Owner
Post by Franko10 ™ on Apr 7, 2005 11:42:03 GMT -5
Spider Resources Inc.: Update of the Winter Program at McFaulds Lake (ccnm)
TORONTO, ONTARIO--(CCNMatthews - April 7, 2005) -
- Hole 64 - 5.0 meters grading 4.02% Copper -
Spider Resources Inc. (TSX VENTURE:SPQ) ("Spider") and joint venture partner ("KWG") announce that the receipt of the assay results for drill hole McF-05-64, intersected 5.0 meters grading 4.02% Copper, 0.4 grams of Gold per tonne and 10 grams of Silver per tonne. Within this interval there is an upper 1.55 meter section grading 9.1% Copper and a lower 0.7 meter interval grading 6.5% Copper. The Gold and Silver values are consistent with the surrounding holes as is the relative lack of zinc.
The following table summarizes the results of the drill hole intercepts of high grade copper zone contained in the in the McFaulds #3 massive sulphide mineralization.
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Hole
Number Section Northing Dip from to int.
---------------------------------------------------------------------
Previously Announced
(18 Mar.04)
McF-04-21 8+00 2+00 N -50 220.55 234.36 13.81
228.96 233.59 4.63
McF-04-24 7+50 2+00 -50 221.5 224.63 3.13
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Previously Announced
(11 May '04)
McF-04-41 -65 243.2 251.2 8.0
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Previously Announced
(8 Nov '04)
MCF-04-57 L8+00E 1+75N -70 238.8 257.6 18.8
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Previously Announced
(17 Mar '05)
McF-05-58 7+75NE 2+00NW -65 266.5 275.7 9.20
McF-05-59 7+75NE 2+00NW -70.5 285.04 293.58 8.54
McF-05-60 7+75NE 2+00NW -48 206.6 213.76 7.16
McF-05-61 8+50NE 3+00NW -62 353.6 357.1 3.50
McF-05-62 8+50NE 20.0
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McF-04-64 8+25NE 3+00NW -57 348.6 353.6 5.0
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Hole Au Ag
Number Section Northing Cu% Zn% (g/t) (g/t)
---------------------------------------------------------------------
Previously Announced
(18 Mar.04)
McF-04-21 8+00 2+00 N 5.5 0.34 0.52 15.4
10.4 0.86 0.68 30.7
McF-04-24 7+50 2+00 4.21 0.2 0.22 8.55
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Previously Announced
(11 May '04)
McF-04-41 6.5 3.3 0.42 15.5
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Previously Announced
(8 Nov '04)
MCF-04-57 L8+00E 1+75N 8.02 0.05
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Previously Announced
(17 Mar '05)
McF-05-58 7+75NE 2+00NW 5.72 0.022 0.47 13.3
McF-05-59 7+75NE 2+00NW 7.91 0.001 0.57 17.6
McF-05-60 7+75NE 2+00NW 1.91 0.180 0.21 4.8
McF-05-61 8+50NE 3+00NW 2.19 0.009 0.61 5.0
McF-05-62 8+50NE
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McF-04-64 8+25NE 3+00NW 4.02 0.02 0.41 10.2
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Drill Hole McF-05-64 was designed to under cut mineralized intersection identified in Hole McF-04-41 (8.0 meters averaging 6.5% Cu, 3.3% Zn (previously reported May 11, 2004) at 50 meters to 100 meters down dip (at the -300 to -350m elevation) on same section, the actual pierce point is 63 meters below that of McF-04-41. The hole was designed to determine if the mineralized zone continues at depth or pinches out on this section. The drill results indicate that the Alteration and Mineralization Zone has narrowed to about 10m and the massive to semi-massive consisting of chalcopyrite and pyrite has narrowed to 2.25m within the main sulphide zone of 5m (248.6-253.6m).
Drill Hole McF-05-63 was drill on the McFaulds#1 massive sulphide occurrence located approximately 1.5 kilometer NE of the previously discussed McFaulds#3 massive sulphide. The hole was designed to determine if the indicated mineralized zone continues at depth or pinches out, and to test a geophysical anomaly detected by JVX DHIP survey (down-the-hole induced polarization) in late 2004.
