Ok, reproduced this issue in cDOT.
I set my volume to have "Everyone" with Traverse and List Folder access:
parisi-cdot::*> vserver security file-directory show -vserver flexvol -path /ntfs
Vserver: flexvol
File Path: /ntfs
Security Style: ntfs
Effective Style: ntfs
DOS Attributes: 10
DOS Attributes in Text: ----D---
Expanded Dos Attributes: -
Unix User Id: 0
Unix Group Id: 0
Unix Mode Bits: 777
Unix Mode Bits in Text: rwxrwxrwx
ACLs: NTFS Security Descriptor
Control:0x9504
Owner:BUILTIN\Administrators
Group:BUILTIN\Administrators
DACL - ACEs
ALLOW-DOMAIN\Administrator-0x1f01ff-OI|CI
ALLOW-Everyone-0x100021-OI|CI|NP
Then the mount failed:
[root@centos64 /]# mount -t cifs 10.63.3.68:/ntfs /unix
WARNING: using NFS syntax for mounting CIFS shares is deprecated and will be removed in cifs-utils-6.0. Please migrate to UNC syntax.
Password:
mount error(2): No such file or directory
Refer to the mount.cifs(8) manual page (e.g. man mount.cifs)
The issue is during the SMB call QUERY_PATH_INFO:
109 4.022960 10.228.225.140 10.63.3.68 SMB 144 Trans2 Request, QUERY_PATH_INFO, Query File All Info, Path:
110 4.023478 10.63.3.68 10.228.225.140 SMB 105 Trans2 Response, QUERY_PATH_INFO, Error: STATUS_OBJECT_NAME_NOT_FOUND
This is bug 824289.
http://support.netapp.com/NOW/cgi-bin/bol?Type=Detail&Display=824289
As a workaround, the minimum permissions need to be 0x1200a9 (List, traverse, read, read extended, read permissions), which is what you found to be the case:

parisi-cdot::*> vserver security file-directory show -vserver flexvol -path /ntfs
Vserver: flexvol
File Path: /ntfs
Security Style: ntfs
Effective Style: ntfs
DOS Attributes: 10
DOS Attributes in Text: ----D---
Expanded Dos Attributes: -
Unix User Id: 0
Unix Group Id: 0
Unix Mode Bits: 777
Unix Mode Bits in Text: rwxrwxrwx
ACLs: NTFS Security Descriptor
Control:0x9504
Owner:BUILTIN\Administrators
Group:BUILTIN\Administrators
DACL - ACEs
ALLOW-DOMAIN\Administrator-0x1f01ff-OI|CI
ALLOW-Everyone-0x1200a9-OI|CI|NP
This will be fixed in a future release.