Massive Black Horse Chromite Discovery
Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%
Message: NEWS
Headline: Spider, KWG and Freewest Provide Drill Update on Freewest Option Property McFauld's Lake Area, Northern Ontario
Symbol: SPQ
TORONTO, ONTARIO--(Marketwire - April 8, 2008) - Spider Resources Inc. (TSX VENTURE:SPQ) "Spider" and KWG Resources Inc. (TSX VENTURE:KWG) "KWG" and Freewest Resources Canada Inc. (TSX VENTURE:FWR) "Freewest" are pleased to announce the progress of the diamond drilling program on their jointly owned Freewest Option property (the "Property"), located approximately 15 kilometres southwest of the McFaulds Lake volcanogenic massive sulphide ("VMS") occurrences discovered by Spider and KWG and approximately 3.6 kilometres northeast of Noront Resources Ltd.'s ("Noront") Eagle One Magmatic Massive Sulphide ("MMS") discovery, in the James Bay Lowlands region of Northern Ontario.
This diamond drilling program has started the drill test work around the chrome-nickel-platinum group metal bearing peridotite previously discovered by Spider and KWG in 2006, which has many similarities to the new discovery (Eagle Two) of Noront. Billiken Management Services Inc. ("Billiken") has been retained to complete the field program under the onsite supervision of Dr. Howard Lahti, P.Geo., of Fredricton New Brunswick. The approved budget for the program is $2.4 million, the cost of which will be shared 50:50 between Spider and KWG, after which an additional exploration program with related costs may be recommended as a result of the first phase of the program.
Three holes, numbered FW-08-05, FW-08-06 and FW-08-07 have been completed totalling 1,117 meters and hole FW08-08 is underway to test a new anomaly located approximately 1 kilometre to the northeast of the chromitite layered peridotite, along the magnetically inferred "Ring of Fire".
Hole FW-08-05 was designed to undercut hole FW-06-03, drilled at an inclination of -50, with an azimuth of 150 degrees, total depth of 327 meters. This hole was collared in overburden and entered granodiorite at 17.5 meters, then intersected peridotite at 46.5 meters. The hole remained in peridotite until it intersected three massive chromitite layers between 252.2 and 273.1, each being around 1 meter wide, within the peridotite. This intersection was followed by a very thick massive chromitite layer between 291.4 and 298.8 in fault (gouge) contact with underlying intermediate tuff (volcanic rocks). Pyrrhotite and chalcopyrite mineralization was observed in a short shear zone in peridotite between 69.1 and 69.3 meters. Hole FW-08-06, located 100 meters grid west of FW-08-05, was drilled at an inclination of -50, with an azimuth of 150 degrees, to a total depth 384 meters, being the maximum length for the drill being utilized when drilling NQ core. The hole was collared in limestone, entered granodiorite at 17.8 meters, then intersected peridotite at 103.3 meters. At 330.2 meters, massive chromitite layering starts, interstitial rock at this location is described as pyroxenite/peridotite with local thin bands of massive magnetite. At 346.5 to 384 meters the rock is pyroxenite with short (1 m) chromitite beds, and erratic patches of fine grained pyrrhotite and pyrite throughout.
Hole FW-08-07, located 100 meters grid east of FW-08-05, was drilled at an inclination of -50, with an azimuth of 150 degrees. This hole was drilled to a final depth of 405.7 meters. Hole 7 encountered peridotite right away at 10 meter core length and the hole remained in peridotite until 194.7m. Chromitite layering started in a Pyroxenite, followed by short chromitite layers between 194.7 to 195 meters, and between 197.8 to 205.5 meters, followed by a thick bed of chromitite between 209.8 to 223.3 meters. This hole continued in pyroxenite until 300 meters where the hole entered gabbro and remained in this rock unit until 405.7 meters.
