Spider Resources Inc.: Significant Chromite Intersections Returned From Two Additional Holes-Big Daddy Chromite Deposit, James B
15 Janvier 2009 - 9:30PM
Marketwired Canada
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 receipt of additional assays from Holes FW-08-22 and 23,
the last two holes drilled during 2008.
During 2008, the main exploration focus of the Spider-KWG Joint venture was the
massive chromite occurrence that was first discovered on the Freewest Option
property in March of 2006. As a result of the 2008 drilling program that
included 19 drill holes, 14 of which continued the testing of this chrome
occurrence, the occurrence is now referred to as the "Big Daddy Chromite
Deposit". This deposit is located approximately 3.6 kilometers northeast of
Noront Resources Ltd's ("Noront") Eagle One Magmatic Massive Sulphide (Nickel
Copper and PGM), or five 5 kilometers northeast of Noront's Blackbird (Chromite)
discoveries, as well as 4 kilometers southwest of Freewest's Black Thor Chromite
discoveries.
ASSAY DATA RECENTLY RECEIVED FOR BIG DADDY
Analytical results have recently been finalized for two holes drilled in October
2008: FW-08-22, and FW-08-23. Each of these holes intersected massive chromite
as previously announced (December 15, 2008). The following table (Table 1)
provides details of assays received from the two holes not previously reported.
Table 1: Recently received analysis
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Hole ID from to int Cr203 Cr Fe Cr: Ni Pt Pd Au TPM
(m) (m) (m) % % % Fe % g/t g/t g/t g/t
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FW-08-22 54.3 57.0 2.7 6.12 4.19 9.57 0.44 0.08 0.05 0.05 0.01 0.11
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followed
by 192.2 298.5 106.4 19.42 13.28 11.34 1.17 0.14 0.13 0.15 0.01 0.29
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including 263.7 298.5 34.8 42.08 28.79 15.92 1.81 0.11 0.19 0.17 0.01 0.37
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then 298.5 303.0 4.5 nsv nsv nsv nsv 0.08 0.43 0.85 0.05 1.33
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FW-08-23 263.5 376.5 113.0 17.65 12.07 11.04 1.09 0.13 0.11 0.13 0.00 0.25
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including 334.5 376.5 42.0 34.96 23.92 13.95 1.71 0.11 0.18 0.13 0.01 0.32
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including 353.0 372.0 19.0 40.00 27.37 14.81 1.85 0.10 0.20 0.10 0.01 0.30
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followed
by 378.0 382.0 4.0 40.84 27.94 16.75 1.67 0.11 1.08 1.50 0.08 2.66
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nsv refers to no significant values.
The above tabulation of drill intercepts and assay results are core lengths
only, and do not represent true width for the mineralized zones. Additional
drilling is required to determine true widths. Cr:Fe ratios as presented herein
are based upon whole rock analyses, where Cr content is low, the ratio becomes
less meaningful, as the Fe in the silicate portion tends to dilute the Cr in
this calculation, but does not dilute the Cr contained within the mineral
chromite, more metallurgical work is needed to fully understand this.
As previously announced, (December 15, 2008) 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 mineralized zone
dips towards the NW at about 70 degrees and consists of varying widths of a
variable tenor, in many instances high tenor of chrome, forming a series of
stacked beds. Additional infill drilling will be required to confirm continuity
of the beds from section to section. The deposit remains open to depth as well
as along strike in both directions. In addition, drilling to confirm the upward
extension of the mineralization to surface has not been completed. All drill and
assay results are being added to a 3-D Gemcom model to visualize the chromite
body. A number of faults were noted from the drilling, some of which occur at
the contact of the chromite with the surrounding peridotite/dunite; these fault
sets are also being modeled as they also affect the interpretation and
continuity of the mineralization from section to section.
All drilling on the Big Daddy Chrome Deposit took place with reference to a
local drill grid, labeled Grid J. The drills were set to drill grid south
normally at 150 degrees in most instances, and the initial dip of each hole was
set at -50 degrees. Table 2 provides drill collar co-ordinates for these five
holes, as well as other holes previously drilled (and reported upon) on the Big
Daddy Chrome occurrence, all azimuth directions are true North readings. The UTM
spheroid used for determining location was NAD 83 Zone 16, both UTM and local
grid co-ordinates are given.
Table 2 Drill hole locations for Big Daddy Chrome Deposit
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Hole ID UTM UTM Local Local Azimuth Incli- Length
Easting Northing Grid Grid degrees nation (m)
(m) (m) Easting Northing degrees
(m) (m)
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120 -50
FW-06-03 551087 5845306 10+00E 15+25N degrees degrees 353.5
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150 -50
FW-08-05 551050 5845367 L10+00E 16+00N degrees degrees 327
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150 -50
FW-08-06 550959 5845324 L9+00E 16+00N degrees degrees 384
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150 -50
FW-08-07 551136 5845427 L11+00E 16+00N degrees degrees 405.7
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150 -50
FW-08-12 551111 5845472 L11+00E 16+50N degrees degrees 354
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150 -50
FW-08-13 551164 5845384 L11+00E 15+50N degrees degrees 297
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150 -50
FW-08-14 551180 5845451 L11+50E 16+00N degrees degrees 189
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150 -50
FW-08-15 551158 5845494 11+50E 16+50N degrees degrees 240
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150 -50
FW-08-18 551192 5845511 12+00E 16+50N degrees degrees 255
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150 -50
FW-08-19 551168 5845554 12+00E 17+00N degrees degrees 273
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150 -50
FW-08-20 551134 5845599 12+00E 17+50N degrees degrees 357
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150 -50
FW-08-21 551118 5845650 12+00E 18+00N degrees degrees 447
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150 -50
FW-08-22 551208 5845693 13+00E 18+00N degrees degrees 330
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150 -50
FW-08-23 551171 5845732 13+00E 18+50N degrees degrees 424
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Hole FW-08-22 on local grid section L13+00E intersected two main areas of
chromite mineralization, including a short (2.7 metres) section between 54.3 and
57.0 metres that returned 6.12% Cr2O3. Further down this hole, a much wider zone
(106.4 metres) of chromite mineralization was encountered between 192.2 and
298.5 metres that averaged 19.41% Cr2O3, including a much higher grade interval
between 263.7 and 298.5 metres (34.8 metres) that averaged 42.08% Cr2O3 that
exhibits a favourable Cr:Fe ratio of 1.81. The chromite mineralization was
followed by a 4.5 metre section between 298.5 and 303 metres downhole that
averaged 1.33 total precious metals.
