Spider Resources Inc. Completes Diamond Drilling on Wawa Diamond Project
November 19 2008 - 2:09PM
Marketwired
Spider Resources Inc. (TSX VENTURE: SPQ)("Spider") along with joint
venture partner KWG Resources Inc. (TSX VENTURE: KWG)("KWG")
announce the completion of a drilling program on their jointly
owned Wawa Diamond project. The 45 square kilometre project
straddles the Trans-Canada highway approximately 35 kilometres
north of the town of Wawa, Ontario.
In October, 2008, Spider / KWG completed a drill program
entailing 4 short, HQ core holes totalling 307 metres. The project
was completed under the direct auspices of James Burns, P.Eng. the
newly appointed Vice President of Exploration for Spider. The
purpose of the recent drilling was to explore to depth the main
diamond occurrence that had been mapped and sampled over an area
300 meters by 15 meters (open to north and south) during 2005 and
2006.
These holes were designed to undercut a lamprophyre dyke that
hosts numerous diamond bearing xenoliths. This dyke had been
previously exposed in 2004 / 2005 by mechanical stripping over a
strike length in excess of 300 m. The dyke varies in exposed width
from 8 to 22 m, and dips an estimated 45 degrees towards the
northeast. Diamonds had been recovered from all but 2 of the 39
surface grab or chip-channel samples collected from the length of
the dyke. Diamonds had been previously determined to be
preferentially located in talc-actinolite xenoliths. The most
diamonds recovered were from a 30.11 kilogram sample of
talc-actinolite xenoliths (sample # LAL-04-234) which yielded 1351
diamonds with two dimensions less than 0.5mm, 267 diamonds with two
dimensions greater than 0.5mm and less than 1.0mm and 14 diamonds
with two dimensions greater than 1.0mm.
The holes were drilled on lines spaced 100 metres apart with an
initial inclination of -45 degrees towards the southwest to cut the
dyke at approximately 40 metres below surface. Samples were
normally 1.0m in length; each sample weighed approximately 10
kilograms.
Details of Drill Holes
Hole #1 was drilled at -45 degrees SW, and intersected the dyke
between 61.2 and 68.4 metres. Xenolith content varied from 1 to 10
xenoliths per sample. The maximum dimension of the xenoliths (as
cut in the core) was less than 5 cm. however one xenolith in sample
#106 measured 15 cm.
Hole #2, also drilled at -45 degrees SW, cut a 5.25 metre
interval of xenolith bearing dyke between 64.1 and 69.35m. Xenolith
content varied from 3 to 9 per sample, and the maximum dimension of
xenoliths was 6 cm.
Hole #3, drilled at -45 degrees SW, intersected two lamprophyre
dykes - the main dyke from 37.95 to 47.60m and the second 69.4 to
72.25m. Xenolith content varied from 1 to 13 per sample, and
xenolith size, although generally less than 6cm, varied up to 15
cm.
Hole #4, drilled at -75 degrees SW, undercut Hole #3. This hole
also cut two dykes - an upper from 2.44 to 8.00m and the main dyke
from 35.9 to 49.8m. Xenolith content varied from 0 to 17 per
sample. The maximum xenolith size cut was 15 cm.
All 42 samples collected were of whole core, and these have been
shipped to SGS Lakefield for diamond recovery from representative 8
kg samples.
Quality Assurance / Quality Control
All samples from the drill program were selected by James Burns
P.Eng. and placed in individual bags and then sealed in plastic
pails with an appropriate lock seal attached to each pail. The
pails were then shipped via bonded carrier to SGS Lakefield's
facility mineral processing facility in Lakefield Ontario. The
samples will undergo caustic dissolution analysis for micro diamond
content and will be reported upon after completion of the test
work.
Details of Joint Venture with KWG
In May, 2006 Spider and KWG had collectively spent $2,077,353 on
this project. Spider elected to advance this project and was
appointed manager. Under the terms of the Wawa joint venture with
KWG, the non-manager will not participate in any program until the
manager has spent an amount equal to its 50% interest (for Wawa
this equates to 50% of $2,077,353 or $1,038,677) thereby increasing
to 66.67% its interest in the project. When the non-contributing
party's interest has thus been reduced to 33.33% it may elect to
contribute to future programs to maintain its interest, or be
diluted down to a 10% working interest. At 10%, the interest will
be automatically converted into a 1% net proceeds from production
royalty in the case of diamonds, or a 1% net smelter royalty in the
case of precious metals (for primary precious metal deposits), or a
0.5% net smelter royalty in the case of base metals.
About Spider
This press release has been prepared by management of Spider
Resources Inc., which is the operator of the joint venture, and has
been approved for dissemination by Neil Novak P.Geo, President of
Spider as well as James Burns P.Eng. Vice President Exploration for
Spider, both of whom are Qualified Person(s) as such term as
defined under National Instrument 43-101. Both have reviewed and
verified the technical information contained in this press release
and have approved the contents of this press release. Spider
Resources Inc. is a tier 2 Canadian exploration company, quoted for
trading on the TSX Venture Exchange under the symbol SPQ. There are
currently 310,311,767 shares issued in Spider.
On behalf of the board of directors,
Neil Novak, President and CEO
This press release, required by applicable Canadian securities
law, is not for distribution to U.S. news services or for
dissemination in the United States, and does not constitute an
offer of the securities described herein. These securities have not
been registered under the United States Securities Act of 1933, as
amended, or any state securities laws, and may not be offered or
sold in the United States or to U.S. persons unless registered or
exempt therefrom.
This press release includes certain "Forward-Looking Statements"
within the meaning of the US Private Securities Reform Act of 1995.
Other than statements of historical fact, all statements are
"Forward-Looking Statements" that involve such various known and
unknown risks, uncertainties and other factors. There can be no
assurance that such statements will prove accurate. Results and
future events could differ materially from those anticipated in
such statements. Readers of this press release are cautioned not to
place undue reliance on these "Forward-Looking Statements". All
dollar amounts are Canadian dollars unless otherwise noted.
Contacts: Spider Resources Inc. Neil Novak President and CEO
(416) 815-8666 Website: www.spiderresources.com
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