Spider, KWG and Freewest Receive Preliminary Aerotem2 Report on Freewest Option Property McFauld's Lake Area, Northern Ontario
23 February 2008 - 2:00AM
Marketwired
TORONTO, ONTARIO and KWG Resources Inc. (TSX VENTURE: KWG) and
Freewest Resources Canada Inc. (TSX VENTURE: FWR) are pleased to
announce the receipt of an Interim Report on their Freewest Option
property (the "Property"), located approximately 15 kilometers
southwest of the McFaulds Lake volcanogenic massive sulphide
("VMS") occurrences of Spider and KWG and approximately 3.6
kilometers northeast of Noront Resources Ltd.'s Eagle One Magmatic
Massive Sulphide ("MMS") discovery in the James Bay Lowlands region
of Northern Ontario. This report was prepared by Scott Hogg &
Associates Ltd., dated February 2008 and provides a technical
review of a Helicopter-Borne Electromagnetic and Magnetic survey
carried out by Aeroquest Ltd., under contract to Billiken
Management Services Inc., of Toronto Ontario. Billiken also advises
that a diamond drill contract with Cabo Drilling Corp., has
recently been negotiated, on behalf of the joint venture and that
preparation for diamond drilling is underway.
Nine separate SW-NE trending magnetically and
electromagnetically rendered anomalies have been identified within
the limits of the property, as described within the interim report,
most of which warrant additional follow-up. Of the nine conductors
identified, six have been interpreted as having a NW 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.
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 the dimensions, and the peridoitite setting
similarity to Eagle One; 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 December 19, 2005, as
well press release dated February 4, 2008). As stated earlier the
initial field crew arrived on site in late January and commenced
re-identification of the claim boundaries prior to starting a
detail line-cutting program. A property wide grid with 200 meter
line spacing is currently being established, initially focussing 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 meter 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 Inc,
of Toronto, Ontario.
This press release has been prepared by management of Spider
Resources Inc. 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 301,184,917 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.
Contacts: Spider Resources Inc. Toronto Head Office Suite 1000,
15 Toronto St., Toronto Ontario, M5C 2E3 Canada (416) 815-8666
Website: www.spiderresources.com
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