Oct. 1, 2009 (TheNewswire.ca) --
- Drill crew arrived September 22, first hole completed, second hole completed
- First hole intersects 30.3 metres of chromite mineralization; second hole intersects 38.0 metres of chromite mineralization.
- Second drill crew arrived September 26, drilling to commence with second rig this week..
TORONTO, ONTARIO - October 1, 2009 - Spider Resources Inc. (TSXV:SPQ) (SPQ:TSX-V)("Spider"), KWG Resources Inc. (TSXV:KWG) (KWG:TSX-V)("KWG") and Freewest Resources Canada (TSXV:FWR) Inc. (FWR:TSX-V)("Freewest") are pleased to announce the start-up of an 11,000 metre drill program on the Big Daddy Chromite property, which comprises of four 16 unit claims, one 12 unit claim plus two additional one unit claims (1,248 hectare property), pursuant to the first year commitment on an Amended Option Agreement with Freewest dated September 10, 2009.
As stated on September 14, 2009, KWG and Spider have committed to undertake an exploration program on the Big Daddy Chromite Property under which an aggregate of at least $5 million must be spent by March 31, 2010, in order for Spider and KWG to earn an additional 1.5% each (3.0% in aggregate), bringing each Optionees respective interest level to 26.5%. The field aspect of this program has commenced, with crews arriving on September 20, 2009. Field operations are currently based out of the Billiken Management Services Ltd.'s Base camp, located at McFaulds Lake. Cabo Drilling (OOTC:CBEEF) (TSXV:CBE) (Ontario) Corp. was recently awarded the diamond drilling contract portion of the program. It is anticipated that approximately 11,000 metres of diamond drilling will be completed during the current phase of exploration, the results of which will be incorporated into an initial resource estimate for Big Daddy. In addition, Aecom Canada has recently been awarded the contract for Base Line Environmental work and Traditional Knowledge studies both of which will involve the project's First Nation neighbors, and will be undertaken to provide the necessary information for future development plans.
Drilling Program
Drilling commenced September 23, 2009 on hole FW-09-24 located on Line 1400E @ 1700N; drilling at 135o azimuth, with an initial dip of -50o. Intermittent chromite beds in a serpentinized dunite were intersected between 64.6 and 86.0 metres downhole. Chromitite was intersected between 101.9 and 132.2 metres downhole (30.3 metres of massive chromite). The hole was stopped at 136.4 metres in pyroxenite on September 26th. Assay results are pending. This hole compares favorably with holes FW-08-22 and FW-08-23, both of which are located 100 metres to the southwest on Section 1300E. As previously announced on January 14, 2009, Hole FW-08-22 encountered 42.08% Cr2O3 over 34.8 metres, and FW-08-23 encountered 34.96% Cr2O3 over 42.0 metres. These two holes also encountered intriguing platinum and palladium mineralization grading as high as 1.08 g/t Pt and 1.5 g/t Pd over 4 metres (in hole FW-08-23).
