Golkor Inc (GKOR)

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HERE IS ANOTHER ARTICLE REFERING TO CLAIMS RUSH OF THE PAST (((ESPECIALLY WITH VALE))).....////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////NOW REMEMBER THIS IS FROM 2008 WAY BEFORE GOLD AND COPPER WENT THROUGH THE ROOF!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Mining Markets, September 2008

The Great Canadian Area Play
By: John Kaiser
What It Takes
Photos In This St
Area plays have long been a mainstay of the Canadian junior exploration scene that periodically dominates market speculation and media coverage. They have generally erupted amid dismal bear market conditions, fuelled by a new discovery whose magnitude greatly exceeded expectations and forced a dramatic rethinking of a region's potential. Some noteworthy examples include Hemlo in 1982, Eskay Creek (1990), the Lac de Gras diamond rush (1992), and the Labrador nickel-copper rush (1995).
Technically any region that undergoes a staking rush by multiple companies in response to a new discovery qualifies as an "area play," but to qualify as a Great Canadian Area Play a staking rush must blossom into a market mania. For that to happen, an area play must meet several conditions -- the most important being that the new discovery is truly world class in grade and size, items not usually established until the second year of follow-up exploration.
Today's best candidate for a Great Canadian Area Play is the McFauld's Lake region, situated in the James Bay Lowlands of northern Ontario, where Noront Resources (NOT-V) discovered the high-grade nickel-copper-platinum group Eagle One deposit in August 2007. The indicated and inferred high-grade massive sulphide resource at Eagle One came in with an exceptional rock value of $1,841 per tonne at current spot metal prices, and the disseminated resource came in at $408 per tonne. But the massive sulphide resource totalled only 440,000 tonnes and the disseminated resource totalled 2,471,000 tonnes for a combined gross metal value of $1.8 billion. That pales in comparison to the $60 billion value of the Ovoid and Eastern Deeps deposits at Voisey's Bay, (((((((I WONDER WHAT UR SHARE PRICE WOULD BE IF WE HIT 60 BILLION LIKE VOISEY BAY'S))))) or the more than $20 billion worth of diamonds identified in the Northwest Territories.
Barely a year old, McFauld's Lake needs to deliver additional discoveries to keep the area play alive. With a dozen companies gearing up to drill targets during the next 12 months, McFauld's Lake certainly is in a position to become a Great Canadian Area Play, especially if the bear market continues to erode the prices of juniors trying to develop existing deposits. These juniors have dominated the market's attention during the commodity price boom of the past five years but are now suffering from a widening disconnect between persistent high metal prices and investor anxiety over a looming price bust. That does not spell a revival of interest in isolated exploration plays, but it does prime the market for the self-reinforcing dynamic of an area play.
Another important condition is that the discovery be a geological surprise either in the type of deposit or its scale. Although De Beers had explored the barren lands of the Slave Craton, the dis- covery of diamondiferous kimberlites in late 1991 came as a surprise. Labrador was known to have nickel-copper showings and geology prospective for magmatic-style deposits, but nothing had been found even remotely comparable to the 30-million-tonne high-grade nickel-copper-cobalt Ovoid deposit at Voisey's Bay.
Much of the McFauld's Lake region is blanketed by young limestone, and most of it is covered by swamp water with very little outcrop. The region was initially explored for kimberlites, which in 2002 led to the discovery of poly-metallic volcanogenic massive sulphide (VMS) mineralization in the Archean basement rocks beneath the limestone cover. Despite considerable exploration effort only a couple small copper-zinc deposits with a combined gross metal value of about $300 million were found, and the area play was dying when Noront hit magmatic-style mineralization associated with ultramafic intrusions that had once been shunned as exploration targets.
Closely linked to the surprise nature of a new discovery is the apparent simplicity of the discovery, which could have been made by anybody who bothered to take a closer look. Kidd Creek is legendary for having an electromagnetic signature so strong that pilots used it as a navigational tool until somebody troubled to drill it. The Voisey's Bay deposit has a gossanous outcrop that a government geologist once sampled, albeit in a spot that yielded no values. And an abundance of garnets on a beach at Point Lake alerted Chuck Fipke to the possibility of a kimberlite field.
At McFauld's Lake the Eagle One deposit consisted of a coincident magnetic high and EM conductor that had initially been staked as a kimberlite target. Even though Eagle One did not qualify as a good VMS target, Noront drilled it anyway. Now everybody is taking a fresh look at magnetic-high anomalies with EM conductors in the hope of finding other "Eagle One" deposits. ….. http://www.miningmarkets.ca/issues/story.aspx?aid=1000223781&type=Print%20Archives