Look-Out in Northwestern Ontario.
    The agreement contemplates the development of an integrated operation comprising a concentration plant, a pelletizing plant, an Energiron direct reduction plant and related auxiliary systems, all of which would be designed to ultimately produce 4.0 million tonnes per year of hot briquetted iron ("HBI"). The first stage of the co-operation effort establishes Danieli as a technological partner for marketing and promoting the Eagle Island project to possible strategic partners, financiers and final product off-takers that can support Rockex's efforts and expenses for the preparation of a bankable feasibility study. The agreement has an initial term of two years and, on achieving certain milestones, will automatically extend for an additional two years. If a positive bankable feasibility study is completed and certain levels of financing and off-take commitments are achieved, the agreement contemplates that Danieli and Rockex will negotiate in good faith a cost-competitive definitive agreement for Danieli to supply the concentration plant, the pelletizing plant and the direct reduction plant. If the parties are unable to settle the terms of such an agreement or if Rockex sells Eagle Island without Danieli's ongoing participation then, in certain circumstances, Rockex will be obligated to pay a break fee to Danieli.
    "We are very excited about the support and confidence that Danieli has shown in Rockex and our Eagle Island project," said Armando Plastino, Chief Executive Officer of Rockex. "Danieli is a large multi-national engineering firm with an excellent reputation and extensive experience in designing and constructing plants like the ones we will need at Eagle Island. I believe that their willingness to support our efforts at this early stage in exchange for the opportunity to negotiate a cost-competitive agreement speaks volumes for their belief in the ultimate success of Rockex's Eagle Island project."
    In the latter half of 2013, Rockex received a National Instrument 43-101 compliant report (the "Report") summarizing the results of a formal Preliminary Economic Assessment (the "PEA"). This Report was prepared by Met-Chem Canada Inc. ("Met-Chem") for the Eagle Island project. The results of the PEA were first announced by Rockex in a comprehensive news release issued on August 27, 2013. Both the PEA and the initial news release can be viewed on Rockex' SEDAR site at www.sedar.com and Rockex' own website at www.rockexmining.com.
    Rockex is in the process of revising the 2013 PEA to include HBI as the final product. In this regard, a contract to upgrade the PEA to include HBI has been awarded to CIMA+, Engineering Consultants. A draft version of the revised PEA is expected by the end of July, 2015.
    Highlights of the 2013 PEA include:

    $ 3.9 Billion Net Present Value with a 5% discount rate (pre-tax)
    $ 2.2 Billion Net Present Value with an 8% discount rate (pre-tax)
    20.7% Internal Rate of Return (pre-tax) dot 4.2 year pay back
    Initial Investment of $1.559 billion (not including sustaining capital of $609 million)
    Average site operating cost of $36.63/tonne of iron concentrate (pellet feed)
    Updated Resource Estimate doubling Eagle Island's Indicated Mineral Resource to 1.287 billion tonnes at 28.39% iron plus an Inferred Mineral Resource of 108 million tonnes at 31.03% iron.
    Life of Mine Production of 6 million tonnes of 66.3% iron concentrate per year for 30 years.
    Low strip ratio of 0.51 to 1

    Summary of the 2013 PEA
    The PEA is based on the production of 6 million tonnes of iron concentrate (pellet feed) per year at a grade of 66.3% total iron ("Fe"). The average run of mine feed of 17.3 million tonnes per year used is based on a mill recovery of 80% operating year-round from the Eagle Island deposit. The life of mine of 30 years was based on 512 million tonnes of in-pit resources at a grade of 28.9% Fe. This tonnage is less than half of Eagle Island's estimated Indicated Resources of 1,287 million tonnes at a grade of 28.39% Fe. Initial capital expenditures are estimated at $1.559 billion for the production of 6 million tonnes per year of iron concentrate (pellet feed). Using an average site operating cost of $36.63 per tonne, and assuming the iron concentrate (pellet feed) sales price at $105USD FOB Sioux Lookout, calculated Net Present Value for the Eagle Island project is $3.9 billion (pre-tax) using a 5% discount rate and $2.2 billion (pre-tax) using an 8% discount rate.
    In addition to the PEA, Rockex completed an updated independent Mineral Resource estimate by Met-Chem which has defined 1,287 million tonnes of Indicated Resources at a grade of 28.39% Fe and 108 million tonnes of Inferred Resources at a grade of 31.03% Fe. The updated resource is summarized in the Table below.

