SPQ gets 2nd NEW kimbertime for MTX to buck up and find one eh!
KWG and Spider discover new kimberlite at MacFadyen
Spider Resources Inc SPQ
Shares issued 156,228,479 Apr 21 close $0.17
Thu 22 Apr 2004 News Release
See (KWG) News Release
Mr. Michael Newbury of KWG Resources reports
A SECOND NEW KIMBERLITE DISCOVERED NEAR PROPOSED VICTOR DIAMOND MINE
KWG Resources and joint venture partner Spider Resources have discovered a
second new kimberlite pipe on the MacFadyen property located in the
Attawapiskat kimberlite cluster, 100 kilometres west of Attawapiskat, Ont.,
in the James Bay lowlands. All of the MacFadyen kimberlites are within
eight kilometres and north of the advanced Victor kimberlite development
project of De Beers Canada Exploration Ltd. and 1.5 kilometres east of De
Beers's Tango and Tango Extension kimberlites.
The new kimberlite was intersected in hole SPQ-04-03 that tested a magnetic
anomaly located just south of previously discovered MacFadyen No. 2
kimberlite. Kimberlite was encountered at a depth of 65 metres and the
angled hole remained in kimberlite for 32 metres before exiting into very
rubbly Paleozoic carbonates, the hole was lost at 104 metres.
The first hole in this current program, SPQ-04-01 (announced previously),
intersected the Good Friday Kimberlite, which is approximately 100 metres
in diameter, and located 300 metres northeast of previously discovered
(1994) MacFadyen No. 1 kimberlite and 600 metres northeast of the MacFadyen
No. 2 kimberlite.
The discovery of this new kimberlite called the MacFadyen No. 2 (south)
kimberlite increases the total number of announced kimberlites in the
Attawapiskat kimberlite cluster to 21. This new kimberlite may represent
two intrusive phases of the same kimberlite (MacFadyen No. 2). Given the
proximal position being only 50 metres apart, combined with the magnetic
interpretation, it suggests that they are possibly connected at depth.
Additional drilling is currently under way in the immediate area of the two
new occurrences to test for other potential kimberlites.
Furthermore, the first attempt at testing the 250- to 300-metre deep
magnetic linear feature traceable for seven kilometres within the joint
venture property failed, hole (SPQ-04-02) was lost in the Paleozoic rock
when an unconsolidated sand bed was encountered at 72 metres. Another
attempt to drill this elusive deep target is planned, as a wrapup to the
current drill campaign. This deep linear magnetic feature has been
interpreted by the consultants of the KWG-Spider joint venture a possible
kimberlite filled fissure or dike.
The current drill program at the MacFadyen property is under the field
supervision of an independent qualified person (IQP), Roger Thomas, MSc,
PEng, PGeo. Mr. Thomas has been logging the drill core and selecting the
samples for diamond content processing. The 23 core samples from the first
hole in this program were personally delivered by project manager Neil
Novak, PGeo, on April 15, to Thunder Bay Diamond Services Laboratory
(formerly Kennecott Canada Mineral Processing Laboratory), for a complete
diamond content analysis using caustic dissolution. Considering laboratory
cue for processing samples, the joint venture anticipates these initial
diamond recovery results in late May.
The property hosting these four kimberlites (MacFadyen No. 1, MacFadyen No.
2, Good Friday and MacFadyen No. 2 south) consists of five mineral claims
totalling 42 units covering 672 hectares. The KWG/Spider own the claims
outright, subject to a 25-per-cent clawback entitlement by Ashton Mining of
Canada Inc., whereby Ashton can acquire a 25-per-cent interest in the
property hosting a kimberlite by paying the joint venture 300 per cent of
all expenditures incurred on the subject property up until the Ashton
election date.
