The 2,560 hectare McFauld’s Lake property continued to be an area of focus in the last year. A substantial portion of the Eagle One ultrabasic intrusive complex (C1 Target) is located on the Company’s property. The immediate focus for Fancamp is the NE sector of the C-1 target along its eastern granite contact from the Noront boundary for some 300 metres to the SE. JVX-MLEM (moving loop EM) has indicated a zone of very low resistivity along this part of the contact at a vertical depth of 400-500 metres. The occurrence of high grade nickel bearing sulphides in Holes 2 and 10 adjacent to this contact attests to its prospectivity. (See McFauld’s Lake Property under Mineral Properties section.) An initial 4,365 metre drill program that began in mid April 2010 was completed in the first week of July and results are pending. Further drilling is planned for this year.
The Company has acquired, through option agreements and staking a number of properties in proximity to its Beauce Gold Property in Quebec’s Eastern Townships. These new properties are known as the Stoke Mountain, Clinton, Ditton, North Megantic, Notre Dame Des Bois, Riviere Des Plantes, Portage Lake, Mount Megantic and West Megantic. The Company has carried out a 3,300 line km VTEM survey over some of these claims. A 2,500 metre reconnaissance drill program on the gold and base metal targets on the Stoke Mountain and Clinton properties was started in May 2010 and is on-going.
The Company conducted a drill program on its Beauce Property in Southern Quebec. Two target areas were identified and a total of 22 holes were drilled. The results of this drill program were announced on February 4, 2010. The Company intends to continue its exploration efforts in this area. (See Beauce Property under Mineral Properties section.)
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On the Company’s 48.64% owned subsidiary, The Magpie Mines Inc., a drill program was completed and an independent 43-101 compliant report was completed which confirmed that the historic zone projections were quite accurate on at least two of the profiles. The Company is currently undertaking metallurgical testing.
Subsequent to the year end, Champion Minerals Inc. (“Champion”) earned a 65% interest in the 50% held Fermont Property by making total cash payments of $1,000,000, issuing 2,900,000 common shares of Champion and completing $6,000,000 in exploration expenditures. The Company retains a 17.5% interest in these claims and will be participating in future exploration programs with Champion.
The Company raised a total of $4,407,986 during the year and received $463,200 from the exercise of stock options, warrants and agent’s options, providing funds necessary to further the Company’s exploration programs.