    Mineral Resource Category Metric Tonnes (Millions) Fe (%)
    Indicated 1,287 28.39
    Inferred 108 31.03


    The PEA includes Inferred Mineral Resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized.
    The Mineral Resource estimates discussed herein may be affected by subsequent assessments of mining, environmental, processing, permitting, taxation, socio-economic, legal, political and other factors. There is insufficient information available to assess the extent to which the potential development of the Mineral Resources described herein may be affected by these risk factors.
    The Mineral Resources are reported in accordance with Canadian Securities Administrators ("CSA") NI 43-101 and have been classified in accordance with standards as defined by the "Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") CIM Definition Standards for Mineral Resources and Mineral Reserves". Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
    HBI Potential
    A trade-off study was conducted in the early phases of the PEA based on the preliminary information available at that time. The study investigated the feasibility of producing three different products: fines, pellets and hot briquetted iron ("HBI"). The study showed that further analysis is warranted for pellets and HBI, which Rockex will pursue throughout the course of its preparation of a Feasibility Study. Presently, the PEA is based solely on the production of a fines iron concentrate. However, more detailed study of the transformation of iron ore concentrate to HBI to supply the North American electric arc furnace industry and grey foundry industry will be pursued. HBI is considered to be a cleaner, higher quality, finished iron product for the steel industry and is a premium substitute and supplement for scrap steel in electric steelmaking. HBI can also be used in blast furnaces as partial feeding material, providing greater production capacity and reducing at the same time the overall carbon dioxide footprint. The HBI process requires access to an abundant and low cost source of natural gas. Considering Rockex's proximity to the TransCanada Natural Gas Pipeline, Rockex feels it is well positioned to produce HBI and leverage its proximity to transportation infrastructure to supply the North American market in the United States immediately south of the Great Lakes and in Canada.
    We seek Safe Harbor.
    © 2015 Canjex Publishing Ltd. All rights reserved.

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    http://www.northernironcorp.com/#!No...f24f011b63c494


    Northern Iron Corp seeks partner to develop DRI project in Canada

    July 21, 2015

    Canada-based Northern Iron Corp is looking for a strategic partner to develop a direct reduction iron (DRI) project in the city of Dryden, in the country’s east-central Ontario province.

    "We aim to find a US steel mill interested in securing [DRI] supply," corporate development vp Michael Hepworth told Steel First.

    The company intends to develop a 1.5 million-tpy DRI operation in Canada, but a detailed project will be designed only after the conclusion of a pre-feasibility study, expected next year.

    Completion of this study depends on funding, however.

    Northern Iron Corp will use the Griffith mine’s iron ore reserves, estimated at 125 million tonnes, to feed the DRI plant. The mine, also located in Dryden, was operated by a local firm from 1968 to 1986.

    With the project, the company aims to benefit from the growing demand for DRI in the US market.

    About 60% of the steel in the USA is currently produced via electric arc furnaces (EAF), according to Northern Iron Corp.

    "Prime scrap [material] is scarce and the quality of other scrap types is declining, however," Hepworth said. "And EAFs can’t use iron ore, only metallics [such as DRI]."

    The reduced volumes of hot briquetted iron (HBI) produced by Venezuelan firms could also boost demand for Northern Iron Corp’s DRI output, he said.

    Besides targeting the US market, the company has already signed a take-or-pay offtake agreement with Italy-based Danieli Centro Metallics.

    Under the deal, it will supply 500,000 tpy of DRI to the European firm.

    Danieli Centro Metallics is a global technology provider, in sectors from iron ore processing up to DRI production, including EAF feed.

    Meanwhile, Northern Iron Corp is betting on its proximity to the US steel industry and easy access to Asian and European markets to foster the development of the DRI project in Canada.

    From Dryden, the DRI would be transported by rail to the existing Canadian ports of Thunder Bay and Prince Rupert for export.

    "We would have to buy shipping capacities at these terminals [to export]," Hepworth said.

    The miner would also take advantage of cheap and regular long-term access to clean natural gas in the region, which would reduce its energy costs by 10%.

    A natural gas line already exists at Northern Iron Corp’s mining property, according to the company.

    Northern Iron Corp is not connected to the similarly named Australian mining company, Northern Iron.

    Source: http://www.steelfirst.com

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    Northern Iron finishes surveys at Griffith


    2015-07-27 07:51 MT - News Release


    Mr. Basil Botha reports

    NORTHERN IRON CORP. COMPLETES MAGNETIC SURVEY ON THE GRIFFITH PIT

    Northern Iron Corp. has completed approximately 11 line kilometres of ground magnetic surveys on the Griffith property.

