Freewest Resources Canada Inc. (TSX VENTURE: FWR) ("Freewest"),
Spider Resources Inc. (TSX VENTURE: SPQ) ("Spider") and KWG
Resources Inc. (TSX VENTURE: KWG) ("KWG") are pleased to provide
further analytical results for drilling completed in latter part of
2009 at the Big Daddy Chromite property.
Neil Novak, President of Spider Resources Inc. states: "We are
extremely pleased with the consistency of the drill results we are
receiving from the Big Daddy Chromite Project, that are all
typically in excess of 40% Cr2O3 over very good widths. The
discovery of the nickel mineral godlevskite is intriguing,
particularly as its' source is considered proximal to Big Daddy,
perhaps within only a few hundred metres."
Analytical Results for Recent Drilling
Analytical results have recently been received for an additional
9 more holes of the 22 holes completed during the 2009 drilling
campaign. Results for seven holes were released on December 7th,
2009, results for six more drill-holes from the 2009 program are
pending.
Hole FW-09-31, located on Section 20+00E, undercut hole
FW-09-30. Hole 31 encountered chromite mineralization between 193.5
metres and 264.5 metres (71 metres), highlighted by a 28.6 metre
intercept between 235.9 and 264.5 metres that averages 40.26%
Cr2O3.
Hole FW-09-32 is located on Section 21+00E, the most
northeasterly section drilled on the Big Daddy Chromite property to
date. Two zones of chromite mineralization were observed in this
hole, the first between 93 and 97 metres downhole (over 4 metres)
contains intermittent to massive beds of chromite averaging less
than 25% Cr2O3. In the second interval, between 180.6 and 206.6
(over 25.7 metres) more consistently mineralized chromite was
encountered of which 8.15 metres averaged 38.5% Cr2O3.
Holes FW-09-33 and FW-09-36, situated on Section 15+00E, both
intersected chromite mineralization. Hole 33 intersected 34.1
metres of which 11.0 metres (between 210.0 and 221.0 metres)
average 40.29% Cr2O3. Hole 36 overcut hole 33 and encountered a
much wider zone (86.2 metres) between 9.8 metres downhole to 96.0
metres downhole. The initial 11.2 metres of chromite mineralization
averages 40.14% Cr2O3; the last 48.35 metres averages 41.35% Cr2O3.
Of special note, after passing through the chromite mineralization,
hole 33 entered a narrow fault zone that was observed to be
partially filled with an unidentified but high grade nickel
sulphide mineral (based upon in-house hand held XRF Niton Analyzer
measurements). Upon receipt of laboratory analysis, the sulphide
zone over 1.0 metre averages 2.74% nickel, 0.12% cobalt and 1.04
g/t Pt+Pd. A sample of the sulphide mineral selected for
petrographic analysis was determined to contain an alteration
assemblage of minerals including godlevskite (Ni9S8) along with
veining of mackinawite ((Fe,Ni)9S8). Dr. James Franklin (director
of Spider Resources Inc.) states: "This is a very low-temperature
assemblage, and probably represents hydrothermal transport up a
shear system from a more substantial Ni accumulation", Dr. Franklin
continues "this explains the very high Ni contents, as it contains
nearly 60% Ni."
Hole FW-09-34, drilled on Section 14+00E, undercut holes
FW-09-24 and 25 (reported December 7, 2009), and encountered 4 main
zones of chromite mineralization between 319.5 and 415.22, the best
intersection being the latter 32.72 metres section between 383.5
and 415.22 metres that averages 41.25% Cr2O3.
Hole FW-09-35, drilled on Section 16+00E, undercut holes
FW-09-26 and 27 (reported December 7, 2009), contains chromite
mineralization between 349.16 and 399.0 for a total chromite
intercept of 49.84 metres. The best intersection is the latter 34.5
metres section between 364.5 and 399.0 metres that averages 41.15%
Cr2O3.
Holes FW-09-39 and FW-09-40, situated on Section 17+00E, both
intersected significant widths of chromite mineralization. Hole 39
intersected 18.9 metres between 119.1 and 138.0 metres that average
34.45% Cr2O3. Hole 40 intersected 22.7 metres of chromite
mineralization of which 14.8 metres (between 87.4 and 102.2 metres)
average 43.11% Cr2O3.
Hole FW-09-42, drilled on Section 19+00E, overcut hole FW-09-43
on the same section (not yet reported), and intersected chromite
mineralization between 25.5 metres and 35.9 for a total chromite
intercept of 10.4 metres. The best intersection is the latter 3.2
metres between 32.7 and 35.9 metres that averages 39.45% Cr2O3.
