Spider Resources Inc. And KWG Resources Inc. Identify New "VMS Belt" In Ontario Lowlands Reporting Grades As High As 7.09% Copper
TORONTO, ONTARIO--Spider Resources Inc. ("Spider" 49% interest)
and joint venture partner KWG Resources Inc. ("KWG" 51% interest)
announce that additional analytical results have been received
from De Beers Canada Exploration Inc. ("De Beers") regarding their
2002 exploration program on the Spider #3 project area. The new
results include values over various short (0.5 meters) sections as
high as 7.09% Cu, 4.67% Zn, 2.68% Pb, 150.6 g/t Ag and 0.76 g/t
Au. The entire 8 meter section that was drilled and sampled, using
reverse circulation ("R.C.") techniques, averaged 1.61% Cu, 0.34%
Zn, 0.13% Pb, 9.9 g/t Ag and 0.13 g/t Au. The magnetic and
electromagnetic survey results as completed over this discovery
area have been reported upon by De Beers in house geophysical
personnel. The magnetically rendered body, tested by the single RC
hole, is interpreted as an elongate feature 220 meters in length
and 60 meters in width, striking NE. In light of this new
information, (geophysics, coupled with metal analysis and
geology), Spider and KWG are interpreting this discovery as a new
volcanogenic massive sulphide (VMS) type base metal occurrence.
Similar pods of sulphide accumulation can be expected to occur,
along the strike of the VMS belt. De Beers further reports that a
second yet untested geophysical anomaly of similar type is located
nearby.
All samples underwent chemical analysis at Bondar Clegg's
Laboratory in Ottawa for base metal content as directed and
reported upon by De Beers. Also, of note in the multi-element
analysis received from the laboratory is that there is a depletion
of sulphur in the top meter of the Precambrian section while there
is over-detection limits in sulphur over the remainder of the
hole. This suggests the formation of an oxide cap, with an
underlying sulphide zone. Normally, precious metals including gold
and silver are enriched in the cap, whereas in the sulphide zone
metals such as copper, lead and zinc are enriched. The R.C. hole
ended in massive sulphides.
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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Spider Resources Inc.
Norman Brewster
(President)
416 815 8666
or
Spider Resources Inc.
Neil Novak
(VP Exploration)
416 815 8666
www.spiderresources.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy of this release |