    The survey successfully outlined the broad trend of the iron formations within the North Griffith pit. Depth estimates to mineralization and precise widths were not made. The data provide a guide to the next phase of drilling.

    A total of 10.99 line kilometres of ground magnetic surveys were completed using a GSM-19 Version 7 Overhauser magnetometer system.

    Magnetic readings were downloaded daily and corrected with the base station data.

    Readings were taken every 20 metres along 100-metre-spaced traverses originally set at 118-degree orientation. Portions of some lines, in particular at their eastern extremities, could not be surveyed due to the slope of the pit. The survey outlined the main iron formation previously partially extracted, and reveals the main north-northeast-to-northeast (folded) trend. The southern continuation of the mineralized body is seen extending off pit; the anticlinal sequence is observed as a broader expression, and the east limb, trending south to southeast appears as a near-vertical sequence in the southeast corner of the pit and grid. Correlation with the geology indicates a steep westerly dip for the main iron formation. Overall increase in magnetic intensity to the south is a function of the approximate 35-degree plunge of the iron formation and possibly higher-grade material. The syncline-anticline-syncline geometry is imprecisely defined, due to said plunge, partial extraction of the north portion of the fold set, and possibly to previously unknown faulting by east-southeast-trending discontinuities. The data provide a guide to the next phase of drilling, much of which would be contingent on the dewatering of the pit. A partial dewatering of the pit would provide reasonable access for in-pit delineation drilling of the main iron formation, with collars on the D bench (level).

    Drilling on bench D, about 100 m vertically below datum, would test the southern extension of the main iron formation both along strike and down plunge. All holes would be drilled downdip, but drilling from the west would not be as cost-effective due to the layout of the benches.

    Drilling of the south extension outside of the pit would be easily achieved, using pre-existing roads, although the extent of flooding in the area should be assessed.

    Similarly, there should be some additional testing of the east limb, in the far southeast corner of the pit.

    It is vital to test the south extension and down-plunge continuity of the major folded iron formation in the centre south of the pit. For this reason, it is necessary to dewater the pit past level F. Some surface drilling could commence whilst the pit is dewatered. The continuity of the iron formation, based on the recent survey, provides reasonably accurate definition of the target. Also, drilling at this stage would provide some estimates of grade and width to at least near-surface iron content. It is stressed that such intercepts may not be representative of anticipated higher grades at depth.

    Further, the results from any subsequent drilling will have an impact of future pit geometry, and it is conceivable that an alternative to significant aerial pit expansion would be access south by a broad ramp, eliminating the need to expand benches B and C, and possibly D. Estimating costs associated with the proposed drilling is contingent on locations on particular bench levels and hence total lengths of individual drill holes. In-pit drilling would benefit from pads on E rather than D benches, reducing several drill hole lengths by up to 100 metres. Strike extensions to the south should be targeted based on the results of the in-pit drilling.

    The technical information in the news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by its qualified person, Paul Sarjeant, PGeo (Ont.), qualified person has prepared, supervised the preparation of approved the scientific and technical disclosure in the news release.

    © 2015 Canjex Publishing Ltd. All rights reserved.

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    NFE.V August 2015 presentation just released today: http://media.wix.com/ugd/f57d32_9d92...6e1cf10612.pdf

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    NFE.V Quarterly Report (Ending June 30th 2015)

    Stock Price: $0.015
    Common Shares: 95,727,875
    Insider Holdings: Just under 25% as per www.sedi.ca

    ASSETS
    Cash: $851,916
    Receivables: $24,493
    Prepaid Expenses: $11,282
    Deposits: $200,000
    Property & Equipment: $166,237
    Exploration Assets: $9,770,009
    Total Assets: $11,023,937

    LIABILITIES
    Accounts Payable: $41,215
    Total Liabilities: $41,215

    August 2015 Presentation: http://media.wix.com/ugd/f57d32_9d92...6e1cf10612.pdf

    MD&A Highlights

    Northern Iron is a mineral exploration company focused on developing high quality iron ore opportunities in the Red Lake Mining Division of Ontario, Canada, which is a past-producing iron ore district. The Company is a 100% owner of five iron ore properties in the Red Lake district containing significant historical resources with grades ranging from 22% to 31% Fe2O3. Northern Iron is listed on the TSX Venture Exchange and commenced trading on 26 August 2011.

