Spider, KWG and Freewest Intersect 30.73% Chrome (Cr2O3) Over 14.4 Metres McFauld's Lake "Ring Of Fire" Area, Northern Ontario
12 June 2008 - 1:36AM
Marketwired Canada
Freewest Resources Canada Inc. (TSX VENTURE:FWR) "Freewest" and Spider Resources
Inc. (TSX VENTURE:SPQ) "Spider" and KWG Resources Inc. (TSX VENTURE:KWG) "KWG"
are pleased to announce additional results from the diamond drilling program on
their jointly owned Freewest Option property (the "Property"), located
approximately 15 kilometres southwest of the McFaulds Lake volcanogenic massive
sulphide ("VMS") occurrences and approximately 3.6 kilometres northeast of
Noront Resources Ltd.'s ("Noront") Eagle One Magmatic Massive Sulphide ("MMS")
discovery, in the Ring of Fire area of the James Bay Lowlands region of Northern
Ontario. Massive chromitite layers in a peridotite sill were encountered in hole
FW-08-07 returning Cr2O3 grades as high as 30.73% over 14.4 metres, other layers
within the peridotite sill show enrichment in Platinum and Palladium as high as
2.183 g/t (Pt + Pd + Au) over 9.0 metres as well as enrichment in Nickel up to
0.21% Nickel over 3.6 meters.
As previously announced in an earlier release (dated May 2, 2008), Hole FW-08-05
encountered 35.6% Cr2O3 over a drill intercept of 7.5 metres, along with other
layers showing enrichment in Platinum, Palladium and Nickel, this drill
intercept is located 100 metres to the SW of the intercept in hole FW-08-07.
Hole 5 was designed to undercut hole the 2006 drill hole numbered FW-06-03 on
the same drill section that intersected two chromitite layers returning grades
of 34.5% Cr2O3 over 1.03 metres, followed by 28.9% Cr2O3 over 0.85 metres
(announced June 29, 2006). In light of a regional exploration review and
discussions with neighbouring explorers, there is a consensus of opinion and a
determination that the top of the chromitite layered complex is likely to the
SE, with bottom being towards the NW. Observations in the drilling within this
portion of the sill suggests thickening of the chromitite layers to depth and
the northeast, consequently the focus of the next round of drilling will be to
further investigate this Cr-PGE-Ni occurrence, exploring it to greater depths
and along strike to the northeast and to continue the testing of several of the
other anomalies on the property. Ground geophysical surveying is underway and is
anticipated to be completed by the third week of June. Drilling is scheduled to
continue immediately thereafter.
The joint venture commenced drilling in late March 2008 and concluded drilling
in mid May, in the vicinity of their chrome-nickel-platinum group metal bearing
peridotite previously discovered by Spider and KWG in 2006, which appears to
have many geological similarities to the Eagle Two discovery of Noront,
announced in late February. Spider and KWG completed 7 holes for a total of
2,184 metres, under the auspices of Dr. Howard Lahti, P.Geo., of Billiken
Management Services Inc. ("Billiken") an exploration consulting firm retained to
complete the field program. Billiken provided the onsite supervision as well as
camp facilities, helicopter support and other logistical support for the
program.