The predominant zinc with minor copper mineralization characteristic of the McFaulds#1 zone was intersected high in the hole (262.2-282.9 with a sphalerite rich section (4-5%) from 268.5-274.5). Hole ended at 581m without detecting any other significant sulphides. The deep conductor indicated from the survey remains unexplained.
Drill hole McF-05-65 was positioned on a weak magnetic and electromagnetic conductor located between the McFaulds#1 and #3 VMS occurrences and was design to test this hitherto unknown geophysical anomaly recently revealed by the VTEM airborne survey. The area of the AEM anomaly was also covered in considerable detail with a gravity survey as part of the joint ventures broader efforts to determine the shape, location and nature of the relationship with the other known nearby VMS occurrence.
The weak VTEM anomaly sits atop of a very broad (200 m wide, 700 meter long) gravity anomaly with a calculated depth being greater than 600 meters. The drill hole intersected weak sulphide mineralization high up in the hole and then entered felsic water-lain tuff and meta-sediments, and remained in that formation to 392 m. Due to the limits of the drilling equipment the gravity anomaly was not reached and remains as a target for further testing later this year.
Elsewhere, on the joint venture properties, the preliminary results of the VTEM airborne survey have been received. Five (5) significant magnetic-electromagnetic anomalies have been reported to the Joint venture from the preliminary data of the SW claim group. Two of these anomalies are located in the western portion of the claim block with one covering 10 flight lines (1.5 Kilometers long) and the second being significantly longer and formational in nature. Grids are being cut on the best portion of the targets, followed immediately by geophysical surveying in preparation for initial test drilling possibly this spring or later this summer.
On the MacFadyen Project, drilling was suspended when hole SPQ-04-14 entered a thick sand pocket. The inflow of sand packed in around the drill rods and bit, ceasing them. Several attempts were made to free the rods and preserve the integrity of the upper part drilled to date. Regrettably, all attempts failed and the hole was abandoned when a number of rods broke off.
This hole was designed to intersect the deep magnetic 'dike-like' structure located peripheral to and beneath the five (5) kimberlite pipes discovered on the MacFadyen property. This elusive deep magnetic structure remains unexplained. These pipes and the magnetic target are located approximately 2 kilometers to the east of DeBeers Tango and Tango Extension, and 8 kilometers northwest of the DeBeers Victor Diamond Mine Project.
Finally, the joint venture still awaits results from the SGS Lakefield on work preformed on two 5-tonne bulk samples collected from the Wawa Property last fall.
All analytical results reported herein are from samples selected during the normal logging process of the drill core as conducted by either Howard Lahti (Ph.D., P.Geo.) or James Burns (P.Eng.) both acting as Independent Qualified Persons ("IQP's") for the project. Samples were individually bagged and delivered from the field office of the joint venture at McFaulds Lake, to ALS Chemex's sample preparation facility in Thunder Bay, Ontario. There they were crushed, split and then sent via bonded air carrier to the ALS Chemex Laboratory in Vancouver, B.C. where the samples were analyzed using ME-MS61 (4-acid digestion - ICP finish) multi-element analysis. The lab using AA-62 (4-acid digestion - AA finish) for high-grade analysis reprocessed all samples reported as over-limit internally. Neil Novak (P.Geo.) in his capacity as project manager is responsible for the technical content of this press release.
Spider Resources Inc. is a tier 2 junior resource company, quoted for trading on the TSX Venture Exchange under the symbol "SPQ" and there are currently 195,063,062 shares issued.
On Behalf of the Board of Directors
Bryan Wilson President and CEO
For more information on Spider Resources Inc. and its other exploration projects Please visit our website www.spiderresources.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Spider Resources Inc.
Neil Novak
Chief Operating Officer, VP Exploration
416 815 8666 or call 519 699 5352
The TSX Venture Exchange has NOT reviewed this release and it does not accept responsibility for its adequacy or accuracy.
