Spider, KWG and Freewest Intersect 45.6 Metres of Massive Chromite in Continuing Drilling Program at McFaulds Project, Ontario
20 August 2008 - 6:30AM
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 today that the current drill program financed by the Spider
- KWG Joint Venture on the Freewest Option has thus far completed 4 additional
diamond drill-holes in the current program. The drilling program on the Freewest
option property is located approximately 3.6 kilometers northeast of Noront
Resources Ltd.'s ("Noront") Eagle One Magmatic Massive Sulphide (Nickel Copper
and PGM) and 5 kilometers NE of Noront's Blackbird One and Two (Chromite)
discoveries. Although assay results for these recent drill-holes are pending,
the Company is pleased to advise that the previously postulated thickening of
the Chromite layers has been confirmed.
Highlights
- Recently completed drilling indicates a thickening of chromite beds of up to
45.6 metres
- Further drilling is required with the goal of completing a NI 43-101 compliant
mineral resource for chromite on the property
Previously (we have) announced (11 Jun '08, dated 2 May '08, 29 June '06) the
drilling results from the massive chromitite layers discovered in a peridotite
sill encountered in drill-holes FW-06-03 (34.5% Cr2O3 / 1.03 meters), hole
FW-08-05 (35.6% Cr2O3 / 7.5 metres), hole FW-08-06 (multiple intercepts like
7.15% Cr2O3 / 7.5 metres and 9.73% Cr2O3 / 6.9 metres) and hole FW-08-07 (30.73%
Cr2O3 / 14.4 metres). In addition to the Chrome elevated Platinum, Palladium and
Gold have been detected (2.183 g/t (Pt + Pd + Au) over 9.0 metres). Due to the
early stage of exploration, true width of the Chromitite intersections are
unknown
The current program has demonstrated that the massive chromitite beds or lenses
intersected in these earlier drill-holes are increasing in their apparent
thickness with successive step-out holes to the North East (down the apparent
dip of the Peridotite Sill complex) as summarized in the following summary
table:
----------------------------------------------------------------------------
Hole ID Inclination From (m) To (m) Interval (m) Brief Description
----------------------------------------------------------------------------
FW-08-12 -50 deg 208.3 210.1 1.8 Semi Massive to
Massive Chromite
----------------------------------------------------------------------------
----------------------------------------------------------------------------
228.25 237.9 9.6 Semi Massive to
Massive Chromite
----------------------------------------------------------------------------
237.9 240.6 2.7 Massive Chromite
----------------------------------------------------------------------------
240.6 248.5 8.3 Minor Chromite
--------
----------------------------------------------------------------------------
29.6 m Interval thickness
----------------------------------------------------------------------------
----------------------------------------------------------------------------
252.25 260.7 8.4 Massive Chromite
(lower fault contact)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-08-13 -50 deg 78.4 82.3 3.9 Massive Chromite
----------------------------------------------------------------------------
82.3 85.2 2.9 Semi Massive Chromite
----------------------------------------------------------------------------
90.25 102 11.75 Massive Chromite
--------
----------------------------------------------------------------------------
19.5 Interval thickness
----------------------------------------------------------------------------
----------------------------------------------------------------------------
102 109.8 7.8 Semi Massive Chromite
----------------------------------------------------------------------------
109.8 111 1.2 Massive Chromite
----------------------------------------------------------------------------
111 117 6.0 Semi Massive Chromite
----------------------------------------------------------------------------
117 142.1 25.1 Massive Chromite
--------
----------------------------------------------------------------------------
39.1 Interval thickness
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-08-14 -50 deg 36.2 81.8 45.6 Massive Chromite
----------------------------------------------------------------------------
82.3 103.5 21.2 Semi Massive Chromite
--------
----------------------------------------------------------------------------
67.8 Interval thickness
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FW-08-15 -50 deg 160 164.1 4.1 Fault Zone - With
Massive Chromite present
as Fragments in the
Fault Zone
----------------------------------------------------------------------------
164.1 171.3 7.2 Massive Chromite
--------
----------------------------------------------------------------------------
11.3 Interval thickness
----------------------------------------------------------------------------
The intersections contained in the above table include comments on visual
descriptions of mineralized intercepts, there are no guarantees that assay
results will support or confirm these visual results, assays are pending. While
the true width of the many Chromitite beds remains unknown, primarily due to the
fact that the chrome enriched bodies' limits are undefined as to depth, length
or attitude, the Chromitite beds appear to be present in distinct cycles
consisting of 'couplets' of semi massive (thin centimeter thick bands of
Chromite sandwiched between barren sections of the peridotite host rock with or
without sections of containing only disseminated Chromite) of varying thickness.
