Another good hole for Spider & KWG on their James Bay Lowlands "Noranda-style VMS deposit"
76 CC 23-Feb-04 at 11:59:00 12:00
Spider Resources Inc.: Results from Third Drill Hole at
McFaulds Lake Reveals 9.98% Copper Over 3.31 meters
Symbol: SPQ
Industry: OIL
Subject: NWS
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: SPIDER RESOURCES INC.
TSX VENTURE SYMBOL: SPQ
FEBRUARY 23, 2004
Spider Resources Inc.: Results from Third Drill Hole at McFaulds
Lake Reveals 9.98% Copper Over 3.31 meters
TORONTO, ONTARIO--Spider Resources Inc. ("Spider") and joint venture
partner KWG Resources Inc. ("KWG") announce the results of the third drill
hole of the winter drilling program drilled on the McFaulds #3 deposit.
Drill Hole McF-04-22, intersected a 15.0 meter section of heavy sulphide
mineralization, which returned the following results:
/T/
--------------------------------------------------------------------
From (m) To (m) Interval (m) %Cu %Zn Au (g/t) Ag (g/t)
--------------------------------------------------------------------
96.4 111.4 15.0 4.06 0.03 0.55 13.81
--------------------------------------------------------------------
Including
--------------------------------------------------------------------
100.54 103.85 3.31 9.98 0.04 1.29 38.45
--------------------------------------------------------------------
/T/
The third hole of the current program cut the mineralized section at
approximately 75 meters below surface on new section 7+50 meters NE that
is located 50 meters SW of previously announced holes on section 8+00NE.
Hole McF-04-22 was drilled on section 7+50 NE at 0+75 NW on an azimuth of
Grid south with a dip of 045 degrees, results from hole McF-04-23 that
undercuts hole McF-04-22 are pending.
Previously announced holes (Nov. 13, 2003 and Feb. 10 - Feb. 19, 2004)
that are all on Section 8+00 NE. Hole McF-03-18 intersected a 42-meter
section of sulphides at a vertical depth of 125 meters and returned
18-meter of 5.88% zinc followed by 7.95 meters grading 1.5% copper. Hole
McF-04-20 intersected 36 meters of massive sulphide mineralization, of
which 5.87 meters returned 2.8% Cu and 4.2 meters returned 11.8% Zn, while
hole McF-04-21 intersected massive sulphide of which 13.8 meters averaged
5.5% Cu with a higher grade section over 4.6 meters that averaged 10.4%
Cu.
The Joint Venture has completed 9 holes to date in the current campaign of
which 6 are awaiting assay results, the tenth hole was started on Feb. 21,
designed to undercut Hole McF-04-21 on Section 8+00 NE.
Based upon analytical results, and observed mineralization to date, it
appears as though the McFauld's #3 VMS occurrence is a steeply dipping (75
degrees to the NW), steeply plunging to the NE massive sulphide
occurrence. The observed increase in copper grade, with associated
increase in gold and silver content, coupled with an observed decrease in
zinc content, are suggesting that holes McF-04-21 and McF-04-22 are near
the central portion of a "Noranda style VMS occurrence". Hole McF-04-29
currently drilling will test down plunge of the copper zone, to help
understand the geometry and geology of this zone.
All analytical results reported herein are from samples selected during
the normal logging process of the drill core as conducted by site
geologist, Roger Thomas, M.Sc. (P. Eng.), an independent Qualified Person.
Samples were individually bagged and delivered under bond from the field
location to ALS Chemex's sample preparation facility in Thunder Bay,
Ontario where they were crushed, split and then sent via bonded air
courier 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. All samples reported as an "over-limit" result are reprocessed
internally by the lab using AA-62 (4 acid digestion - AA finish) for
high-grade analysis.
Spider Resources Inc. is a tier 2 junior resource company, quoted for
trading on the TSX Venture Exchange under the trading symbol "SPQ". There
are currently 157,283,979 shares issued in Spider.
On Behalf of the Board of Directors
Bryan Wilson,
President & CEO
For more information on Spider Resources Inc. and it's various exploration
projects please visit our website www.spiderresources.com |
