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Spider, KWG, Freewest start drilling at Ontario property
2008-03-11 11:05 ET - News Release
See News Release (C-SPQ) Spider Resources Inc
Mr. Neil Novak of Spider reports
SPIDER, KWG AND FREEWEST COMMENCE DRILLING ON FREEWEST OPTION PROPERTY MCFAULD'S LAKE AREA, NORTHERN ONTARIO
Spider Resources Inc., KWG Resources Inc. and Freewest Resources Canada Inc. have started up a diamond drilling program on their jointly owned Freewest option property, located approximately 15 kilometres southwest of the McFaulds Lake volcanogenic massive sulphide (VMS) occurrences of Spider and KWG, and approximately 3.6 kilometres northeast of Noront Resources Ltd.'s Eagle One magmatic massive sulphide (MMS) discovery in the James Bay Lowlands region of Northern Ontario. This diamond drilling program will initially be focused near and around a previously discovered chrome-nickel-platinum-group-element occurrence in peridotite that has many similarities to the new discovery (Eagle Two) of Noront Resources. Billiken Management Services Inc. has been retained to complete the field program under the on-site supervision of Dr. Howard Lahti; Billiken also advises that a diamond drill contract with Cabo Drilling Corp. has recently been awarded the diamond drill contract. The approved budget for the program is $2.4-million, the cost of which will be shared 50/50 between Spider and KWG.
Nine separate southwest-northeast-trending magnetically and electromagnetically rendered anomalies have been identified within the limits of the property, as described within an interim report prepared by Scott Hogg and Associates of Toronto Ontario, previously reported in Stockwatch on Feb. 22, 2008, most of which warrant additional follow-up. Of the nine conductors identified, six have been interpreted as having a northwest dip, one has a near-vertical dip and the other two are broader in nature. The latter two may be attributable to surface conductivity although there is some coincidence with magnetic patterns reflective of the underlying bedrock geology, so bedrock source for the conductance cannot be ruled out. Line cutting has been completed over the entire property, ground geophysical surveying including magnetic, electromagnetic (VLF) and MaxMin electromagnetics is under way and completed on the western portion of the property in the vicinity of the initial drill sites, results of which will be used to plan additional drilling.
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-enriched peridotite. A previous press release in Stockwatch dated Feb. 4, 2008, described 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 the dimensions, and the peridoitite setting similarity to Noront Resources' Eagle One MMS discovery located 3.6 km to the southeast, as well as the newly discovered Eagle Two MMS occurrence, (located two km to the southeast of Eagle One that also contains chromitite layering); this occurrence has become a very attractive exploration target for additional work directed at chrome-PGE-nickel mineralization. The initial focus of the drilling program will be to further investigate this Cr-PGE-Ni occurrence.
The terms of the agreement with Freewest are disclosed in earlier press releases (see press release in Stockwatch dated Dec. 19, 2005, as well as on Feb. 4, 2008). As stated earlier, the initial field crew arrived on site in late January and commenced reidentification of the claim boundaries prior to starting a detail line cutting program. A property-wide grid with 200-metre line spacing is currently being established, initially focusing on the western portion of the property covering the peridotite in the vicinity of 2006 drill hole FW-06-03, where the grid will be detailed at 100-metre-spaced lines. Line cutting has progressed over this area and the geophysical operators will soon be starting the ground surveys that will include horizontal loop electromagnetic (HLEM), along with magnetic and VLF electromagnetic ground surveying. Drilling is still scheduled to start during February, assuming all goes well with the geophysical surveying. The initial holes will test the layered peridotite and explore this exciting occurrence for its MMS potential. Interim maps produced from the recent Aerotem2 airborne survey have been reviewed and are currently being used to continue the planning of exploration for the remainder of the property. At present, eight other anomalies are apparent. The field operations and eventual drilling are currently under the auspices of Billiken Management Services, of Toronto, Ont.
This press release has been prepared by management of Spider Resources and has been approved for dissemination by Neil Novak, PGeo, 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.
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