John Kaiser, who writes the Kaiser Bottom Fish blog has written the info found below.  He's also speaking at the Toronto Resource Investment Conference on Monday.  His speech is titled "Is McFauld's Lake Shaping Up as a Great Canadian Area Play?  I am sharing this information with you for educational purposes ONLY, and not as investment advice.  (Note that I have also paid for this information which found in his blog dated October 19, 2007.)

https://secure.kaiserbottomfish.com/s/Home.asp

Mr. Kaiser asks this rhetorical question, "If you share my view that McFauld's Lake is shaping up to be a Great Canadian Area Play(?) - with my reading of the entire blog article - I believe that he feels strongly about the significance of this area metals play.

Here is some of the info found in the blog:

The Eagle One zone on Noront's 100% owned Double Eagle claims certainly fulfills the criteria of a surprise. The discovery hole was drilled on an EM conductor to fulfill assessment requirements on a small claim Noront acquired for a pittance this year from a private company that had originally staked it to cover a potential kimberlite target. The play had been generated in 2003 after De Beers failed to find kimberlite on ground optioned from Spider Resources Inc (SPQ-V: $0.17) ), but did find VMS style polymetallic mineralization. De Beers walked away, but Spider began to explore for high grade copper-zinc-lead-gold-silver VMS style deposits within the felsic volcanics of the greenstone belt at McFauld's Lake. Spider's initial success, which never grew into an orebody, attracted a handful of other juniors that also tried their hand at finding VMS deposits without notable success. When Noront drilled the EM conductor at Eagle One management was rather surprised to encounter magmatic nickel-copper sulphide mineralization within a mafic host rock.

The serendipity of the discovery leaves open the possibility that there can be any number of similar mineralized zones within the McFauld's Lake region. In fact, much of the ground that was thought to have been sterilized for orebody potential has in fact been sterilized only in terms of EM conductors coinciding with magnetic lows interpreted to represent the Archean aged felsic volcanics associated with VMS deposits. The EM conductors associated with magnetic highs were ignored as probable graphite within unprospective mafic rocks. All those juniors with "tired" land positions in McFauld's Lake are now scrambling to reinterpret those low priority conductors coinciding with magnetic highs. In effect, all the past drilling was conducted on targets within a geological setting that was unlikely to yield a magmatic nickel-copper sulphide deposit of the sort Noront has found. With a new geological model being applied the entire region is back in play. Furthermore, there are suspicions that the Eagle One peridotite is of a Proterozoic age, which means that these prospective units may have intruded the Archean country rock just about anywhere, a key reason why post-discovery staking has gone well beyond the original staking strategy that tracked the banana shaped belt of greenstones.

As a result a fair number of juniors have strategic land positions either because they were already present by virtue of the earlier VMS play, or because they have been quick to stake claims. As the above modified GSC map indicates, this region is devoid of any known nickel deposits, which is largely because of the remote location and the lack of outcrop in the swampy James Bay Lowlands. Logistics has hampered the staking rush, which in Ontario still has to be done through traditional post staking whereas just about everywhere else online map staking is the norm. The Eagle One discovery does not yet have world class scale, but if speculations prove true that the discovery zone is similar to the original Reid Brook feeder dyke at Voisey's Bay that was eventually linked to the Ovoid Zone which at today's metal prices has an in situ value in excess of $30 billion, Great Canadian Area Play staking will encompass a vast part of northern Ontario.

Mr. Kaiser has a strong interest in diamonds, which probably led him to the McFauld's area play in the first place.  That's why he probably has such a good understanding of the geology.

Hope you have found this interesting and useful.

Snug