Spider Resources Inc., KWG Resources Inc. and De Beers Canada Exploration Inc. discover Copper Sulphide mineralization in Spider #3 project area, Ontario
TORONTO, ONTARIO--Spider Resources Inc. ("Spider") and joint
venture partner KWG Resources Inc. ("KWG") announce the results of
the 2002 exploration program on the Spider #3 project area, as
operated and managed by De Beers Canada Exploration Inc. ('De
Beers"). A total of 13 targets were drill tested by vertical
reverse circulation ("R.C.") drilling. The resultant till and
bedrock samples were visually inspected for their diamond or other
mineral potential while in the field, followed by a detailed
examination in the Canadian laboratory facilities of De Beers in
Sudbury as well as in Toronto. Additional analytical work was
completed by other laboratories as required. De Beers has advised
Spider and KWG that no kimberlite or other diamond bearing
formations were found during this phase of the exploration
program. As a result, De Beers advises that it will probably not
be proceeding with any further diamond exploration in the project
area. Notwithstanding this, possibly significant sulphide
mineralization was encountered in one of the thirteen R.C. Holes.
Selected samples of the sulphide mineralization have undergone
chemical analysis at Bondar Clegg's Laboratory in Ottawa for base
metal content as directed by De Beers Exploration personnel. Two
samples from the 26 to 32 meter depth interval, returned values of
interest including copper of 1.1% and 1.27% respectively. In
addition, anomalous values in Zinc and Lead were also reported in
these two samples. Additional analysis is underway to determine
the concentration of other base and precious metals that are
commonly associated with the type of mineralization encountered.
The analytical results to date, suggest that the mineralized
interval is fertile with respect to copper and other base metals,
over the entire drilled section while in the Precambrian rock. The
R.C. drill log for this hole includes 11 meters of overburden
followed by an 11.5 meter veneer of Paleozoic limestone and a
short section of clay, followed by 8 meters of schistose
intermediate to mafic volcanics. The volcanics are variably
replaced by sulphide mineralization that includes pyrrhotite and
chalcopyrite, thus explaining the magnetic anomaly, that led De
Beers to this particular site. Magnetic and electromagnetic
surveys completed over this discovery area are currently being
re-interpreted in house by De Beers. De Beers further advises that
their corporate mandate is primarily the search for and
development of diamond projects and this mandate does not include
exploration for base and or precious metals. As such, De Beers has
indicated that it will transfer 100% interest in this property
hosting this new discovery to Spider and KWG in consideration for
a royalty interest in the property. This is being negotiated.
Further information on this base metal discovery will be released
as it becomes available.
Spider Resources Inc. is a junior resource company, quoted for
trading on the TSX Venture Exchange under the trading symbol
"SPQ". There are currently 116,903,511 shares issued. |