As stated in earlier press releases, nine separate SW-NE trending magnetically and electromagnetically rendered anomalies were identified within the limits of the property, as described within an Interim report prepared by Scott Hogg and Associates of Toronto Ontario previously announced on February 22, 2008, most of which warranted additional follow-up. Line-cutting has recently been completed over the entire property, ground geophysical surveying including magnetic, electromagnetic (VLF) and MaxMin electromagnetics continues and has been completed on the western portion of the property in the vicinity of the initial three drill sites, as well as the fourth site, results of which are being used to plan additional drilling in this area as well as other areas nearby.
Previous exploration work on the property included a diamond drill program resulting in the discovery of a layered chromitite-bearing, nickel and platinum group element (PGE) enriched peridotite. A previous press release dated February 4, 2008 describes the analytical results. This chrome-PGE-nickel discovery was the first of its kind in the McFauld's Lake area of the Sachigo Greenstone Belt. The host peridotite contains variable amounts of magnetite as disseminations and seams and elicits a strong magnetic signature. The magnetic high has dimensions of 400 metres by 400 metres and due to both these dimensions, and the peridotite setting similarity to Noront's Eagle One MMS discovery (located 3.6 km to the SE), as well as the newly discovered Eagle Two sheared massive sulphide occurrence, (located 2 km to the SE of Eagle One) which also contains chromitite layering; this occurrence has become a very attractive exploration target for additional work directed at chrome-PGE-nickel mineralization. Noront's peridotite sill, announced on April 2, is rendered by airborne geophysics to continue to the east-north-east of their Eagle One occurrence towards and through the Freewest Option property of Spider and KWG. The focus of the current drilling program will be to further investigate this Cr-PGE-Ni occurrence and to test several of the other anomalies on the property.
Neil Novak, P.Geo., President of Spider, accompanied by Donald Hoy, P.Geo., Vice-President of Exploration for Freewest, visited the project from March 25 to March 27 to get updated and continue planning the exploration program for the project.
The terms of the agreement with Freewest are disclosed in earlier press releases (see press release December 19, 2005, as well press release dated February 4, 2008).
This press release has been prepared by management of Spider Resources Inc., which is the Operator of the joint venture with KWG during 2008, and has been approved for dissemination by Neil Novak P.Geo, President of Spider and a Qualified Person as such term is defined under National Instrument 43-101, who has reviewed and verified the technical information contained in this press release and has approved the contents of this press release. Spider Resources Inc. is a tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. There are currently 303,216,017 shares issued in Spider.
On behalf of the board of directors,
Neil Novak, President and CEO
This diamond drilling program has started the drill test work around the chrome-nickel-platinum group metal bearing peridotite previously discovered by Spider and KWG in 2006, which has many similarities to the new discovery (Eagle Two) of Noront. Billiken Management Services Inc. ("Billiken") has been retained to complete the field program under the onsite supervision of Dr. Howard Lahti, P.Geo., of Fredricton New Brunswick. The approved budget for the program is $2.4 million, the cost of which will be shared 50:50 between Spider and KWG, after which an additional exploration program with related costs may be recommended as a result of the first phase of the program.
Three holes, numbered FW-08-05, FW-08-06 and FW-08-07 have been completed totalling 1,117 meters and hole FW08-08 is underway to test a new anomaly located approximately 1 kilometre to the northeast of the chromitite layered peridotite, along the magnetically inferred "Ring of Fire".