TORONTO, ONTARIO--(CCNMatthews - April 7, 2005) -
- Hole 64 - 5.0 meters grading 4.02% Copper -
Spider Resources Inc. (TSX VENTURE:SPQ) ("Spider") and joint venture partner ("KWG") announce that the receipt of the assay results for drill hole McF-05-64, intersected 5.0 meters grading 4.02% Copper, 0.4 grams of Gold per tonne and 10 grams of Silver per tonne. Within this interval there is an upper 1.55 meter section grading 9.1% Copper and a lower 0.7 meter interval grading 6.5% Copper. The Gold and Silver values are consistent with the surrounding holes as is the relative lack of zinc.
The following table summarizes the results of the drill hole intercepts of high grade copper zone contained in the in the McFaulds #3 massive sulphide mineralization.
---------------------------------------------------------------------
Hole
Number Section Northing Dip from to int.
---------------------------------------------------------------------
Previously Announced
(18 Mar.04)
McF-04-21 8+00 2+00 N -50 220.55 234.36 13.81
228.96 233.59 4.63
McF-04-24 7+50 2+00 -50 221.5 224.63 3.13
---------------------------------------------------------------------
Previously Announced
(11 May '04)
McF-04-41 -65 243.2 251.2 8.0
---------------------------------------------------------------------
Previously Announced
(8 Nov '04)
MCF-04-57 L8+00E 1+75N -70 238.8 257.6 18.8
---------------------------------------------------------------------
Previously Announced
(17 Mar '05)
McF-05-58 7+75NE 2+00NW -65 266.5 275.7 9.20
McF-05-59 7+75NE 2+00NW -70.5 285.04 293.58 8.54
McF-05-60 7+75NE 2+00NW -48 206.6 213.76 7.16
McF-05-61 8+50NE 3+00NW -62 353.6 357.1 3.50
McF-05-62 8+50NE 20.0
---------------------------------------------------------------------
McF-04-64 8+25NE 3+00NW -57 348.6 353.6 5.0
---------------------------------------------------------------------
---------------------------------------------------------------------
Hole Au Ag
Number Section Northing Cu% Zn% (g/t) (g/t)
---------------------------------------------------------------------
Previously Announced
(18 Mar.04)
McF-04-21 8+00 2+00 N 5.5 0.34 0.52 15.4
10.4 0.86 0.68 30.7
McF-04-24 7+50 2+00 4.21 0.2 0.22 8.55
---------------------------------------------------------------------
Previously Announced
(11 May '04)
McF-04-41 6.5 3.3 0.42 15.5
---------------------------------------------------------------------
Previously Announced
(8 Nov '04)
MCF-04-57 L8+00E 1+75N 8.02 0.05
---------------------------------------------------------------------
Previously Announced
(17 Mar '05)
McF-05-58 7+75NE 2+00NW 5.72 0.022 0.47 13.3
McF-05-59 7+75NE 2+00NW 7.91 0.001 0.57 17.6
McF-05-60 7+75NE 2+00NW 1.91 0.180 0.21 4.8
McF-05-61 8+50NE 3+00NW 2.19 0.009 0.61 5.0
McF-05-62 8+50NE
---------------------------------------------------------------------
McF-04-64 8+25NE 3+00NW 4.02 0.02 0.41 10.2
---------------------------------------------------------------------
Drill Hole McF-05-64 was designed to under cut mineralized intersection identified in Hole McF-04-41 (8.0 meters averaging 6.5% Cu, 3.3% Zn (previously reported May 11, 2004) at 50 meters to 100 meters down dip (at the -300 to -350m elevation) on same section, the actual pierce point is 63 meters below that of McF-04-41. The hole was designed to determine if the mineralized zone continues at depth or pinches out on this section. The drill results indicate that the Alteration and Mineralization Zone has narrowed to about 10m and the massive to semi-massive consisting of chalcopyrite and pyrite has narrowed to 2.25m within the main sulphide zone of 5m (248.6-253.6m).
Drill Hole McF-05-63 was drill on the McFaulds#1 massive sulphide occurrence located approximately 1.5 kilometer NE of the previously discussed McFaulds#3 massive sulphide. The hole was designed to determine if the indicated mineralized zone continues at depth or pinches out, and to test a geophysical anomaly detected by JVX DHIP survey (down-the-hole induced polarization) in late 2004.
