Record-setting exploration in the northwest.

• Author: Ross, Ian
• Position: SPECIAL REPORT: MINING

Exploration activity in northwestern Ontario is at its highest in Garry Clark's memory.

"Every greenstone belt has some active exploration project," says the Thunder Bay-based executive director of the Ontario Prospectors Association.

One of the most highly prospective areas is McFaulds Lake in Ontario's Far North on the edge of the James Bay swamps.

Noront Resources has Bay Street tongues wagging about their major copper-nickel platinum group metals discovery half-way between the De Beers Victor diamond project and Webequie First Nation.

Clark says there's a "phenomenal" amount of exploration money being spent in Ontario this year with the provincial forecast for 2007 at $370 million, more than three times the numbers of $118 million and $114 million spent in 2000 and 2001 respectively

"Because that's happening, there's a lack of drills, geologists and just about everything."

Many drillers want an advance of almost 50 to 60 per cent from some junior miners because of the availability of so much work.

Clark says with so many new juniors popping up, many established drilling companies don't want to get burned if a junior goes bankrupt.

"People and companies are flush with money It's not hard to raise money if you've got a good project with a good concept."

Skilled people are able to move from job to job really quickly.

Some of the exploration hotbeds in northwestern Ontario include Marathon PGM's advanced Coldwell platinum group metals project in Marathon.

Rainy River Resources in the Fort Frances area makes frequent news by expanding its gold zone.

Brett Resources is spending $5 million in gold exploration this year at their Hammond Reef near Atikokan. It's a potential joint venture with Kinross Gold who will make a decision whether to earn-in.

"It's a big gold project that's been around since 1895," says Clark, who knows the area well. Back then, $5 million was raised on the New York exchange to a high grade vein that went into production for a short period.

Brett are looking at low grade potential with big tonnage.

The Geraldton-Beardmore area is a popular place for Kodiak Exploration which is expanding its land holdings and seeks to raise $55 million to fund exploration on its Hercules gold project.

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Superior Canadian Resources, with which Clark serves as a director, is also in the area searching for nickel and gold, the latter on a past producing mine in Beardmore.

In Shebandowan, west of Thunder Bay, North...