Canadian Stocks/Inherited mine stocks for Eagles Nest
Recently my husband inherited stocks from Eagles Nest mine located near Bancroft, Ontario.
The lawyer handling the estate was quick to dismiss them saying they usually don't have value.
After googling the mine it seems like it has been bought by another company?
Noront is the name. Is it possible these stocks still hold some value? And if so
how much can you tell us about the future prospects for this
company and the Eagles Nest mine? Thank you!
Alta, unfortunately the lawyer is most likely correct. Holding real property, such as mineral exploration properties, can be extremely expensive. As mining is very cyclical, mineral property interests are often dropped and abandoned during the down periods in metal prices, then restaked and reacquired by new owners when prices tick back up. It is not unusual to see properties pass through multiple hands. Many of the properties being explored today have had up to 10 or 12 owners in the last 60-80 years.
In Noront's case, this is a new property and is 600-700 miles from Bancroft in the James Bay Lowlands. They should not be the same "Eagle's Nest" mine, which is not an uncommon name.