I had a brief discussion this a.m. with Neil Novak. He was answering the phones before 9:00 a.m. when I caught him. We discussed a number of things before he had to head off to a meeting at 9.
Here's some of the project info that SPQ is working on. It's not inclusive and there's still not a great deal of information about specific geological facts because the drilling is just about to begin. Note 1: SPQ has one drill for its 2008 projects.
On the topic of the SPQ/FWR/KWG chromite and PGM option, Neil was up at the site last week. He spotted the first drill hole location and the drill crew is ready to go. The start of drilling is pencilled in for February 15. Neil noted that there are "junior geos" at the site but that Dr. Lahti, the senior geologist, will be overseeing the drilling. 5000 meters is scheduled to be drilled by June with a July completion date. If something "big" if struck, more drilling can take place at this location.
Regarding the "Diagnos" project, the preliminary geophysics has been done. Neil mentioned that he has identfied a couple of anomalies which look good. He has to put a proposal together to put in front of the JV partners. He needs to go up in the summer to see whether there is a dry site to begin drilling. If the sites are wet, drilling would begin in the winter of 2009. Note 2: The drill platform from the chrome & PGM site would be used for this drilling unless of course something exciting was seen at the first site.
On the topic of McFaulds East & West, Jim Voisin of UC Resources is driving these projects. A meeting is scheduled to take place next week where Jim will pitch his ideas. Decisions will be made at that time with regards to moving forward on these projects.
Neil is constant contact with all of the players at McFaulds, particularly with the Noront people. I think he is very happy with his role as VP of Noront. He has know Richard Nemis for a long time; he trust him; and he understands that RN is the "deal maker" (his words). He's in weekly contact with John Harvey who is the "big picture" guy (Neil's words). Neil, talking about himself, is the "details guy". He believes in project protocols. (i.e., he's no Robert Friedland).
Some final thoughts:
Neil is terrific to talk with and shares what he knows and what is not company confidential. He clearly wants his McFaulds' plays to be successful, but honestly, all that he knows - more than us, the retail investor - is what he sees on the preliminary aerial surveys - and that isn't 100%. So guess what, he's speculating too! He is risking his money too! The bottom line for me: Trust in the Management. The triad of Nemis, Harvey, and Novak are smart, forthright, hardworking, and communicate very well.
I asked Neil about the PDAC luncheon on March 6. He seems to think that it will have a strong emphasis on students. The presentation will be geared to telling the students about McFaulds and its geology. In fact, the First Nations people will have representation. Neil has done a fabulous job working with the First Nations. (His last presentation in Thunderbay to the Chiefs was scheduled to run 30 minutes. It ended up going 5 hours!)
So there you have it. I wish I could tell you about drill cores, visuals, assays, 43-101s, and the fabulous wealth that's on the horizon - but I can't. But there are viable SPQ projects with project timelines. And it's all part of the McFaulds Great Canadian Area Play.
Be patient and keep the faith.
Snug
