Spider drilling James Bay Lowlands property

Vancouver — Spider Resources (SPQ-V) and joint venture partner, KWG Resources (KWGR-C) have completed three diamond drill holes on the James Bay Lowlands base metal property in Ontario.

Last October, while testing for kimberlite occurrences, De Beers, drilled 13 targets on the joint venture’s Spider #3 property. No kimberlites were found, however, one of the thirteen holes cut 8-metres of sulphide mineralization that averaged 1.61% copper, 0.34% zinc, 0.13% lead, 9.9 grams silver, and 0.13 gram gold per tonne. Some sections assayed as high as 7.09% copper and 4.67% zinc. De Beers subsequently returned the property to Spider and KWG in return for a royalty interest in property.

A magnetic and electromagnetic survey completed over the discovery area indicated an elongate anomaly that strikes to the northeast and measured 220 meters in length and 60 meters in width.

Spider and KWG interpreted this information as a new volcanogenic massive sulphide base metal occurrence.

In the current drilling campaign, two holes have been drilled under the original intercept and targeted a vertical depth of 160 metres and between 50 and 80 metres, respectively. A third hole has been completed 100 meters to the northeast along the projected strike of the zone. Assays are anticipated in a few weeks.

Drilling is continuing with an additional three holes planned. Spider holds a 49% interest and KWG holds the remaining 51%. Diagem International Resource (DGM-V) holds a 38.9% interest in KWG.

Spider Resources is a diamond exploration company with three main projects; the James Bay Lowlands project in Northern Ontario, the Wawa project of central Ontario and the Alto Paranaiba project located in the states of Goais and Minas Gerais in central Brazil. The company has 117 million shares issued.