RECENTLY RECIEVED ANALYTICAL RESULTS
Hole FW-08-06, was located 100 meters grid west of FW-08-05, and was drilled at
an inclination of -50, with an azimuth of 150 degrees, to a total depth 384
meters. The hole was collared in limestone, entered granodiorite at 17.8 meters,
then intersected peridotite at 103.3 meters. At 330.2 meters, massive chromitite
layering started, interstitial rock at this location is described as
pyroxenite/peridotite with local thin bands of massive magnetite. At 346.5 to
384 meters the rock is pyroxenite with short (1 m) chromitite beds, and erratic
patches of fine grained pyrrhotite and pyrite throughout. The following table
presents the results of hole FW-08-06:
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Hole From To Int. Ni Pt Pd Au TPM Cr Fe
# (m) (m) (m) % g/t g/t g/t (g/t) % Cr2O3% %
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FW-08-06 285.0 286.5 1.5 0.09 0.99 0.50 0.03 1.50 0.34 0.50 6.2
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followed
by 289.5 295.5 6.0 0.04 0.42 0.20 0.01 0.62 0.16 0.27 3.2
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followed
by 328.5 336.0 7.5 0.14 0.16 0.18 0.02 0.35 4.02 7.15 9.9
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followed
by 339.0 340.2 1.2 0.17 0.04 0.07 0.00 0.11 8.89 24.64 21.7
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followed
by 377.1 384.0 6.9 0.14 0.08 0.12 0.01 0.21 3.74 9.73 11.1
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For the above table TPM refers to Total Precious Metals (Pt + Pd + Au)
Hole FW-08-07, located 100 meters grid east of FW-08-05, and was drilled at an
inclination of -50, with an azimuth of 150 degrees. This hole was drilled to a
final depth of 405.7 meters. Hole 7 encountered peridotite at 10 meter core
length and the hole remained in peridotite until 194.7m. Chromitite layering
started in a Pyroxenite, followed by short chromitite layers between 194.7 to
195 meters, and between 197.8 to 205.5 meters, followed by a thick bed of
chromitite between 209.8 to 223.3 meters. This hole continued in pyroxenite
until 300 meters where the hole entered gabbro and remained in this rock unit
until 405.7 meters. The following table presents the results of hole FW-08-07:
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Hole From To Int. Ni Pt Pd Au TPM Cr Cr2O3% Fe
# (m) (m) (m) % g/t g/t g/t (g/t) % %
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FW-08
-07 64.5 73.5 9 0.08 0.186 0.189 1.81 2.183 nil nil 7.04
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followed
by 100.3 108 7.7 0.14 0.269 0.325 0.019 0.613 6.27 9.17 10.8
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followed
by 115.5 119.1 3.6 0.21 0.384 0.621 0.024 1.03 3.13 4.58 8.2
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followed
by 166.5 176.7 10.2 0.17 0.14 0.293 0.018 0.452 8.99 13.14 8.8
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followed
by 193.5 205.9 12.4 0.12 0.298 0.412 0.03 0.74 17.43 25.5 15.4
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followed
by 209.8 224.2 14.4 0.07 0.26 0.13 0.026 0.416 21.01 30.73 17.6
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The above table of analyses suggests several chromitite layers all of which
have different metal content as would be expected in a layered complex.
Some of the layers exhibit enrichment in chrome with many values in excess
of 10% as high as 30.73% Cr2O3 over 14.4 metres, while others are enriched
in TPM (Pt + Pd + Au values as high as 1.03 g/t) and yet others are
enriched in Nickel with values greater than 0.2%.
Chromitite (rock composed mostly of chromite) layers have been intersected in
holes FW-06-03, FW-08-05, FW-08-06 and FW-08-07. The chromitite layers appear to
occur as steeply dipping stratiform layers with down dip extent of at least 200
metres and strike length of at least 200 metres between lines 9+00E and 11+00E
on the local grid. The chromitites vary from narrow seams, a few centimetres
thick to massive beds of chromitite greater than 14 metres in drilled thickness
(not true width). The host rock is an altered peridotite. Chromitite layers
typically accumulate near the top of the peridotite sill in a magmatic massive
sulphide setting, or they could occur laterally with respect to the feeder zone
as distally thinning beds. Several additional weakly mineralized chromite
enriched layers have also been noted in the peridotite below the massive
chromitite layers encountered in holes 3, 5, 6 and 7. Some recent "cooperative"
work has been undertaken with Noront on samples selected from the Freewest
Option property. The work was done at University of Toronto, under the direction
of Dr. James Mungall, his research assistant provided the analysis. Wavelength
dispersive electron microprobe analysis of six individual chromite grains in
samples from holes FW-08-05 (251.2, 255.8, 265.5, 269.0, 275.0 and 292 m) show
that the compositions of the six chromite grains show some variability around an
average value of 50.0 weight percent Cr2O3 (range 46% to 54%), with Cr/Fe ratios
averaging 2.0 (range of 1.25 to 2.75) . Four chromite grains from FW-08-07
(210.5, 218.5, 223.0, and 298 m) show that the compositions of the chromite
grains have less variability around an average value of 48 weight percent Cr2O3
(with a range of 46 to 50), with Cr/Fe weight ratios between 1.1 and 1.45 and
averaging 1.3.
