Massive Black Horse Chromite Discovery
Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%
Message: Spider Resources Inc.: Ground Geophysics Supports 1.1 Kilometre Strike Length
| April 22, 2009 |
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Spider Resources Inc.: Ground Geophysics Supports 1.1 Kilometre Strike Length for Big Daddy Chromite Deposit, James Bay Lowlands of Ontario
HIGHLIGHTS |
| TORONTO, ONTARIO--(Marketwire - April 22, 2009) - Spider Resources Inc. (TSX VENTURE:SPQ) "Spider", KWG Resources Inc. (TSX VENTURE:KWG) "KWG", and Freewest Resources Canada Inc. (TSX VENTURE:FWR) "Freewest" announce the completion of ground geophysical surveying on their jointly owned Big Daddy Chrome Deposit. Spider and KWG recently completed their initial earn-in on the 1,248 hectare (78 claim units) property from Freewest. At present Spider and KWG share 50% interest (25% each) while Freewest holds a 50% interest in the property. During early 2009, the main exploration activity of the Spider-KWG Joint venture on the "Big Daddy Chromite Deposit" was the completion of gravimetric and magnetic ground geophysical surveys, designed to outline and delineate the geophysically inferred extent of the chromium enriched deposit. The results of the geophysical surveys infer that the 2006 - 2008 drill program, consisting of 14 drill holes, had only tested the extreme southwest portion of the deposit over a strike length of 400 metres (Drill section 9+00NE to Drill section 13+00NE). The gravimetric survey results when coupled with the magnetic survey results infer that the favorable area of mineralization may extend to Drill section 20+00NE and beyond (faulting and/or leveling errors may cause some displacement at line 20+00NE and points further northeast). The following links provide access to three geophysical maps with diamond drill-hole traces superimposed upon them, showing the chromite intersections projected vertically to surface. http://www.spiderresources.com/pdfs/... and http://www.spiderresources.com/pdfs/... As previously announced, (December 15, 2008, January 15, 2009) diamond drilling by the Spider/KWG JV on the Freewest Option property has identified a northeast trending zone of continuous chromite mineralization that extends from local grid line 9+00 meters NE to 13+00 metres NE along a strike length of 400 metres. The most northeasterly section drilled in 2008, and reported January 15, 2009 included two holes on section 12+00NE, where hole FW-08-22 encountered 42.08% Cr2O3 over 34.8 metres, and hole FW-08-23 that undercut hole 22 encountered 34.96% Cr2O3 over 42.0 metres. Plotting of the mineralized zone suggests varying dips between 70 degrees to the NW to vertical dipping. Chromium mineralization consists of varying widths of a variable tenor, in many instances high tenor of chrome, forming a series of stacked beds. Additional drilling will be required to confirm continuity of the beds from section to section and to the Northeast. The deposit remains open to depth and is now geophysically inferred to extend to the northeast for a further 700 metres. The Big Daddy Chromite deposit is located approximately 3.6 kilometres northeast of Noront Resources Ltd's ("Noront") Eagle One Magmatic Massive Sulphide (Nickel Copper and PGM), or five 5 kilometres northeast of Noront's Blackbird (Chromite) discoveries, as well as 4 kilometres southwest of Freewest's Black Thor Chromite discoveries. PROPOSED PROGRAM Future plans for the project were discussed and presented to the Joint Venture Management committee on April 16, 2009, by the previous Technical Committee during a meeting where the Joint Venture established a new Technical Advisory Committee ("TAC") to the Joint Venture, consisting of two representatives of each of Spider, KWG and Freewest. The TAC plans on meeting regularly to review and monitor the progress of the project operator (Spider for current year) and report to the Management Committee of the Joint Venture on a regular basis. A detail drilling proposal was discussed, where holes are proposed along the strike length of the Big Daddy Chromite Deposit towards the northeast at an initial section spacing of 200 metres, followed by infill as needed to 100 metres density or whatever drill space density is required to provide for NI-43-101 compliant resource estimation. This planning is underway and final approval will be forthcoming. NATIONAL INSTRUMENT 43-101 REPORT The joint venture partners are pleased to announce the completion and filing thereof of a National Instrument 43-101 Technical report on the Big Daddy Chrome Project as prepared by Micon International Ltd. The report is now filed on Sedar and can be downloaded or reviewed by following the link: www.sedar.com or http://www.spiderresources.com/pdfs/... ABOUT SPIDER This press release has been prepared by management of Spider Resources Inc., which is the operator of the joint venture with KWG, and has been approved for dissemination by Neil Novak P.Geo, President of Spider and James G. Burns, P.Eng. Vice President Exploration for Spider, both being Qualified Persons as such term are defined under National Instrument 43-101, who have reviewed and verified the technical information contained in this press release and have 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 316,211,767 shares issued in Spider. On behalf of the board of directors, Neil Novak, President and CEO |
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