KIMBERLITE FOUND!!!SPIDER AND KWG ANNOUNCE DISCOVERY OF A NEW KIMBERLITE ON DIAGNOS INITIATIVE PROJECT RING OF FIRE AREA Back
via COMTEX
Jun 29, 2010 11:20:00 AM
Jun 29, 2010 (TheNewswire.ca via COMTEX News Network) --
(via Thenewswire.ca)
Spider Resources Inc. ("Spider" - TSXV:SPQ) and KWG Resources Inc. ("KWG" - TSXV:KWG) are pleased to announce the discovery of a new kimberlite located on the eastern edge of the "Ring of Fire" exploration area and in the vicinity of the Kyle swarm of kimberlites. The new kimberlite is called Kyle #6 and was hidden beneath 35 metres of Paleozoic carbonate cover rock including limestone and dolomite. As of 7 am this morning vertical Hole DGN-10-01 intersected diatreme facies kimberlite between 35 metres and 111 metres downhole. Drilling continues with one drill rig on this new discovery. A second hole is currently being planned to continue the test of this new kimberlite. Samples will be sent for diamond content testing upon completion of the program. The Diagnos Initiative project is funded equally by Spider and KWG on a 50:50 basis.
The target anomaly was prioritized for acquisition and follow-up several years ago using a combination of regional airborne fixed wing magnetic geophysical methodology, local helicopter magnetic surveying, as well as a regional review by Diagnos Inc. ("Diagnos" - TSXV:ADK) using their proprietary Computer Aided Resource Detection System "CARDS" methodology for screening out and prioritizing anomalies. For more information on CARDS please follow the link to Diagnos website www.diagnos.com
The current drill test is a follow up to a ground magnetic geophysical program completed in 2006 as well as a recent horizontal loop electromagnetic "HLEM" program completed about a week ago. The HLEM program concluded that the distinct magnetic feature was not conductive, ruling out the possibility of sulphides being the cause of the magnetic signature, providing more confidence in the initial interpretation of kimberlite source. Billiken Management Services Inc. of Toronto, Ontario is providing services for the program, under the field supervision of Patrick Chance M.Sc. P.Eng., an independent qualified person as defined by National Instrument 43-101.