The following table, provides assay highlights for the nine
holes reported upon herein. Only those intersections that averaged
greater than 35% Cr2O3 (or close thereto) over significant widths
are included in the highlight table. The chromite zone surrounding
the reported massive chromite mineralization is typically of
varying tenor, and consists of heavily disseminated intercalated
thin (centimeter scale) to thick (meter scale) beds of massive
chromite mineralization. The amount of this mineralization that
eventually may be included in the reserves will not be determined
until a feasibility study is undertaken.
Assay Highlight Table
----------------------------------------------------------------------------
Hole # From To Length Cr2O3 % Fe2O3 % Cr:Fe Pd (g/t) Pt (g/t)
----------------------------------------------------------------------------
FW-09-31 207.00 214.50 7.50 41.61 20.49 1.99 0.18 0.22
----------------------------------------------------------------------------
as well as 220.50 225.00 4.50 36.46 19.36 1.84 0.25 0.39
----------------------------------------------------------------------------
as well as 235.90 264.50 28.60 40.26 19.80 1.99 0.18 0.21
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-32 180.90 186.00 5.10 40.78 22.57 1.77 0.30 0.24
----------------------------------------------------------------------------
as well as 188.00 196.15 8.15 38.50 21.45 1.76 0.27 0.28
----------------------------------------------------------------------------
as well as 200.60 206.60 6.00 37.55 21.79 1.69 0.21 0.19
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-33 203.70 205.60 1.90 34.89 25.86 1.32 0.20 0.19
----------------------------------------------------------------------------
as well as 210.00 221.00 11.00 40.29 25.63 1.54 0.12 0.19
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-34 383.50 415.22 32.72 41.25 20.93 1.93 0.25 0.25
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-35 349.16 355.50 6.34 36.95 28.80 1.25 0.26 0.35
----------------------------------------------------------------------------
as well as 364.50 399.00 34.50 41.15 21.25 1.89 0.32 0.27
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-36 9.80 21.00 11.20 40.14 21.12 1.86 0.12 0.18
----------------------------------------------------------------------------
as well as 47.65 96.00 48.35 41.35 22.03 1.84 0.16 0.23
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-39 119.10 138.00 18.90 34.45 21.45 1.57 0.29 0.12
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-40 79.50 83.60 4.10 34.62 22.76 1.49 0.24 0.29
----------------------------------------------------------------------------
as well as 87.40 102.20 14.80 43.11 20.95 2.01 0.15 0.22
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-09-42 25.50 31.50 6.00 36.01 20.32 1.73 0.12 0.21
----------------------------------------------------------------------------
as well as 32.70 35.90 3.20 39.45 20.69 1.87 0.05 0.21
----------------------------------------------------------------------------
True widths of the chromite mineralization have yet to be
determined, as this is typically done once the geometry (attitude,
dip and strike) of the entire mineralized body is determined. The
systematic drill pattern was designed to delineate the Big Daddy
Chromite Prospect along its entire strike length. The chromite
mineralized intersections are quite variable in apparent width due
to the geological nature of the intrusion.
Assays for the remaining six holes from the 2009 program will be
released when available.
2010 Drill Program
Field crews have been mobilized to the field to commence the
2010 winter drill program. Technical planning meetings were held
during December to review and plan the 2010 program with the intent
of having sufficient exploratory drilling completed by the end of
program, bearing in mind the shape and attitude of the Big Daddy
Chromite prospect (a magmatic chromium deposit type), to support an
initial resource estimate. It is envisioned that approximately
4,000 metres of drilling will provide sufficient drill information
to complete the resource estimate. Since the discovery of chromite
on the property in March, 2006 (Hole FW-06-03), chromite
mineralization has been established between section 900 metres East
to and including section 2100 metres East, for an inferred strike
length of 1300 metres, and to a depth of 325 metres. Big Daddy
remains open along strike in both directions and to depth. Some of
the planned expansion drilling will continue to explore the
chromite mineralization towards the northeast, where faults are
found to have apparently offset Big Daddy from the Probe/Noront
"Creek Zone" and to the northwest to Freewest's "Black Thor".