McFauld's Lake volcanogenic massive sulphide project update -- exploration
continues, three new VMS occurrences discovered
Meanwhile, the joint venture is continuing drilling of the McFauld's Lake
volcanogenic massive sulphide project, located 150 kilometres to the west
of the Attawapiskat diamond project. Downhole geophysics and a large loop
TEM (transient electromagnetic survey) lines have been completed on the
McFauld's No. 3 occurrence, designed to test this occurrence beyond the
depth limitations of the earlier Max Min electromagnetic survey. The final
results and interpretation will dictate the positioning of drill holes to
test the mineralization at depths below the previous drilling.
Since last report on this project, the joint venture has completed five
drill holes on a number of additional outlying geophysical targets
discovering three new massive sulphide occurrences as follows:
L Hole McF-04-36 was located on Grid G, three kilometres
south of the McFauld's No. 3 occurrence, to test the
northern flank of an extremely high magnetic anomaly.
This hole encountered thin pyritic beds spread out over
135 metres in silicified felsic to intermediate
volcanic rocks. The pyritic beds were the most dense
around 140 to 150 metres downhole. The best assays of
samples from this hole returned 0.16 per cent copper
over 0.44 metre, followed by 0.44 per cent copper over
3.25 metres. This geology and sulphide mineralogy
suggests that this mineralization is distal or somewhat
removed from potentially larger sources. Hole McF-04-37
was also located on Grid G to test the same target as
hole McF-04-36. McF-04-37 was drilled into the center
of a very large magnetic anomaly. After passing through
sheared felsic tuffs and a fault contact zone, massive
magnetite with other sulphides (pyrite and
chalcopyrite) were encountered over a core length of
4.89 metres. The best assay in this hole was 0.862 per
cent copper over 1.07 metres. Hole McF-04-38 also
located on Grid G and was the second attempt to test a
strong Max Min anomaly by the joint venture. This hole
successfully reached the target depth and intersected
three metres of massive sulphide mineralization between
150.15 metres and 153.5 metres downhole, followed by
what appears to be a thin quartz stock-work. Magnetite,
chalcopyrite and pyrite have been observed in the
mineralized section. Assays are pending for this hole.
Hole McF-04-39 undercut hole McF-04-28 (McFauld's No.
3) and intersected similar massive sulphide
mineralization over 2.3 metres between 197.95 and
199.25 metres downhole, the samples from this section
are currently being assayed. Down the hole geophysical
surveys have been completed on these two holes
(McF-04-38 and 39) in order to provide a better
understand of this new VMS occurrence. It is felt that
the two initial test holes in this occurrence may
represent the edge of a much larger VMS occurrence. The
joint venture awaits the interpretation of the
geophysical program and assays from the mineralized
sections. Hole McF-04-40 was located on Grid J
approximately 15 kilometres southwest of McFauld's No.
3 occurrence. This hole was designed to test a long Max
Min anomaly, with high magnetic signature. An 8.6-metre
section of semi-massive sulphide was encountered
between 120.05 and 128.65 metres. Pyrite interbedded
with magnetite and felsic tuff was observed. Further
down the hole, sphalerite and chalcopyrite was observed
in thin beds over approximately 19 metres (between
140.9 and 159.35 metres). Samples have been selected
from both mineralized sections, for assay and results
are pending.
The McFauld's project is under the field supervision of James Burns,
PEng, as the independent qualified person. Mr. Burns is responsible for the
logging of the drill core and the selection of core samples for analysis.
All samples are sent the sample processing facility of ALS Chemex in
Thunder Bay, Ont., then pulps of the samples are air transported to ALS
Chemex Laboratory in Vancouver for multielement analysis using ME-MS61
(four acid digestion -- ICP finish).
The McFauld's Lake area drill rig will be moved back to the McFauld's No. 3
occurrence this weekend to complete the last hole of the winter program.
The final hole of the winter program is designed to further test the
McFauld's No. 3 occurrence at depth and to start the drill followup that
the recent down the hole geophysical survey recommended. Both exploration
programs will continue for approximately another week, until spring
breakup, that happens toward the end of April or beginning of May, in this
part of the Canadian north and lasts for four to six weeks.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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