Hole FW-08-23 on local grid section L13+00E undercut hole FW-08-22 and
intersected a well mineralized chrome section over 114.5 meters containing an
average of 17.65% Cr2O3, including a much stronger mineralized section where a
43.5 meter zone of massive chromite averaged 34.96% Cr2O3 including a 19.0 meter
section averaging containing 40.0% Cr2O3 with a Cr:Fe ratio of 1.85. Then
between 378.0 and 382.0 a 4 metre drill interval averaged 40.84% Cr2O3 as well
as total precious metals of 2.66 g/t. The latter intercept also has a very
favourable Cr:Fe ratio of 1.67.
CURRENT PROGRAM
Crews mobilized to the field on January 8th to resume the linecutting program in
preparation for the 2009 program, details of which were announced December 15th
2008. The current approved phase of exploration includes: line cutting
(re-establishing a 2004 drill grid - the J grid - including extensions thereto),
ground geophysical surveying (including magnetic gradiometer and gravimetric
surveying), re-logging of historical core to standardize lithological units,
infill sampling of zones of weaker chromite mineralization, as well as the
preparation of a NI-43-101 technical report on the project. The preparation of
this NI 43-101 report was awarded to Micon International Ltd. a world recognized
consulting firm, with expertise in chromite deposits, the geologist assigned to
this has recently visited the project site as required during Micon's review of
the project.
Future plans, yet to be approved by the Joint Venture committee, include the
continued exploration of the project by extensive diamond drilling to delineate
and to continue to expand the resource potential of the Big Daddy Chrome
Deposit.
JOINT VENTURE MATTERS
Spider and Joint Venture partner KWG (the optionees), recently received
confirmation notice from Freewest (the optionor), that: (i) pursuant to section
2.04 of the Agreement, each of KWG and Spider has incurred an aggregate of
$1,500,000 of Expenditures on or before October 31, 2009, of which at least
$200,000 was incurred on or before February 28, 2006; and (ii) accordingly, each
of KWG and Spider has earned a 25% interest in the Property pursuant to section
2.07 (a) of the Agreement.
SAMPLE PROTOCOL, SECURITY, ANALYSES
All drill holes were logged and samples referred to herein were completed and
selected under the supervision of Howard Lahti Ph.D., P.Geo, of Fredericton New
Brunswick. The samples were sawn in half, with half of the core retained for
further work and/or storage at the main base camp at McFaulds Lake. The split
samples were placed into individual plastic bags, clearly labeled and tagged and
then sealed in rice bags where a numbered seal lock was applied. The sealed rice
bags were shipped via bonded carrier to Activation Laboratory's (ActLab) new
facility in Thunder Bay, Ontario. The samples were then entered into ActLab's
system for preparation, processing and analyzing. After initial processing at
the Thunder Bay facility of ActLab the samples were shipped via lab - lab bonded
courier to ActLab's main laboratory in Ancaster, Ontario. The samples all
underwent multi-element analysis using four acid digestion followed by
Inductively Coupled Plasma analysis (TD-ICP). Where over-limits in nickel and
copper are encountered in the first pass, Optical Emission Spectrometry
(ICP-OES) is used to provide the over-limit results, while Fire Assay
Inductively Coupled Plasma (FA-ICP) is used for over limits in gold, platinum
and palladium. Additional analyses using Instrumental Neutron Activation
Analysis (INAA) were completed for all samples for their chrome contents in
excess of 1% chrome. For more information on these analytical techniques please
refer to Activation Laboratory website www.actlabs.com
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
This press release, required by applicable Canadian securities law, is not for
distribution to U.S. news services or for dissemination in the United States,
and does not constitute an offer of the securities described herein. These
securities have not been registered under the United States Securities Act of
1933, as amended, or any state securities laws, and may not be offered or sold
in the United States or to U.S. persons unless registered or exempt therefrom.
This press release includes certain "Forward-Looking Statements" within the
meaning of the US Private Securities Reform Act of 1995. Other than statements
of historical fact, all statements are "Forward-Looking Statements" that involve
such various known and unknown risks, uncertainties and other factors. There can
be no assurance that such statements will prove accurate. Results and future
events could differ materially from those anticipated in such statements.
Readers of this press release are cautioned not to place undue reliance on these
"Forward-Looking Statements". All dollar amounts are Canadian dollars unless
otherwise noted.
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