Quality Assurance / Quality Control Protocol
Stringent QA / QC procedures are followed. Samples are shipped
to the laboratory in batches of 35 samples. Each sample batch
includes 2 standards, 1 blank, and 1 duplicate that are inserted on
site, plus a duplicate coarse reject and 1 duplicate pulp that are
prepared at the laboratory and inserted. In addition, Actlabs also
employs a rigorous in-house QA/QC regime which includes standards,
blanks and duplicates.
Once the final assays are received from Actlabs and prior to any
data being released to the public, a review of all QA/QC data is
conducted by an independent qualified person to ensure that the
data released are within predetermined norms.
Analytical Methodology
All samples are assayed / analysed by Activation Labs (Actlabs)
at either their main laboratory in Ancaster, Ontario or at their
Thunder Bay, Ontario facility. Both laboratories are ISO
accredited. All samples are
-- Analyzed for 35 trace and major elements including Cu & Ni by 4 acid
digestion with an ICP finish (Actlabs code 1F2). Any samples for which
the result(s) are over limit for either Cu or Ni are then assayed for
these elements by ICP-OES.
-- Assayed for Au, Pd & Pt by fire assay with an ICP/OES finish (Actlabs
code 1C-OES).
-- Assayed for 13 major element oxides, including Cr2O3 by fusion-XRF
(Actlabs code 4C).
For additional information on assay methodology visit the
Actlabs website at http://www.actlabsint.com.
Qualified Persons
Spider's VP Exploration Jim Burns P.Eng., along with Neil Novak
P.Geo., President of Spider, have prepared and reviewed this press
release, both of which are Qualified Persons under Canadian
Securities Guidelines.
About Freewest
Freewest is a mineral exploration company actively exploring for
gold, base-metals and chromite within eastern Canada. Corporate
information can be accessed on the Internet at www.freewest.com.
Freewest's shares are listed on Tier 1 of the TSX Venture Exchange
under the symbol FWR.
Georgeson is acting as Freewest's solicitation agent in
connection with the proposed Plan of Arrangement with Cliffs
Natural Resources Inc. Georgeson may be contacted as follows:
Georgeson
100 University Avenue
11th Floor, South Tower
Toronto, Ontario
M5J 2Y1
North American Toll Free Number: 1-866- 433-7579
Banks and Brokers Collect Number: 1-212-806-6859
About Spider Resources Inc.
Spider Resources Inc. is the pioneer exploration company in the
James Bay Lowlands of Northern Ontario, exploring this area since
1993. The exploration team at Spider is responsible for the
discovery of 8 kimberlites to the east of the Ring of Fire as well
as 2 VMS deposits (McFaulds 1 and McFaulds 3), 8 additional VMS
occurrences, and the Big Daddy Chromite Prospect within the Ring of
Fire. 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 453,388,430 shares issued in
Spider.
About KWG Resources Inc.
KWG Resources is a mineral exploration company with extensive
claim holdings in the James Bay Lowlands of Northern Ontario,
Canada, where important discoveries of nickel and chromium have
been made recently in the Ring of Fire. KWG has an equal joint
venture interest in a large claim block in the central part of the
discovery area, with Spider Resources Inc. The joint venture is
developing the Big Daddy Chromite Prospect adjacent to the Black
Thor and Black Label chromite discoveries of Freewest Resources
Canada Inc. KWG holds a 1% net smelter royalty in all three
prospects and has created Canada Chrome Corporation to pursue the
development of them.
Forward-Looking Statements
This news release may contain "forward-looking information"
which may include, but is not limited to, statements with respect
to the future financial or operating performance of the companies
and their projects. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the companies to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Forward-looking statements
contained herein are made as of the date of this press release and
the companies disclaim any obligation to update any forward-looking
statements, whether as a result of new information, future events
or results or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The companies undertake no
obligation to update forward-looking statements if circumstances,
management's estimates or opinions should change, except as
required by securities legislation. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Freewest Resources Canada Inc. Mackenzie I. Watson
President and CEO (514) 878-3551 or 1-888-878-3551 (514) 878-4427
(FAX) Email: info@freewest.com Website: www.freewest.com Spider
Resources Inc. Neil Novak, P.Geo. President and CEO (416) 203-8636
(416) 815-1355 (FAX) Spider Resources Inc. Rick Hamelin VP Finance,
Investor Relations (772) 205-8803 Email: info@spiderresources.com
Website: www.spiderresources.com KWG Resources Inc. Bruce Hodgman
Communications Director Direct: (416) 646-1374 KWG Resources Inc.
Michel Cote (514) 866-6001 Email: info@kwgresources.com Website:
www.kwgresources.com
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