The predominant zinc with minor copper mineralization characteristic of the McFaulds#1 zone was intersected high in the hole (262.2-282.9 with a sphalerite rich section (4-5%) from 268.5-274.5). Hole ended at 581m without detecting any other significant sulphides. The deep conductor indicated from the survey remains unexplained.
Drill hole McF-05-65 was positioned on a weak magnetic and electromagnetic conductor located between the McFaulds#1 and #3 VMS occurrences and was design to test this hitherto unknown geophysical anomaly recently revealed by the VTEM airborne survey. The area of the AEM anomaly was also covered in considerable detail with a gravity survey as part of the joint ventures broader efforts to determine the shape, location and nature of the relationship with the other known nearby VMS occurrence.
The weak VTEM anomaly sits atop of a very broad (200 m wide, 700 meter long) gravity anomaly with a calculated depth being greater than 600 meters. The drill hole intersected weak sulphide mineralization high up in the hole and then entered felsic water-lain tuff and meta-sediments, and remained in that formation to 392 m. Due to the limits of the drilling equipment the gravity anomaly was not reached and remains as a target for further testing later this year.
Elsewhere, on the joint venture properties, the preliminary results of the VTEM airborne survey have been received. Five (5) significant magnetic-electromagnetic anomalies have been reported to the Joint venture from the preliminary data of the SW claim group. Two of these anomalies are located in the western portion of the claim block with one covering 10 flight lines (1.5 Kilometers long) and the second being significantly longer and formational in nature. Grids are being cut on the best portion of the targets, followed immediately by geophysical surveying in preparation for initial test drilling possibly this spring or later this summer.
On the MacFadyen Project, drilling was suspended when hole SPQ-04-14 entered a thick sand pocket. The inflow of sand packed in around the drill rods and bit, ceasing them. Several attempts were made to free the rods and preserve the integrity of the upper part drilled to date. Regrettably, all attempts failed and the hole was abandoned when a number of rods broke off.
This hole was designed to intersect the deep magnetic 'dike-like' structure located peripheral to and beneath the five (5) kimberlite pipes discovered on the MacFadyen property. This elusive deep magnetic structure remains unexplained. These pipes and the magnetic target are located approximately 2 kilometers to the east of DeBeers Tango and Tango Extension, and 8 kilometers northwest of the DeBeers Victor Diamond Mine Project.
Finally, the joint venture still awaits results from the SGS Lakefield on work preformed on two 5-tonne bulk samples collected from the Wawa Property last fall.
All analytical results reported herein are from samples selected during the normal logging process of the drill core as conducted by either Howard Lahti (Ph.D., P.Geo.) or James Burns (P.Eng.) both acting as Independent Qualified Persons ("IQP's") for the project. Samples were individually bagged and delivered from the field office of the joint venture at McFaulds Lake, to ALS Chemex's sample preparation facility in Thunder Bay, Ontario. There they were crushed, split and then sent via bonded air carrier to the ALS Chemex Laboratory in Vancouver, B.C. where the samples were analyzed using ME-MS61 (4-acid digestion - ICP finish) multi-element analysis. The lab using AA-62 (4-acid digestion - AA finish) for high-grade analysis reprocessed all samples reported as over-limit internally. Neil Novak (P.Geo.) in his capacity as project manager is responsible for the technical content of this press release.
Spider Resources Inc. is a tier 2 junior resource company, quoted for trading on the TSX Venture Exchange under the symbol "SPQ" and there are currently 195,063,062 shares issued.
On Behalf of the Board of Directors
Bryan Wilson President and CEO
For more information on Spider Resources Inc. and its other exploration projects Please visit our website www.spiderresources.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Spider Resources Inc.
Neil Novak
Chief Operating Officer, VP Exploration
416 815 8666 or call 519 699 5352
The TSX Venture Exchange has NOT reviewed this release and it does not accept responsibility for its adequacy or accuracy.