    The resource definition drilling program at the Griffith Mine commenced in August of 2012 and 11 holes totaling 3730m were completed by 21 September 2012. The holes were drilled around the perimeter of the North Pit. Past production indicated the higher grades and larger resource are located towards the South end of the pit. This should be the priority area for delineation drilling. It is estimated that a minimum of 10,000 meters will be required on the south-west and north-east. Fence drilling can be carried out from the East side, and fan drilling farther South.

    For the Company to continue to operate as a going concern it must continue to obtain additional financing to maintain operations; although the Company has been successful in the past at raising funds, there can be no assurance that this will continue in the future. In an effort to preserve capital, the Company has ceased all field activity and deep cost cutting measures have been adopted. In addition to the reduction in field work, these cost cutting measures include significant reductions in consulting, travel, and shareholder relation expenditures. At the current burn rate the Company has sufficient cash reserves until mid-2016. There were additional cost cutting measures that came about in May 2014 that will provide the Company with additional cash into January 2017.

    The Company is focusing the majority of its efforts in introducing the Griffith mine project to prospective industry partners in North America. It is the intention of management to attract a large industry partner into the project to provide expertise and capital to advance the project.

  12. #12
    Thanks for the great info about Northern Iron Corp.

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    Quote Originally Posted by marketquotient View Post
    Thanks for the great info about Northern Iron Corp.
    Your welcome. The company is in China right now and meeting with some potential investors. Hopefully they can strike a deal soon.

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    It's been a longer wait, but NFE moved from $0.01 to right now $0.06 and at a multi year high. Time to take some profits and buy some of the better earnings juniors like SNF, ARD, ESE and NVI.

    Northern Iron to acquire three lithium properties



    2016-07-28 11:57 MT - News Release


    Mr. Basil Botha reports

    NORTHERN IRON CORP. SIGNS AGREEMENT TO ACQUIRE LITHIUM PROJECTS IN NEVADA AND ARIZONA

    Northern Iron Corp. today signed an agreement to acquire three highly prospective lithium projects: two in Arizona and one in Nevada.

    Details of the agreement and properties follow.

    Basil Botha, president, said: "Lithium demand is pressuring lithium prices, and the forecasted demand is set to continue to expand the market, and the company intends to play a meaningful role in meeting the needs of the lithium market. Our three highly prospective properties are in Tesla's backyard with excellent infrastructure, and, unlike many of the lithium projects scattered throughout the world, the projects in Nevada and Arizona can be worked year-round."

    Nevada

    Northern Iron has entered into an agreement to acquire 140 mineral claims comprising 2,800 acres in Clark county, Nevada. The contiguous Jackpot Lake claim group is located 39 miles northeast of Las Vegas.

    Highlights/geology -- Jackpot Lake

    The United States Geological Survey conducted a survey in 1976, taking 129 core samples, all of which encountered lithium with values up to 550 parts per million and an average of 175 parts per million.

    Mr. Botha noted: "The geological and structural setting, as well as the weathering history and brine at Jackpot Lake, is highly analogous to the Clayton Valley, where Albemarle has its Silver Peak lithium-brine operation.

    "Albermarle has been in continuous production of lithium carbonate and lithium hydroxide products from Clayton Valley brines since 1967.

    "The property is ideally situated to take advantage of amongst other things the solar energy zone in Nevada, and right off of the highway with associated logistical and infrastructural advantages."

    Arizona

    The company has also entered into an agreement to acquire two land packages in Arizona, consisting of 1,434 acres in the Wilcox playa basin, a large dry lake bed in southeastern Arizona, and 289 acres in the Little Rock target in Yavapai county, Arizona.

    Highlights/geology -- Willcox playa

    The Willcox playa lithium brine target, as per the USGS 1976 report, consists of one of the most-prospective locations for undiscovered lithium brines and most nearly like the currently exploited brine field in Clayton Valley, Nevada. Airborne electromagnetic prospecting by the USGS identified a 22-square-mile anomaly characterized by high electrical conductivity. The USGS interpreted this anomaly to be caused by a subsurface brine field hosted in sediments beneath the dry playa surface. Arizona Department of Water Resources records show that wells in the vicinity of this anomaly generally report water tables within 60 feet of the playa surface.