This 'graded' sequence transitions to or grades downwards into the massive
Chromitite (+metre thick) beds. The lower massive Chromitite beds in several
holes were terminated by faults that may have displaced part of the massive bed
or lenses and the semi-massive couplet. This faulting may have also caused some
'stacking' or repetition of the Chromitite bed sequence.
Drill-hole FW-08-12 intersected 2 (and possibly 3) distinctly massive beds or
zones of numerous thin beds of Chromitite separated by bands of the host rock.
This Drill-hole is a 50 metre step-out to the NE from Drill-hole FW-08-07 where
30.73% Cr2O3 / 14.4 metres, previously reported.
Drill-hole FW-08-13 intersected 2 distinctly massive beds or zones of numerous
thin beds of Chromitite separated by bands of the host rock. This Drill-hole is
a 50 metre step out to the south (grid) from Drill-hole FW-08-07.
Drill-hole FW-08-14 intersected 1 distinctly massive beds or zones of numerous
thin beds of Chromitite separated by bands of the host rock. This Drill-hole is
a 50 metre step out to the North (grid north) form Drill-hole FW-08-07.
Drill-hole FW-08-15 has been collared 50 metres grid north of Drill-hole
FW-08-07 to under cut FW-08-14 and parallel FW-08-12. Only one massive
Chromitite bed was encountered in this Drill-hole and it's top and the thinly
bedded 'Semi-massive' appears to have been displaced by a fault.
Drilling to date has demonstrated that the massive Chromitite beds cover an area
of 150 metres by 200 metres and this occurrence is open on strike to the
northeast, southwest, and down dip.
The Joint venture partners are encouraged by the apparent thickening of the
massive Chromitite beds to the northeast, with the potential for grade and
tonnage development in addition to the significant presence of Gold and Platinum
(FW-08-07 2.183 g/t (Pt + Pd + Au) over 9.0 metres). The partners are now
considering additional drilling as required for resource definition drilling.
Internal research by management of the joint venture, on chrome suggests that
the Chromitite occurrences encountered in the drill-holes on the Freewest Option
are, from a geological perspective, similar to those encountered in the Bird
River Sill located in Manitoba (reference:
www.gov.mb.ca/ctt/mrd/geo/field/roa01pdfs/01gs-19.pdf) or Outokumpu's Kemi
Chrome Mine in Northern Finland. At the Kemi mine up to 11 Chromite beds or
lenses are found 50 to 200m above the base of a Precambrian aged mafic to
ultramafic sill-like intrusion
(www.gl.rhbnc.ac.uk/geode/Fennoscandia/Kemi.html). These chromite lens are found
over an area 4.5 km long and are 5 to 105 m wide and up to 40 m thick
(www.tunnelbuilder.com/rockreinforcement/edition2pdf/page83.pdf). The initial
resource reported by Outokumpu was 150 million tons grading 28.6 % Cr2O3 and in
1999 the US Government estimated that the Kemi Deposit contained "70 million
metric tons (Mt) of proven and probable reserves and additional resources of
about 150 Mt (Metal Bulletin, 1999a)"
(minerals.usgs.gov/minerals/pubs/country/1999/9413099.pdf). These estimates were
prepared prior to the implementation of National Instrument 43-101 standards for
reporting resources and reserves, but are offered to demonstrate the relative
large size potential size of this style of mineralization and although the Joint
Venture results to date are encouraging considerable more drilling is required.
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 as 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.
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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