The Magpie Deposit is among the world's largest undeveloped titaniferous magnetite deposits with a historical non NI 43-101 compliant resource estimate totalling 1.1 B Tons @43% Fe and 11%TiO2 and still open at depth.(These historic resource estimates were completed prior to the implementation of National Instrument (“NI”) 43-101 standards. Given the quality of the work prepared by Stratmat Ltd in 1960, the Company believes the resource estimates to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources, and is not treating the historic resources as current. Hence, they should not be relied upon.) A NI 43-101 resource for the Magpie #2 Deposit was published, by P&E Mining Consultants Inc. of Brampton Ontario in May 2012.(click on the attached report above)
The Magpie Deposit is located on Quebec's North Shore, east of Sept Iles, about 130 kilometres north of tidewater. The titaniferous magnetite of the deposit has been described as massive and homogeneous and carries small, but significant chromium and vanadium values.
The property was acquired by staking by the Company in partnership with The Sheridan Platinum Group Ltd in 2007 and in the same year sold to a newly formed private company, The Magpie Mines Inc. in exchange for 27,460,981 common shares of Magpie (50% interest). A small flowthrough financing in late 2008 left the partners with 48.7% each and enabled the drilling of a part of the deposit and the production of a preliminary NI 43-101 quality report estimate in mid 2009.(see below for the 2009 technical report)
A private placement in the Spring of 2011 enabled the Company to complete a major drill programme of 31 holes totalling 8,124 metres over the 11,500 foot strike length of Deposit No. 2 . The private placement has changed the ownership of The Magpie Mines Inc such that it is now owned 46.7% by FNC.
Drill Section Location Map