Present Day:

Any time I want to figure out what the potential value of a 43-101 is, I go to Kitco's "What's that rock worth" calculator. Using it, I see an indicated value of about $220 million.

We are far undervalued, considering we have 22.5% interest in this property. So, our insitu indicated worth is about $50 million, for just the McFauld's #3!!! And our market cap is about $20 million, or 40% of insitu worth.

For comparison:

• Noront has an insitu indicated worth of about $2 billion and a market cap of $309 million, or 15% of insitu worth.
• FWR has an insitu indicated worth of $70 million (Clarence stream (50%)) and a market cap of $45 million, or 64% of insitu worth.
• KWG has an insitu indicated worth of $50 million and a market cap of $9 million, or only 18% of insitu worth.
• UC Resources has an insitu indicated worth of $121million (based on their eventual option of 55%) and a market cap of $12 million, or only 10% of insitu worth.
  

So far, these are the only companies that have released their 43-101 in this area. These technical reports are also not the only properties/deposits that these companies own and/or are working on further development. This story is getting juicier as it unfolds.

12 months (IMHO):

Drills are still turning on high priority targets throughout the area, and likely will remain so for the next year at least - just to test all the anomolies. To actually drill them for deliniation will probably take another year beyond that.

Is it possible that nothing further will be found? Sure, all those pretty colours could be caused by uneconomical grades of ore. Is that situation likely? I highly doubt it. These surveys are using highly precise tests, and the geophysicists know their job.

This time next year, I think we will have seen 43-101 completed for:

• Spider/KWG/UC: MFL#1, and others including McNugget
  
• Spider/KWG/FWR: Chrome/PGM occurrence, Conductor #5
  
• FWR/MGR - Windfall
• FWR - Clarence Stream, 100% block (conductor 4 is on top of the large VTEM blob)
  
• FWR/NOT - jv
  
• NOT - E2, BB1, BB2, AT12
• Probe - McFauld West (they only missed, they will hit next time), Victory (this will take a couple of years to fully delineate, but a preliminary report will be out)
• Fancamp - C1 and a chrome occurrence

I know that there are other companies drilling and finding, including WSR and Temex, but I am not following them as closely. I believe thta they will also have added a 43-101 each within the next year.

Also, Melkior and Bold Ventures will have begun drilling their jv area in the centre of the ring, which shows promising gravitational anomolies (think Chrome), and Bold has been flying VTEM since July.

IMO: Going to be an exciting year!