Drilling by partners Spider Resources (SPQ-V) and KWG Resources (KWG-V) has cut a new kimberlite pipe on the MacFadyen property in the James Bay Lowlands region of Ontario.
The discovery hole, no. 04-01, tested a magnetic target measuring about 100 metres in diameter, and encountered a few metres of weathered crater facies kimberlite at a vertical depth of 47.5 metres after passing through several layers of glacial till. Thereafter, the hole cut 129.5 metres of hypabyssal kimberlite to a vertical depth of 177 metres, at which point it entered sedimentary rocks that persisted to a depth of 189 metres.
The partners say that hypabyssal facies shows a bimodal distribution of olivine, the larger of which contain chrome diopside. Occasional corroded orange pyrope garnets are also observed. Xenolithic fragments, pyrope garnets and the larger olivine macrocrysts have a very distinct reaction rim seen in other diamond bearing Kimberlites in the region.
The latest discover, dubbed Good Friday, is situated about 300 metres northeast of the MacFadyen no. 1 kimberlite (discovered in 1994), and 600 metres northeast of the MacFadyen no. 2 kimberlite, both of which are within 8 km of the advanced-stage Victor diamond project of De Beers. and 1.5 km east of De Beers’ Tango and Tango Extension kimberlites.
Further drilling is planned to test other nearby targets plus a linear, 7-km-long, 250-metre deep magnetic feature elsewhere on the property.
The latest discovery sent shares in Spider Resources 1.5 higher to21.5 in late afternoon trading in Vancouver on Apr. 12. For their part, KWG shares were 1.5 higher at 30.5.
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