This is an exerpt from a post by Stevie ray on the UC website. May clarify things.

Relic53

Ontario’s Ring of Fire

As mentioned earlier, UC Resources has a Joint Venture Agreement with Spider and KWG Resources. The Option Agreement provides that UC Resources can earn up to 55% interest in these properties by expending a total of $4.5 million dollars prior to March 6, 2011. In addition UC is the operator of the exploration program during its’ earn in, after which operatorship is dictated by the terms of a Joint Venture Agreement, where operatorship resides with the party holding the greatest interest in the project. Currently UC has achieved a 40% interest and management has stated they are about $500,000 away from achieving the 55% earn in.

The Option Agreement covers the McFaulds East and West properties. Discoveries, to date, on these claims consist of VMS occurrences of copper/zinc. These are not the properties that have drawn so much attention lately in regards to Cliffs announcement of developing their Black Thor, Big Daddy chromite deposits. However, once infrastructure is in place, these copper/zinc deposits could be viable once further defined.