This is certainly true for the bulk of the deposits at CHM properties (FNC has 17.5%) and RGX (FNC has 9M shares). But, there are other good stuff in the deposits, for example RGX has TiO2 and Vanadium at over $4000/tonne and $12000/tonne compared to Fe @ $130/tonne. So the non-Fe stuff is quite valuable and should not be ignored. I would take them all.

Similarly, if we talk about FNC larger percentage of ownership up to 100%, then FNC certainly has more Fe (in addition to 17.5% CHM) in her Quebec properties , e.g Lac Lamelee, and the most-talked about Magpie which is Titaniferous, the Fe content is a respectable 43%, but it also has 11% TiO2 which can be sold at many times more than Fe.

We should not ignore McFaulds. This has chromite (Black Horse), and potential for hitting Ni big times (in Richard Nemis we trust) and that could be a game changer for FNC. FNC has other values such as prmium CLF would have to pay to gain access to the railhead in the south which would be located in KWG claims. I would bet that NOT and its quarterback Baosteel is looking at FNC very closely for more land next to Eagle's Nest (for some elbow room and perhaps for a chance of hitting the elephant's body on FNC land. So, I would say Ni and location of FNC are extremely valuable. BTW, it has a decent deposit of chromite from the initial drilling. Nemis is about to drill this JV property and I would bet that he (and Dr. Mungall) are looking for that elephant's body.

In summary I would say for FNC it's Fe... and "more" (OK more Fe, but "more" includes other stuff).

goldhunter