This means I can't do a full projection, but you can get something of a sense where things are going. We'll focus on Ontario for now, as Quebec is another blowout for the NDP, winning 45% to the Bloc's 25%.
Environics (Ontario Federal - May 7-9, 2012)
Conservatives: 36% - 52 seats
New Democrats: 32% - 27 seats
Liberal Party: 26% - 27 seats
Green Party: 6%
With those numbers, I can guarantee you one thing: the New Democrats will have a bare national lead, because they're so far behind in Ontario. 32% of the vote is not enough to get them up in the high thirties in Ontario, not when the Conservatives maintain a lead and the Liberals maintain 25% of the vote. It's just how it is.
The only thing that puts them over the top would be Quebec, based on reasonable guesses about the other provinces (based on trends).
Now, I know people talk a lot about the marginalization of Quebec or the West, but Ontario is going to be marginalized with these numbers, as they'll likely be the only major province except for Alberta without a significant NDP presence (a third of the seats, in my estimation, is "significant"). Consider that for a moment.
Anyways, I'd like to wade into the sort-of debate between Steve V and BigCityLib right now about whether Mulcair's "Dutch disease" comments will hurt his leadership. Personally I think it's too early to tell whether the comments and the reaction will hurt Mulcair, but this Environics poll doesn't actually matter anyways - most of the flak for the comments has come out after the May 7th-9th that the polling was done on. And in fairness the most recent poll to come out was Ipsos Reid on May 10th, which showed a Conservative lead. Just sayin'.
The next polls to come out will shed more light on whether Mulcair has hit gold or pyrite, Environics however is meaningless.