SPQ gets 3rd kimbermaaybe CF should pop over and see what SPQ is doing - they seem to be having a hayday finding more pipes
KWG and Spider discover new kimberlite at MacFadyen
Spider Resources Inc SPQ
Shares issued 156,228,479 Apr 27 close $0.165
Wed 28 Apr 2004 News Release
See (KWG) News Release
Mr. Michael Newbury of KWG Resources reports
A THIRD NEW KIMBERLITE DISCOVERED NEAR PROPOSED VICTOR DIAMOND MINE
KWG Resources and joint venture partner, Spider Resources, have discovered
of a third new kimberlite on their MacFadyen property located in the
Attawapiskat kimberlite cluster, 100 kilometres west of Attawapiskat, Ont.,
in the James Bay lowlands. The MacFadyen kimberlite property is eight
kilometres northwest of, and contiguous to, the claims that host the Victor
kimberlite, a development project of De Beers Canada Exploration, and is
also contiguous to and 1.5 kilometres east of De Beers's Tango and Tango
extension kimberlites that underwent drill testing by De Beers in 2003.
The new kimberlite was intersected at a depth of 105 metres in hole
SPQ-04-05 that tested a subtle, deep magnetic anomaly located southwest of
the MacFadyen No. 1 kimberlite. The vertical hole remained in kimberlite
for 26.4 metres before exiting into Paleozoic calcareous mudstone and
limestone, the hole ended at 140.1 metres. The discovery of this new
kimberlite may represent the first mid-Paleozoic kimberlite in this
expanding field of 22 kimberlites -- 16 owned by De Beers, one by the
Canabrava-Navigator joint venture and five by the KWG/Spider joint venture.
Hole SPQ-04-05 entered bedrock at 37.5 metres, intersecting horizontally
bedded limestone and sandstone, then encountered a narrow (0.74-metre)
kimberlite dike at 82 metres, before passing through another 22 metres of
horizontal bedded Paleozoic-aged limestone. At 105 metres, a second
intersection of extremely weathered and leached kimberlite for the first
1.27 metres was encountered. This top section of the kimberlite may
represent a "paleosol" or an old soil profile the result of surficial
weathering in mid-Paleozoic times. If this is the case, it will be the
"first mid-Paleozoic kimberlite" encountered in the Attawapiskat swarm.
Alternatively, this new kimberlite may be a 26-metre-thick horizontal sill
from the nearby MacFadyen No. 1 kimberlite. The hole exited kimberlite at
131 metres, entering calcareous mudstone and then limestone. Until the
nature of this kimberlite intrusion is determined (pipe or sill) the joint
venture will not be assigning a name to the kimberlite. Samples of this
kimberlite are being selected for age dating to confirm this
interpretation. The remainder of the sample will be submitted for
microdiamond content analysis.
As announced in Stockwatch on April 22, 2004, the first attempt to test the
250-to-300-metre-deep magnetic seven-kilometre-long linear feature, that
has been interpreted by the joint venture consultants as a "possible"
kimberlite-filled fissure or dike on the joint venture property, failed to
reach the target, when an unconsolidated sand bed was encountered at 72
metres. Another attempt to drill this deep target is under way, prior to
ending the current winter drill campaign. The current hole (SPQ-04-06) has
successfully passed through the previously encountered unconsolidated sand
bed and is continuing to target depth of 300 metres.
The drill program at the MacFadyen property is under the field supervision
of an independent qualified person, Roger Thomas, MSc, PEng, PGeo. Mr.
Thomas has been logging the drill core and selecting the samples for
diamond-content processing.
The property hosting the aforementioned five kimberlites (MacFadyen No. 1,
MacFadyen No. 2, Good Friday, MacFadyen No. 2-S and the new kimberlite)
consists of five mineral claims totalling 42 units covering 672 hectares.
The KWG/Spider own 100 per cent of the claims, subject to a 25-per-cent
clawback entitlement by Ashton Mining of Canada. 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.
(c) Copyright 2004 Canjex Publishing Ltd. https://www.stockwatch.com