Hole FW-08-05 was designed to undercut hole FW-06-03, drilled at an inclination of -50, with an azimuth of 150 degrees, total depth of 327 meters. This hole was collared in overburden and entered granodiorite at 17.5 meters, then intersected peridotite at 46.5 meters. The hole remained in peridotite until it intersected three massive chromitite layers between 252.2 and 273.1, each being around 1 meter wide, within the peridotite. This intersection was followed by a very thick massive chromitite layer between 291.4 and 298.8 in fault (gouge) contact with underlying intermediate tuff (volcanic rocks). Pyrrhotite and chalcopyrite mineralization was observed in a short shear zone in peridotite between 69.1 and 69.3 meters. Hole FW-08-06, located 100 meters grid west of FW-08-05, was drilled at an inclination of -50, with an azimuth of 150 degrees, to a total depth 384 meters, being the maximum length for the drill being utilized when drilling NQ core. The hole was collared in limestone, entered granodiorite at 17.8 meters, then intersected peridotite at 103.3 meters. At 330.2 meters, massive chromitite layering starts, interstitial rock at this location is described as pyroxenite/peridotite with local thin bands of massive magnetite. At 346.5 to 384 meters the rock is pyroxenite with short (1 m) chromitite beds, and erratic patches of fine grained pyrrhotite and pyrite throughout.
Hole FW-08-07, located 100 meters grid east of FW-08-05, was drilled at an inclination of -50, with an azimuth of 150 degrees. This hole was drilled to a final depth of 405.7 meters. Hole 7 encountered peridotite right away at 10 meter core length and the hole remained in peridotite until 194.7m. Chromitite layering started in a Pyroxenite, followed by short chromitite layers between 194.7 to 195 meters, and between 197.8 to 205.5 meters, followed by a thick bed of chromitite between 209.8 to 223.3 meters. This hole continued in pyroxenite until 300 meters where the hole entered gabbro and remained in this rock unit until 405.7 meters.
As stated in earlier press releases, nine separate SW-NE trending magnetically and electromagnetically rendered anomalies were identified within the limits of the property, as described within an Interim report prepared by Scott Hogg and Associates of Toronto Ontario previously announced on February 22, 2008, most of which warranted additional follow-up. Line-cutting has recently been completed over the entire property, ground geophysical surveying including magnetic, electromagnetic (VLF) and MaxMin electromagnetics continues and has been completed on the western portion of the property in the vicinity of the initial three drill sites, as well as the fourth site, results of which are being used to plan additional drilling in this area as well as other areas nearby.
Previous exploration work on the property included a diamond drill program resulting in the discovery of a layered chromitite-bearing, nickel and platinum group element (PGE) enriched peridotite. A previous press release dated February 4, 2008 describes the analytical results. This chrome-PGE-nickel discovery was the first of its kind in the McFauld's Lake area of the Sachigo Greenstone Belt. The host peridotite contains variable amounts of magnetite as disseminations and seams and elicits a strong magnetic signature. The magnetic high has dimensions of 400 metres by 400 metres and due to both these dimensions, and the peridotite setting similarity to Noront's Eagle One MMS discovery (located 3.6 km to the SE), as well as the newly discovered Eagle Two sheared massive sulphide occurrence, (located 2 km to the SE of Eagle One) which also contains chromitite layering; this occurrence has become a very attractive exploration target for additional work directed at chrome-PGE-nickel mineralization. Noront's peridotite sill, announced on April 2, is rendered by airborne geophysics to continue to the east-north-east of their Eagle One occurrence towards and through the Freewest Option property of Spider and KWG. The focus of the current drilling program will be to further investigate this Cr-PGE-Ni occurrence and to test several of the other anomalies on the property.
Neil Novak, P.Geo., President of Spider, accompanied by Donald Hoy, P.Geo., Vice-President of Exploration for Freewest, visited the project from March 25 to March 27 to get updated and continue planning the exploration program for the project.
The terms of the agreement with Freewest are disclosed in earlier press releases (see press release December 19, 2005, as well press release dated February 4, 2008).
This press release has been prepared by management of Spider Resources Inc., which is the Operator of the joint venture with KWG during 2008, and has been approved for dissemination by Neil Novak P.Geo, President of Spider and a Qualified Person as such term is defined under National Instrument 43-101, who has reviewed and verified the technical information contained in this press release and has approved the contents of this press release. Spider Resources Inc. is a tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. There are currently 303,216,017 shares issued in Spider.
On behalf of the board of directors,
Neil Novak, President and CEO
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