With several intersections of massive chromitite encountered in this recent
drilling, the drill results can now be modelled three dimensionally and analyzed
to determine section to section, as well as, hole to hole continuity.
Lithogeochemical analysis will also be undertaken in order to join up the
various chromitite layers to determine continuity. New drilling is currently
being planned to infill the area between Section 10NE (Holes 3 and 5) as well as
11NE and 12NE on 50 metre centers. In order to understand more fully the
chemical characteristics of the rock and how this impacts chrome valuation,
whole rock analysis of the chrome enriched core must be undertaken.
OTHER DRILL AND ASSAY RESULTS
Hole FW-08-08 was designed to test an electromagnetic and magnetic anomaly
located approximately 1 kilometre to the northeast of the main chromitite
layered complex as defined by holes FW-06-03, FW-08-05, FW-08-06 and FW-08-07,
along a magnetically inferred regional trend. This hole was located at local
Grid co-ordinate L19+00E at 18+75N, and drilled grid south at 150 degrees with
an initial dip of -50 degrees for a total length of 270 metres. The magnetic
anomaly was explained by the presence of the magnetite enriched dunite, the
conductivity anomaly may be related to the magnetite veinlets or the clay filled
fault zone between 152 and 161.3 metres. No significant assays were received for
this hole, although anomalous nickel was returned between 79.5 metres and 150.5
metres. Best assay over this interval was 0.306% Nickel over 3 meters.
Hole FW-08-09 was designed to undercut hole FW-08-08 to determine if there was
any sulphide mineralization located within the fault zone encountered in hole 08
at greater depths. Hole 09 was positioned at L19+00E at 18+75N, drilled grid
south at 150 degrees with an initial dip of -73.5 degrees. The presence of
magnetite veinlets explained the high magnetic susceptibility and these veinlets
if continuous and linked together may explain the conductivity observed in the
ground and airborne geophysical surveys. There were no samples selected from
this hole as no significant mineralization was observed.
Hole FW-08-10 was designed to undercut previously drilled hole FW-06-04 (drilled
in 2006) to test two mineralized zones encountered in hole 4 that were anomalous
in nickel, copper and platinum group elements (Pt and Pd). Hole 10 was
positioned at local grid co-ordinate L14+00E at 12+07N, drilled grid south with
azimuth of 150 degrees with an initial dip of -65 degrees for a total length of
312 metres. Gabbro was encountered between 36.5 metres and 86.7 metres (changing
to coarse grained around 63 metres). At 86.7 metres the gabbro changed to an
olivine rich gabbro, grading into a peridotitic phase of the gabbro at 115.5
metres depth. The olivine gabbro-peridotite contained weak to moderate sulphide
mineralization between 90 and 115.5 metres. At 115.5 metres the rock became
heavily chloritized with silica flooding in the form of veins bearing sulphides
(pyrite, pyrrhotite and minor chalcopyrite). At 170.6 metres the hole entered an
intermediate to felsic tuff with variable sulphide content including pyrite,
pyrrhotite and chalcopyrite and remained in this sulphide zone until 192.7
meters. Relatively barren intermediate to felsic tuff was encountered to end of
hole at 312 metres. The subtle magnetic feature and moderate conductivity as
interpreted from the ground and airborne surveys have been explained by the
visual results of this drill hole. Only anomalous values in Nickel over short
sample sections were returned from the samples selected from this hole.
