Spider Resources Inc. , KWG Resources Inc. And Freewest Resources Canada Inc. Report Initial Drill Results From 2010 At Big Daddy16 Feb 2010
- Hole FW-09-48 encountered two zones of massive chromite mineralization; 14.85 metres averaging 39.52% Cr2O3, as well as 32.4 metres averaging 42.51% Cr2O3
- Drilling completed, 10 priority holes drilled totaling 2,204 metres;
- Negotiations underway with First Nation communities to resolve a list of issues related to exploration in area
TORONTO, ONTARIO – February 16, 2010 – Spider Resources Inc. (SPQ:TSX-V) (“Spider”), KWG Resources Inc. (KWG:TSX-V) (“KWG”) and Freewest Resources Canada Inc. a wholly owned subsidiary of Cliffs Natural Resources (CLF:NYSE) (Paris:CLF) (“Cliffs”) are pleased to provide analytical results for the first two holes completed in 2010 at the Big Daddy Chromite property.
Neil Novak, President of Spider Resources Inc. states: “Sufficient drilling has been completed on the Big Daddy Chromite Project to complete an initial National Instrument 43-101 compliant mineral resource estimate once all assays are received. Modelling work is currently underway based upon the 15,971 metres in 56 holes completed on the option property since we first discovered chromite 4 years ago. The extensive drill hole / assay database amassed will be used to support an initial resource estimate to be completed over the next few months. We continue to be encouraged by the significant grades and widths of the intercepts.”
Analytical Results for Recent Drilling
Analytical results have been received for the first 2 holes of the 10 holes completed on the Big Daddy prospect (a magmatic massive chromite deposit type) during the 2010 drilling campaign. The remaining 8 holes will be reported once all assay results are finalized.
Hole FW-09-47, located on Section 17+00E, was drilled as an undercut of hole FW-09-40 and as an overcut of FW-09-39 to determine continuity of chromite zones and verify geological interpretation. Hole 47 encountered the stratigraphically lower chromite mineralized zone between 66.0 metres and 76.2 metres (10.2 metres). This zone averaged 34.06% Cr2O3 with a Cr:Fe ratio of 1.49. The stratigraphically upper chromite zone was not encountered, and it appears to have been pinched out on this section.
Hole FW-09-48, located on Section 18+00E, was drilled as an undercut of hole FW-09-28 and an overcut of hole FW-09-29. This hole collared in chromite mineralization, and encountered two zones of chromite mineralization. The first zone between 9.0 and 34.5 metres downhole (25.5 metres) comprised massive beds of chromite mineralization followed by semi-massive bed of chromite. The first 1.85 metres averaged 40.44% Cr2O3, followed by a 14.85 metres section that averaged 39.52 Cr2O3. Further downhole, the second zone was cored between 126.2 and 180.4 metres (54.2 metres). The final 32.4 metres averaged 42.51% Cr2O3 with Cr:Fe ratio of 1.93.
The following table provides assay highlights for the two holes reported upon herein on the Big Daddy. Only those intersections that averaged close to or greater than 35% Cr2O3 over significant widths are included in the highlight table. As has been encountered in most holes drilled to date on the Big Daddy, 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 (m)||To (m)||Length (m)||Cr2O3 %||Fe2O3%||Cr:Fe||Pt (g/t)||Pd (g/t)|
|as well as||13.65||28.50||14.85||39.52||21.41||1.81||0.149||0.299|
|as well as||126.20||132.00||5.80||37.79||20.84||1.77||0.205||0.218|
|as well as||136.93||144.10||7.17||36.29||20.61||1.72||0.330||0.186|
|as well as||148.00||180.40||32.40||42.51||21.52||1.93||0.233||0.137|
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.
2010 Drill Program / First Nation Protests
Diamond drilling in the current program has concluded. Ten holes totaling 2,204 metres were completed, systematically testing The Big Daddy at sufficient drill pattern density to support an initial resource estimate. Additional holes were planned to test Big Daddy to the -250 metre level over the entire strike length of 1300 metres, however due to First Nation protests that affected the fuel and food supply to the general McFaulds Lake area, holes were re-prioritized and completed before supply disruption became an issue. A small blockade (one tent, four individuals) was established at McFaulds Lake, and management respected this protest during the protesters two short visits to the camp lake. All priority holes were completed. Management is currently negotiating with both Marten Falls and Webequie First Nation in order to resolve a list of issues presented to representatives of Provincial government along with several of the junior resource companies in the “Ring of Fire” area at meetings held in the two communities on February 4.
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.
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 athttp://www.actlabsint.com.
Spider’s VP Exploration James Burns P.Eng., along with Neil Novak P.Geo., President of Spider, have prepared and reviewed this press release; both are Qualified Persons under Canadian Securities Guidelines.
About Spider Resources Inc.
Spider Resources Inc. is the pioneer exploration company in the James Bay Lowlands of Northern Ontario, and have been 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 464,021,767 shares issued in Spider.
For further information concerning Spider Resources Inc., please contact:
|Neil Novak, P.Geo.||or||Rick Hamelin|
|President and CEO||VP Finance|
|Tel: (416) 203 8636||Investor Relations|
|Fax: (416) 815 1355||Tel: (772) 205 8803|
|Email: email@example.com Website: www.spiderresources.com|
About Freewest Resources Canada Inc.
Freewest, a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE:CLF) (Paris:CLF), is a mineral exploration company actively exploring for gold, base-metals and chromite within eastern Canada. Information on Freewest can be assessed at www.freewest.com. Information on Cliffs can be assessed at www.cliffsnaturalresources.com.
For further information please contact:
Mackenzie I. Watson
President and CEO
Tel: (514) 878-3551 or 1-888-878-3551
Fax: (514) 878-4427
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.
For further information, please contact:
Bruce Hodgman, Communications Director (416) 646-1374
Vancouver: Tydewell Consulting Inc, (604) 438-1800
Montreal: Michel Côté, (514) 397-0049
Or visit our website: www.kwgresources.com
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