    The combination of a gravity survey showing a closed gravity low coincident with the zone of high electrical conductivity reinforces the concept that an accumulation of brine is present beneath Willcox playa and that no hydrological outlet allows the accumulated brine to escape. High evaporation rates relative to precipitation in this desert environment allows any brine to become increasingly concentrated over time.

    A likely source area for lithium is located to the south, up the hydrological gradient from Willcox playa in the felsic volcanic rocks at Three Sisters Buttes. Hot spring activity at Sulphur Springs, three miles up the hydrological gradient from the Arizona land permits, provides a continuing mechanism for alteration and leaching of lithium-bearing felsic volcanic rocks. Subsurface drainage of this hydrothermal discharge will report directly to Willcox playa in the vicinity of the Arizona land permits.

    Highlights/geology -- Little Rock

    The Little Rock target was first identified serendipitously during a helicopter-borne VTEM (versatile time-domain electromagnetic) survey conducted by in 2007 while searching for massive copper sulphide deposits. A large, highly electrically conductive body at the south end of the survey area was checked on the ground and found to be a strongly clay-altered rhyolite tuff mostly concealed by a basalt flow.

    Geological mapping to the west shows a similar bimodal rhyolite-basalt volcanic association that has been dated between 12 million years ago and 8.8 million years ago (Late Miocene, Mr. Moyer, 1990).

    Recognizing that the clay body had potential to be a lithium clay deposit, a reconnaissance sampling campaign was done to understand the extent of the target and the presence, if any, of lithium. Clear evidence was found of a closed, lacustrine paleoenvironment, including thinly bedded rhyolitic claystone and ripple-marked rhyolitic sandstone.

    Prior to emplacement of the capping basalt flow, hydrothermal fluid controlled by the basin-bounding fault altered the rhyolitic glass to lithium-enriched clay and then probably discharged into a shallow lake bed. In order to capture the projected basin-bounding fault and the potential volume of hot spring discharge into a closed basin beneath the capping basalt flow, 14 unpatented lode mining claims were staked.

    The conceptual dimensions of the target are about 2,500 metres along the strike of the basin-bounding fault, about 300 metres perpendicular to the fault, by about 20 metres thick.

    Hectorite clay (LR-6) from an active bentonite mine located in the same late Miocene lacustrine and volcanic strata 40 kilometres to the east carries over 2,700 parts per million lithium.

    Dr. Timothy Marsh, PhD, PEng, a qualified person, prepared the disclosures reports related to these projects.

    National Instrument 43-101 reports have not been prepared on these properties.

    Nevada terms:

    Pay $70,000 to the vendor on the signing of this agreement;
    Issue $330,000 worth of shares within five days of regulatory approval of this agreement at a deemed value of 1.5 cents per share, to the vendor or its assigns;
    Pay a further $50,000 to the vendor on or before 180 days of the signing of the agreement;
    Pay a further $100,000 to the vendor on or before the one-year anniversary of the signing of the agreement;
    File all forms and pay all fees to keep the claims in good standing, including county fees and BLM (Bureau of Land Management) maintenance fees, as prescribed by U.S. federal law (30 USC 28f, 43 CRF 3833.1-5) on or before Sept. 1, 2016, the latter estimated at $21,700 (U.S.);
    Pay a further $100,000 to the vendor within 18 months of the signing of the agreement, in cash or shares at the election of the purchaser;
    Paying a further $125,000 to the vendor within 24 months of the signing of the agreement, in cash or shares at the election of the purchaser;
    Paying a further $205,000 to the vendor within 36 months of the signing of the agreement, in cash or shares at the election of the purchaser;
    Completing no less than $1-million worth of expenditures on the claims within three years of the signing of the agreement.
    Arizona terms:

    Paying $20,000 on the signing of this agreement;
    Issuing $270,000 worth of common shares within five days of regulatory approval of this agreement at a deemed value of 1.5 cents per common share, to the vendor or assigns as set out in Schedule B;
    Filing all forms and paying all fees to keep the claims in good standing, including county fees and BLM maintenance fees, as prescribed by U.S. federal law (30 USC 28f, 43 CRF 3833.1-5) on claims on or before Sept. 1, 2016;
    Paying $50,000 on or before June 29, 2016;
    Paying $100,000 on or before June 8, 2017;
    Paying $300,000 in cash or shares, at the election of the purchaser on or before June 8, 2018;
    The owner shall retain a 2.5-per-cent gross overriding royalty on each property, of which 1 per cent can be bought back for $1-million.
    © 2016 Canjex Publishing Ltd. All rights reserved.

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