De Beers squashes Spider 3

De Beers Canada Exploration says it will not pursue any further diamond exploration on the 70-by-120-km Spider 3 project in the James Bay Lowlands region of northern Ontario, after thirteen recently tested targets failed to return any diamonds or kimberlite.

Looking for some silver lining, Spider and KWG point out that one of the program’s reverse circulation holes returned some interesting copper values. Two samples from the 26 to 32 metre depth interval returned 1.1% and 1.3% copper, respectively. The samples also yielded anomalous zinc and lead values. Further assaying aimed at determining base and precious metal concentration is ongoing.

After cutting through 11 metres of overburden, the hole encountered 11.5 metres of Paleozoic limestone and a short section of clay, followed by 8 metres of schistose intermediate-mafic volcanics. The volcanics are variably replaced by sulphide mineralization, including pyrrhotite and chalcopyrite.

De Beers is currently poring over the original geophysical surveys completed over this discovery area.

The major inked a definitive option agreement on the property with Spider and KWG in March 2001. Under the deal, De Beers could earn an initial half-interest in the Spider 3 claims by spending $1.5 million before mid-April 2003. It could boost that by 10% for another $4 million over the following four years.

De Beers will retain a royalty interest on the property.

Spider 3 is contiguous to and immediately west of the Spider 1 area that plays hosts to 7 diamond-bearing kimberlites, plus 17 other kimberlites, including De Beers’ advanced project on the Victor kimberlite.

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