RE: SPQ News! Heads UPSpider, KWG find more sparkle at MacFayden, Good Friday
2004-11-01 12:45 ET - News Release
Also News Release (C-KWG) KWG Resources Inc (2)
An anonymous director of Spider reports
SPIDER RESOURCES INC.: A SIGNIFICANT MACRO DIAMOND WEIGHING 0.0765 CARATS RECOVERED FROM MACFADYEN #2 KIMBERLITE BULK SAMPLING OF WAWA DIAMOND OCCURRENCES STARTED
Spider Resources Inc. and joint venture partner KWG Resources Inc. have recovered yet another significant diamond weighing 0.0765 carat from drill holes completed during the recently completed drill campaign on claims held by the joint venture on the James Bay Lowlands area of Northern Ontario.
Results from caustic dissolution processing for diamond content for holes SPQ-04-09, 11 and 12 are as follows.
Mic- Mac- Comm.
ros ros (great-
(less (0.5 er
Kimber- Weight than to than To-
lite Hole (kg) 0.5mm) 0.8) 0.8mm) tal
Good SPQ-04
Friday -09 155.1 15 2 1 18
Mac-
Fadyen SPQ-04
No. 1 -11 240.62 25 6 1 32
Mac-
Fadyen SPQ-04
No. 2 -12 4.94 1 0 1 2
Comm. equals commercial stones greater than 0.08 millimetre.
The largest diamond recovered was from the MacFadyen No. 2 kimberlite, and this diamond had a measured weight of 0.0765 carat with dimensions of 2.1 millimetres by 1.9 millimetres by 1.3 millimetres. It is an intact octahedroid, transparent diamond. It is worthy to note that the recovery of a diamond of this size from only 4.94 kilograms of kimberlite sample is a very rare event. The sample represents a small kimberlite dike separate from the main MacFadyen No. 2 structure. As reported in Stockwatch on June 15, 2004, 15 microdiamonds were recovered from 70.91 kilograms of kimberlite from the main mass from 62.7 metres to 96.7 metres downhole. Statistically, these events suggest the presence of a good macrodiamond population in this kimberlite and the other related kimberlites nearby on the joint venture property.
Similarly, as reported in Stockwatch on June 15, 2004, the Good Friday kimberlite yielded anomalous macrodiamonds: "Eight macrodiamonds (0.5 millimetre to 0.8 millimetre) and two stones were found to be greater than 0.8 millimetre. The largest (commercial-sized) diamond measured 1.45 millimetres by 0.96 millimetre by 0.77 millimetre and weighed 0.19 carat. This stone is described as an irregular fragment green coloured, transparent diamond."
These results are sufficiently encouraging to warrant further drilling on the McFadyen kimberlite pipe cluster during the forthcoming winter drill program.
Nine drill holes totalling 1,380 metres were completed during the current program. The joint venture confirms that it now controls five diamondiferous kimberlites on the McFadyen claim group located eight kilometres from the De Beers Victor mine project.
A second attempt was made to intersect the deep magnetic target on the McFadyen property. This latest hole is located between the MacFadyen No. 1 and the Good Friday kimberlite at a vertical elevation of minus 300 metres. Hole No. SPQ-04-14 was stopped short of target at 180 metres core length (on the way to 330 metres core length) when the weather conditions made it unsafe to continue and adequately service the drill site. Drilling will resume on the MacFadyen project early in the new year, with the completion of drill hole SPQ-04-14 and the testing of other targets as recommended or required.
The rate of drilling production on this project was plagued with difficulty in drilling through the Paleozoic limestone -- sandstone rock near the five kimberlites already discovered on the joint venture property a few kilometres north of the De Beers Victor project.
Wawa project update
Two 10-tonne samples are being extracted where previous surface stripping mapping sampling has discovered an area where six commercially significant size diamonds (contained in two 10-kilogram samples) were found in surface exposures as reported in Stockwatch on Aug. 30, 2004. The commencement of the mini-bulk sampling has started under the auspices of James Burns, PEng (IQP), and it is estimated to be completed within two weeks. Then the samples will be shipped to the Lakefield Research's mineral processing laboratory in Lakefield, Ont., where the samples will be analyzed for commercial-sized diamonds, using a multistaged rolls crushing extraction process, followed by high gauss magnetic separation of the crushed product(s). The non-magnetic concentrate from each size fraction will be subjected to caustic dissolution and microscopic examination for diamonds in excess of 0.8 millimetre in two dimensions only.
The results of the two mini-bulk samples will determine the next phase of exploration, and diamond drilling of the new Lalibert occurrence undercutting the mini-bulk sample area will be part of the program.
Quality control and quality assurance
The kimberlite core samples were individually pailed and sealed and delivered by a bonded carrier to the Kennecott Canada Exploration Inc. mineral processing laboratory in Thunder Bay, Ont., where the samples underwent microdiamond analysis using caustic fusion followed by microscopic examination for microdiamonds, from various sieve sizes of the caustic fusion product. Only those diamonds that were captured on a 0.15-millimetre sieve or greater were collected and reported. The two mini-bulk samples will be processed at Lakefield's diamond processing laboratory in Lakefield, Ont.