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TORONTO, ONTARIO--(Marketwire - April
8, 2008) - Spider Resources Inc. (TSX VENTURE:SPQ) "Spider" and
KWG Resources Inc. (TSX VENTURE:KWG) "KWG" and Freewest Resources
Canada Inc. (TSX VENTURE:FWR) "Freewest"are pleased to
announce the progress of the diamond drilling program on their jointly
owned Freewest Option property (the "Property"), located
approximately 15 kilometres southwest of the McFaulds Lake volcanogenic
massive sulphide ("VMS") occurrences discovered by Spider and KWG
and approximately 3.6 kilometres northeast of Noront Resources Ltd.'s
("Noront") Eagle One Magmatic Massive Sulphide ("MMS")
discovery, in the James Bay Lowlands region of Northern Ontario.
This diamond drilling program has started the drill test work around the
chrome-nickel-platinum group metal bearing peridotite previously discovered
by Spider and KWG in 2006, which has many similarities to the new discovery
(Eagle Two) of Noront. Billiken Management Services Inc.
("Billiken") has been retained to complete the field program under
the onsite supervision of Dr. Howard Lahti, P.Geo., of Fredricton New
Brunswick. The approved budget for the program is $2.4 million, the cost of
which will be shared 50:50 between Spider and KWG, after which an
additional exploration program with related costs may be recommended as a
result of the first phase of the program.
Three holes, numbered FW-08-05, FW-08-06 and FW-08-07 have been completed
totalling 1,117 meters and hole FW08-08 is underway to test a new anomaly
located approximately 1 kilometre to the northeast of the chromitite
layered peridotite, along the magnetically inferred "Ring of
Fire".
Hole FW-08-05 was designed to undercut hole FW-06-03, drilled at an
inclination of -50, with an azimuth of 150 degrees, total depth of 327
meters. This hole was collared in overburden and entered granodiorite at
17.5 meters, then intersected peridotite at 46.5 meters. The hole remained
in peridotite until it intersected three massive chromitite layers between
252.2 and 273.1, each being around 1 meter wide, within the peridotite.
This intersection was followed by a very thick massive chromitite layer
between 291.4 and 298.8 in fault (gouge) contact with underlying
intermediate tuff (volcanic rocks).. Pyrrhotite and chalcopyrite
mineralization was observed in a short shear zone in peridotite between
69.1 and 69.3 meters. Hole FW-08-06, located 100 meters grid west of
FW-08-05, was drilled at an inclination of -50, with an azimuth of 150
degrees, to a total depth 384 meters, being the maximum length for the
drill being utilized when drilling NQ core. The hole was collared in
limestone, entered granodiorite at 17.8 meters, then intersected peridotite
at 103.3 meters. At 330.2 meters, massive chromitite layering starts,
interstitial rock at this location is described as pyroxenite/peridotite
with local thin bands of massive magnetite. At 346.5 to 384 meters the rock
is pyroxenite with short (1 m) chromitite beds, and erratic patches of fine
grained pyrrhotite and pyrite throughout.
Hole FW-08-07, located 100 meters grid east of FW-08-05, was drilled at an
inclination of -50, with an azimuth of 150 degrees. This hole was drilled
to a final depth of 405.7 meters. Hole 7 encountered peridotite right away
at 10 meter core length and the hole remained in peridotite until 194.7m.
Chromitite layering started in a Pyroxenite, followed by short chromitite
layers between 194.7 to 195 meters, and between 197.8 to 205.5 meters,
followed by a thick bed of chromitite between 209.8 to 223.3 meters. This
hole continued in pyroxenite until 300 meters where the hole entered gabbro
and remained in this rock unit until 405.7 meters.
As stated in earlier press releases, nine separate SW-NE trending
magnetically and electromagnetically rendered anomalies were identified
within the limits of the property, as described within an Interim report
prepared by Scott Hogg and Associates of Toronto Ontario previously
announced on February 22, 2008, most of which warranted additional
follow-up. Line-cutting has recently been completed over the entire
property, ground geophysical surveying including magnetic, electromagnetic
(VLF) and MaxMin electromagnetics continues and has been completed on the
western portion of the property in the vicinity of the initial three drill
sites, as well as the fourth site, results of which are being used to plan
additional drilling in this area as well as other areas nearby.
Previous exploration work on the property included a diamond drill program
resulting in the discovery of a layered chromitite-bearing, nickel and
platinum group element (PGE) enriched peridotite. A previous press release
dated February 4, 2008 describes the analytical results. This
chrome-PGE-nickel discovery was the first of its kind in the McFauld's Lake
area of the Sachigo Greenstone Belt. The host peridotite contains variable
amounts of magnetite as disseminations and seams and elicits a strong
magnetic signature. The magnetic high has dimensions of 400 metres by 400
metres and due to both these dimensions, and the peridotite setting similarity
to Noront's Eagle One MMS discovery (located 3.6 km to the SE), as well as
the newly discovered Eagle Two sheared massive sulphide occurrence,
(located 2 km to the SE of Eagle One) which also contains chromitite
layering; this occurrence has become a very attractive exploration target
for additional work directed at chrome-PGE-nickel mineralization. Noront's
peridotite sill, announced on April 2, is rendered by airborne geophysics
to continue to the east-north-east of their Eagle One occurrence towards
and through the Freewest Option property of Spider and KWG. The focus of
the current drilling program will be to further investigate this Cr-PGE-Ni
occurrence and to test several of the other anomalies on the property.
Neil Novak, P.Geo., President of Spider, accompanied by Donald Hoy, P.Geo.,
Vice-President of Exploration for Freewest, visited the project from March
25 to March 27 to get updated and continue planning the exploration program
for the project.
The terms of the agreement with Freewest are disclosed in earlier press
releases (see press release December 19, 2005, as well press release dated
February 4, 2008).
This press release has been prepared by management of Spider Resources
Inc., which is the Operator of the joint venture with KWG during 2008, and
has been approved for dissemination by Neil Novak P.Geo, President of
Spider and a Qualified Person as such term is defined under National
Instrument 43-101, who has reviewed and verified the technical information
contained in this press release and has 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 303,216,017 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Spider Resources Inc.
Neil Novak
President and CEO
(416) 815-8666
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