Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : $0.50 and Under *** CONTEST*** (March) -- Ignore unavailable to you. Want to Upgrade?

To: Ed Pakstas who wrote (107)	3/2/1998 9:26:00 PM
From: Garry	Read Replies (1) \| Respond to of 195

Hi ED - could you still take me in for EVR-V ?? Thanks,,Garry

To: Ed Pakstas who wrote (107)	3/4/1998 5:44:00 PM
From: Sapper	Respond to of 195

Spider News Release! Contendas results Spider Resources Inc SPQ Shares issued 79,806,176 Mar 3 close $0.13 Wed 4 Mar 98 News Release Also KWG Resources Inc (KWGR) Ms Mary Peschka reports The drill core recovered from hole 97-04 from the Contendas Structure in Brazil has been verified by Mineraux Indicateurs Almaz of Rouyn-Noranda, to contain diamond. Of the total core sent to the laboratory, 5.3 kilograms was classified as potentially diamond bearing and subsequently processed by attrition milling, heavy media separation, yielding one microdiamond. The host rock for this new diamond occurrence has been identified as ultramafic, plotting on various diagnostic charts between kimberlite and lamproite, but more towards the lamproite classification. This statement is based upon petrographic analysis, whole rock chemistry, probing of phlogopite, clinopyroxene and ilmenite as well as trace element analyses. The recovery of various heavy minerals during the processing of the core concurs that the intrusion is ultramafic, however Mineraux Indicateurs Almaz suggests that the rock might be further classified as a type II kimberlite or an orangelte (both are potentially diamond bearing). Probing of the collection of heavy minerals from the attrition milling program may be warranted to address the academic issue of classification. The Contendas structure was first identified in late 1996 by air-photo interpretation and geological reasoning. The target structure is beside the Paranaiba River, upstream from numerous active alluvial diamond operations; therefore, the structure was classified as a high priority exploration target. Historically, during KWG's alluvial diamond program in late 1994 and early 1995, a 107 carat diamond was recovered amongst numerous other lesser size stones which subsequently sold for $US500,000; however, the operating cost (plus losses due to suspected theft of individual diamonds) for this alluvial property precluded the operation from being economical. It was speculated in late 1995 that a current eroding primary source for diamond was nearby and upstream of the alluvial sites, since some of the reworked gravel was found to be quite diamondiferous. A site visit in December of 1996 verified that an eluvial (weathered bedrock) source for diamonds, as demonstrated by a large garimpo site, was within the Contendas topographic low which had recently been worked. It is reported by the surface landowner to Spider's manager in Brazil that this three to four hectare garimpo site yielded 5,000 carats of diamond in two short seasons from one deep (14m) pit, however this site was shut down by the environmental section of the DNPM due to lack of proper permits and the use of large mechanized equipment coupled with environmental infractions and complaints by the surface landowner. The largest stone recovered in the old garimpo operation was also reported by the surface landowner to be a 65 carat diamond while the average was in the 1-2 carat size range. This garimpo site is within 100m of the collar of drill hole No97-04 which intersected the diamond bearing rock. Recent new garimpo workings in the eluvial material are about 400m from the older much larger site and within 300m of hole No, 97-04. Spider management was present during three months of garimpo work in late 1997 and witnessed the recovery of 13 marketable diamonds from the processing of approximately 15 cubic metres of eluvial material form two stratabound horizons (1m and 3m thick) in the pits representing the nouveau garimpo. These 13 diamonds collectively weighed 14.5 carats. The local sale of nine of these diamonds returned an average value of $US340 per carat. The diamond bearing stratabound horizons were interpreted as representing epiclastic tuff within a large lamproite crater; the presence of proximal diamond bearing lamproite dikes confirms this interpretation. A continuation of exploration program is being recommended to the board of directors for Spider estimated to cost $US500,000. Start-up of this program is pending the board's direction and approval. The program includes additional diamond drilling to attempt to identify the vent area for the lamproite intrusion which represents the feeder systems to the diamond bearing crater sediments, together with systematic pit sampling and processing of the upper tuffaceous beds within this diamond bearing crater. A further bulk sampling phase may be warranted as a result of the recommended initial program which would complete the earn in requirements for a 50% interest in this project from KWG, by completing $US1.8 million in expenditures prior to the end of 1998. To date, Spider has incurred expenditures of $US700,000. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com