Hole FW-08-11 was designed to undercut hole FW-08-10 as well as hole FW-06-04.
This hole was positioned on local grid L14+00E at 12+75N, drilled grid south
with azimuth of 150 degrees with an initial dip of -65 degrees for a total
length of 309 metres. After passing through 12 metres of overburden the hole
entered gabbro and remained in gabbro until 90.2 metres. At 90.2 metres the
gabbro changed to a coarse grained porphyritic gabbro until 152.5 to 156.2 when
the gabbro was found to be in fault contact with intermediate volcanic. Between
156.2 and 175.6 metres the volcanics were found to have undergone extensive
alteration (chloritization and silica flooding) and brecciation. Variable
amounts of sulphide minerals including pyrite, pyrrhotite and chalcopyrite were
noted in this section. At 175.6 to 182.7 the sulphide content increased,
chloritization and carbonate alteration were noted. At 182.7 and extending to
189.7 metres the hole encountered coarse grained gabbro (porphyry), followed by
chlorite schist between 186.7 and 195.7 metres, followed by gabbro until 231
metres. Another Intermediate volcanic unit was encountered between 231
continuing to the end of the hole at 309 metres. Sulphide mineralization was
noted between 235.5 and 279 metres. The presence of two distinct sulphide zones
encountered in this hole is encouraging, these were analyzed for their base and
precious metal content. The sulphide accumulation encountered by this hole has
explained the conductivity anomaly with weak magnetic signature. The following
table presents the results for this hole:
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From To Int. Cu Pt Pd Au TPM
Hole # (m) (m) (m) % Ni% g/t g/t g/t g/t
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FW-08-11 169.3 171.1 1.8 0.18 0.37 0.023 0.223 0.412 0.658
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followed by 175.6 182.7 7.1 0.15 0.27 0.046 0.274 0.029 0.348
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SAMPLE PROTOCOL, SECURITY, ANALYSES
All drill holes were logged and samples referred to herein were completed and
selected by 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. The split samples were placed into individual
plastic bags, clearly labelled and tagged and then sealed in rice bags where a
numbered seal lock was closed by Dr. Lahti. The sealed rice bags were placed in
plastic sealed pails and 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 overlimits in nickel and
copper are encountered in the first pass, Optical Emission Spectrometry
(ICP-OES) is used to provide the overlimit results, as well as Fire Assay
Inductively Coupled Plasma (FA-ICP) for gold, platinum and palladium. Additional
analysis using Instrumental Neutron Activation Analysis (INAA) was completed for
all samples for their respective chrome grades in excess of 1% chrome. For more
information on these analytical techniques please refer to Activation Laboratory
website www.actlabs.com.
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. 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 these dimensions, and the peridotite
setting similarity to Noront's Eagle One MMS discovery (located 3.6 km to the
SE), as well as the Eagle Two sheared massive sulphide occurrence, (located 2 km
to the SE of Eagle One) which also contains chromitite layering; this occurrence
has become a very attractive exploration target for additional work directed at
chrome-PGE-nickel mineralization. Noront's peridotite sill, announced on April
2, is rendered by airborne geophysics to continue to the east-north-east of
their Eagle One occurrence towards and through the Freewest Option property of
Spider and KWG as well as to the east-south-east of Eagle Two.
This press release has been prepared by management of Spider Resources Inc.,
which is the Operator of the joint venture with KWG during 2008, 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 310,311,767 shares
issued in Spider.
Freewest is a well-funded mineral exploration corporation, with working capital
in excess of $8.5 million, exploring for gold and base-metals in Eastern Canada.
Corporate information can be accessed on the Internet at www.freewest.com.
Freewest' shares are listed on the TSX Venture Exchange under the symbol FWR.
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