Hard Asset Report

Posted by: jrichm99 on November 30, 2008 10:21PM

I spoke with Mac and Donald Hoy this morning. They were very gracious and spent about 45 minutes reviewing the Mcfauld's work to date and plans for future of the property. First I confirmed with them that they feel that the deposit is a part of a classic layered mafic intrusion. This intrusion has been turned on its ear and over-turned so the depositional footwall is to the northwest of the Black Thor chromite occurrence.

They indicated that a drill hole (-11 I believe) was completed yesterday 100 m to the southwest of BT-08-01. Mac said that there were no surprises in the hole and I took that to mean that it was similar to -01. They did indicate that the time period for chrome assays should follow the waiting period that they experienced for BT-08-01, which is good news. There was no mention of moving in front of NOT at the reactor, although I did not specifically ask that question.

He also indicated the the PGE assays for -01 should be in hand ready for release very soon. He said that they were assaying the entire length of the hole to make sure that nothing was missed. They are doing this initially on all holes to further their model development and that PGE are tricky, usually giving no visual clues as to where they might be, thus assays were ordered over the entire length of the all the holes drilled to date. This includes -06, -08 and -09. What they did say was that sulphides were present in all these holes and they are anxious to receive complete assays sets. They did say that the holes contained anomalous PGE but could not be specific until they report complete sets of assays in a NR. All of this should come soon. The core samples they had at the show exhibit indications of multiple magma pulses into the sill, which is what one would like to see and is classic for mineralized Layed Mafic Intrusions.

As far as future drilling goes, they will drill at 100 meter spacing between -01 and -03. At each of these stations they will then step 100 meters the northwest, hoping to establish continuity to a depth of 300 meters or so, along strike between -01 and -03 to define an open pit resource.

IMO this is a prudent approach, leave the deep drilling for later. Drilling a hole at McFaulds is expensive and they believe the greatest value for their dollars will be with this approach. If they drill the entire projected 4 km strike length of the Black Thor using this approach then I estimate that would include 70+ drill holes. Only geostatistal analysis will show if a resource could be classified as measured, indicated or inferred at this drill spacing. Will FWR get the chance to finish this drill program before a major steps in? I have no idea.

They did have a map that included expanded gravity data. I cannot upload it here (reserved for hub leaders). This expanded data is to the south east of the previously published gravity data. It shows the largest patch of high gravity anomalies between L2200N and L3600N (1400 m along strike) and about 450 meters at its widest. As best as I can describe the purple and light purple color on the gravity map begins at the northwest boundary of the Black Thor chromite layer and extends to the southeast (90 degrees to the strike) at various widths maxing out at ~450 meters in the area of BT-08-03. This area of maximum width encompasses about 400 meters along strike (from L 2600 N to L 3000 N). This is a nice patch of anomalous gravity readings.

Donald Hoy did express a little wonderment at the subtle anomalies that NOT drilled on to discover E-1 and E-2 and at AT-12. IMO this bodes well for what may be found within the highly anomalous zone that parallels the Black Thor chromite layer.

Mac said that since the claim staking phase is over at McFaulds that exploration ideas are freely shared with the area players, especially their JV Partners. They meet with Spider and KWG on a monthly basis and they have not held anything back. Down-hole geophysics is possible in the future when deemed useful. Plans for the Noront/FWR JV property are for FWR to expand the gravity GP survey across this property in January 2009. I asked who would be the operator of drilling that goes on there and Mac thought that FWR would do the drilling when the time came, but for now the focus is on the 100% FWR claims.

I hope this accurately represents what I learned from Mac and Donald today. I will post more later as I review my notes.

Now just a couple of words on my impression of FWR now that I have spoken with Mac and Donald Hoy, WOW!

They are a very professional group, straightforward with little hype. They have been prudent in their approach and will proceed at a rate they deem will provide the greatest results at McFaulds.

Why do I post on Agoracom? I have past experience as an exploration geologist and mine geologist (presently I am a teacher). My posts on Agoracom are meant to add to the discussion. I just want to add my perspective when I think it is useful, as best as I can, to help those with less technical experience better understand what is going on. I have a position in FWR and as I try to understand what the maps and assays mean I will share that here (and on the other hubs I post on). So please do not take offense if I seem to have an alternate view, my posts are my opinion only and I may get somethings wrong. I have a passion for this business and can read technical papers all day (some like fiction, I like reading about the geology of natural treasures of the planet). Its nice to think I might make some money too! I think I will with FWR.

Not investment advice or a substitute for each individual's DD.