Bit hard to put an exact number on what Pinetree are holding in the McFauld Lake area plays because they will purchase in the market and only announce substantial position changes. However from going over their news releases it looks like:

Noront: 8,610,000 shares and 2,375,000 warrants (Not chicken feed)

MacDonald Mines: 8,075,000 shares and 3,075,000 warrants

Fancamp: 2,350,000 shares

Probe: 3,885,000 shares and 1 million warrants

Pretty obvious that these shrewd people are betting fairly heavily on there being a lot of value in McFauld Lake plays.

Of course this is only a portion of their investments in Junior companies but an indication that at least one substantial player sees a lot of value here. They don't invest for 50% gains either and expect 5 to 10 times investment in return over six months to a year.