NFE.V - Northern Iron Corp

Hello WarriorCookie,

All my threads got removed when HSM turned into SA. But I have been posting about NFE on Stockhouse still and totally forgot to make one on here. Yes I still have a position in this, as well as some family and friends. It's just been quiet and I've been focusing my attention on the EPS growth stories. NFE is still trying to work on a deal as I keep in contact with management, but they sold some assets and they increase their cash, paid for the quarter and total assets also increased while liabilities dropped. So they are hanging in there and I think NFE will get a deal just like RXM did. Why I think this is because RXM has an inferior property and they did approach NFE once for a deal but it never went anywhere.


Cash - Q1($453,666) & Q2($513,230) - Increased by $59,564
Total Assets - Q1($10,671,024) & Q2($10,713,249) - Increased by $42,225
Total Liabilities - Q1($57,359) & Q2($24,991) - Decreased By $32,368
Quarterly Gain/Loss - Q1(-$169,950 Loss) & Q2($74,592 Gain)

 

LEVEL 2 QUOTE

Market Maker Shares Bid Price Ask Price Shares Market Maker
1,409,000 0.010 0.020 601,000
1,735,000 0.005 0.025 190,000
-- -- -- 0.030 100,000
-- -- -- 0.035 25,000
-- -- -- 0.065 100,000
-- -- -- 0.150 15,000

 

Some literature this year talking about the Griffith mine when it was in production and what potential it had: http://www.ontarioexplorations101.com/kenora-district-mines

 

LEVEL 2 QUOTE
Market Maker Shares Bid Price Ask Price Shares Market Maker
20,000 0.015 0.020 556,000
1,262,000 0.010 0.025 182,000
1,605,000 0.005 0.030 130,000
-- -- -- 0.035 10,000
-- -- -- 0.040 35,000
-- -- -- 0.065 100,000
-- -- -- 0.150 15,000

 

Nice pop on NFE this week. Perhaps some news is on the way?

LEVEL 2 QUOTE

Market Maker Shares Bid Price Ask Price Shares Market Maker
410,000 0.025 0.035 445,000
1,050,000 0.020 0.040 165,000
705,000 0.015 0.045 130,000
1,056,000 0.010 0.050 10,000
1,201,000 0.005 0.055 10,000
-- -- -- 0.060 10,000
-- -- -- 0.065 100,000
-- -- -- 0.100 20,000

 

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.

Basil 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 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 qualifed 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.

 

New multi year high reached today! time to put this one in the win column and move on. Going to add to my SNF, ARD and ESE positions. I would rather have stable companies now rather than the lithium hype. It's good for a flip and that's about it.