The Company has sufficient financial resources to complete its planned exploration program and development activities for the remainder of fiscal 2011. The Company will need to raise additional funds to support the Company’s plans beyond fiscal 2011.
Planned exploration work on the Company’s claims in the McFauld’s Lake Area includes: (1)
continue the infill drilling program at the Eagle’s Nest, required in delineating high grade nickel, copper and platinum group mineralization and to upgrade resource classification from inferred to indicated; (2) drill test the extension of the Eagle’s Nest below the current base of the resources, which is approximately 1200m below surface; (3) conduct time‐domain ground electromagnetic geophysical survey over the areas surrounding Eagle’s Nest to identify additional magmatic sulphide body targets for drilling; and initiate geotechnical logging program at Eagle’s Nest and deliver samples for metallurgical test work.
The deposit remains open along strike to a depth of 1,200 metres and remains open down dip below 1,200 metres providing potential for further resource growth.
The results (of the most recent assays) confirm the presence of a high grade platinum zone (“PGE”) within the deposit and the company plans additional work to better define the PGE zone.
During the year, the Company engaged SNC
‐Lavalin to conduct an infrastructure study on access into the McFauld’s Lake area. The study is intended to review all potential transportation alternatives and routes from site to existing permanent infrastructure such as road and rail lines in Northern Ontario. The study is intended to be in two phases – the first phase was completed in January 2010. Currently, preferred routes are being identified and a field program defined. The completion of the field program during the remainder of calendar 2010 would allow the estimates for the routes to be refined by the mid‐calendar 2011.
In the fourth quarter of fiscal 2010, the Company engaged Micon International to act as lead consultant on several other studies, which include mine, process, infrastructure designs, as well as cost estimating, environmental impact and socio
‐economic impact.
still more to come....
