Agoracom

Although some of your conclusions at first glance appear to be plausable, a closer look at the recent Geologic Model at McFaulds, as outlined in said May 27th/08 NR, points to a potentially different conclusion...As you will note below from Dr. Mungall :

The more Ni-rich samples are slightly melt-depleted mixtures of mss and liquid.

Late migration of Cu-rich residual sulfide liquid is a common phenomenon in magmatic sulfide deposits, particularly where large pools of sulfide liquid have formed to generate massive sulfides. However this kind of migration has also been evident in large volumes of disseminated sulfide mineralization at Sudbury (e.g., Mungall 2002c).

The result of the separation of the Cu- and PGE-rich sulfide melt is the formation of veins or disseminations of sulfide mineralization abnormally rich in chalcopyrite,”

In some instances the primary exploration target is the fractionated Cu- and PGE-rich vein system, because

of the extraordinarily high value of such material. For example, the relative economic importance of fractionated sulfide veins increases with depth of mining at Sudbury, to the extent that continued deep mine development in some deposits now depends entirely on the discovery of the veins rather than the

much larger, lower-tenor deposits from which they originated.

(see also articles by McLean and byFarrow, this volume).

J.E. MUNGALL

So it appears than that the "fractioned disseminated vein systems" which increase with depth , and with a high Chalcopyrite content in the sulphides, is what HUGE world wide deposits entirely depend on . You will note that these are described as "disseminated" sulfides, which indicates that the metals content inside said "disseminated" sulfides, carry a much higher percentage of Metals, and especially Precios Metals Gold. PGEs etc , than some massive sulphides...So these deeper disseminated sulfide veins at times carry very valuable metals content, to much deeper levels, so we shouldn't come to any solid conclusions until all the assays, especially the deeper ones are properly assayed with results...

The second important point I'd like to make is, there seems to still be some differing theories/misunderstanding as to how these deposits were laid down...The latest Geological Deposit model was outlined by NOT in said May 27/08 NR...

It seems that the Ring of Fire Mafic and Ultramafic intrusions along the red line were "fed" thru a series of conduits, which came from the North, and so far these ROFI contain these Chromite layers, and the "feeders" or "traps" coming from the North contains the MMS deposits . Thus NOT continues to drill E2 northward, away from the ROFI, whereiin they continue to uncover these "disseminated" semi massive to massive sulfides, although the descriptions of all the sulfides are not always described, so it is very likely to be of the same composition as DE1, but in seperated sections since it exists in a "shear" zone , which usually indicates the partitioning of said sulfides...

In conclusion, I would urge that we wait for all assay samples to return, and all the drilling is completd in and around DE2, before coming to final conclusions... A note of interest regarding the formation of ROFI...As I had mentioned in previous posts, the Volcanics that contaiin the VMS deposits are approx. 2.72 Billion years old....However the ROFI, is much much younger at approx. 1.2 Billion years old, as was confirmed by Neil Novak at the SPQ AGM last week...This data could have exploration implications includiing, could these MMS deposits have accumulated or traped in the old "feeders/conduits" that fed the much older metavolcanics? and/or the "feeders" systems that fed the ROFI?....

All of course IMCO

JD*

NOT News 5-27-08

As would be expected under the conceptual model, on-going drilling by Noront and published results from other junior companies working in the area, suggest that the layered chromite mineralization is likely to be confined strictly to the RFI, while the platinum rich Ni-Cu sulphide mineralization appears, at least at this stage of exploration, to be related to the conduit feeders, localized in pools or traps.

Latest drilling at Eagle Two (Anomaly AT2) continues to delineate, at depths now exceeding 400 meters vertically below surface, significant copper - nickel mineralization. The most visually impressive and deepest core intercepts of mineralization have been encountered in some of the most recently completed holes, indicating significant improvement with depth

In general terms, the number of mineralized zones encountered increases with depth as the drill-holes explore this Shear Hosted Sulphide ("SHS") zone. At greater depths the tenure of sulphide mineralization is greatest in holes 1G32 and 1G40. Assays for samples selected from Hole NOT-08-1G32, 1G35, 1G38, 1G39 and 1G40 are pending,

The recent drilling at Eagle Two has continued to return increasing widths from the SHS occurrence which thus far has consisted of intermittent bands and stringers of sulphide mineralization containing visible copper and nickel minerals with other less important sulphide minerals. From the narrow widths initially encountered in holes NOT-08-1G2 and NOT-08-1G3 near surface the SHS zone has been traced down a dip slope length of 450 meters or to a vertical depth of 350 meters

The most recent drilling (holes NOT-08-1G32, 1G35, 1G38, 1G39 and 1G40) at Eagle Two suggests that the zone of finger-style mineralization is coalescing and increasing in overall thickness as it is drill tested along strike to the northwest, presumable into a conduit that is part of the original feeder system. The sulphide mineralization is also interpreted as moving away from the Chromite mineralization further suggesting that the Eagle 2 mineralizing environment is moving further away from the RFI and into a possible feeder conduit environment similar to that observed at Eagle One.

Management believes that the recent drill hole results, with the presence of visible copper - nickel sulphide and chromite mineralization being observed by the geologists on site is very encouraging, and could be of significant importance for Noront, if the assays pending are favourable.

Map of Norlisk Deposits