RING OF FIRE ENERGY COMING
The Ring of Fire Potential will come down to one factor, which will make or break any prospects: Hydro Electricity, which is not expensive. We cannot build massive dams in remote areas at a low cost.
Enter the HUG!
Noront Resources alone spent $19 million in 2009. One industry analyst suggests that the six companies drilling in the area will spend around $250 million over five years on exploration. Since site access is by fixed-wing aircraft and helicopters, the budget for transportation is huge. Noront was exploring for nickel, platinum and palladium at its Eagle’s Nest project in north-eastern Ontario.
Freewest Resources Canada Inc. stumbled upon an even more plentiful material, chromite, on a 3-square-kilometre piece of land smack in the middle of wetlands and bush.
A counter offer was made by Cliffs Natural Resources Inc., the largest supplier of iron ore to North America. Cliffs won. U.S.-based Cliffs also owns part of KWG Resources Inc.
Canada Chrome is a subsidiary of KWG Resources Inc., one of the companies involved in the $1.5 billion development, which includes an $800-million mine scheduled to go into production by 2015. Canada Chrome will operate the mine and build a 350-kilometre long haul railway capable of moving four-million tons of ore a year from McFauld’s Lake to Nakina.
Today, the roll call of companies in the area is impressive: Metalex Ventures Corp., Canadian Orebodies Inc. (Don McKinnon of Hemlo gold discovery fame and his son Gordon), East West Resources Corp., Mill City Gold Corp., MacDonald Mines Exploration Ltd., Probe Mines Ltd. Temex Resources Corp.and Diamondex Resources Ltd. to name a few of the 100 plus.
The Freewest Black Thor chromite prospect has an estimated 2 km strike length.