Lyrium is a mineral more valuable than diamonds because it has many magic-related uses once processed, such as for enchantments, enhancing a mage's spell or replenishing their mana. However, by itself it isn't magic, and neither are Fenris' markings. So unless you want to see him behave like a glowing porcupine, you probably don't want to mistake his markings for magic in front of him.
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Lyrium is a mineral more valuable than diamonds because it has many magic-related uses once processed, such as for enchantments, enhancing a mage's spell or replenishing their mana. However, by itself it isn't magic, and neither are Fenris' markings. So unless you want to see him behave like a glowing porcupine, you probably don't want to mistake his markings for magic in front of him.