Vancouver — Spider Resources (SPQ-V) and joint venture partner KWG Resources (KWG-V) have tabled encouraging results from the first drill hole of their winter drilling program on the McFaulds #3 base metal target in the James Bay Lowlands of Ontario.
Late last month the partners announced that they had intersected a 36-metre section (true width) of heavy sulphide mineralization in hole McF-20. Assay results are as follows;
Hole McF-20 cut 5.87 metres averaging 2.8% copper, 0.02% zinc, 0.5 gram gold and 15.5 grams silver per tonne, starting 68.4 metres down-hole. This was followed by a 4.2-metre section that averaged 0.26% copper, 11.8% zinc, and 1.57 grams silver, starting 91.2 metres down-hole.
This hole intersected mineralization about 50 metres above the initial discovery hole, McF-18, which cut a 42 meter section of sulphides at a vertical depth of 125 meters. Hole 18 cut three sections of higher grade zinc mineralization but averaged 0.5% copper, 4.83% zinc, 0.07 gram gold and 2.73 grams silver per tonne, over 25.75 metres. The total copper section averaged 1.5% copper, 0.12% zinc, 0.32 gram gold and 8.47 grams silver, over 7.95 metres.
Hole McF-21 has under cut holes 20 and 18 and has reportedly intersected 9 meters of heavy banded sulphide mineralization 50 meters below the mineralization intercepted in drill hole McF-18. Assay results are pending are pending.
So far the joint venture has completed 4 holes to date in the current campaign and is nearing the completion of the 5th. Drill holed 22 through 24 inclusive have been drilled on a section that is a 50 metre step out to the east of the holes 21, 20 and 18.
In addition, detailed ground geophysics have been successful in sorting out some of the details found in the airborne geophysical data. A second electro-magnetic anomaly has been detected north of the current McFaulds #3 zone. This anomaly has similar geophysical characteristics to the McFaulds #3 zone and will be drill tested soon.
The current drill program is being financed by Diagem International Resource (DGM-V) through a $2.0 million investment into the project. Once these funds have been expended Diagem will have earned an 8% interest in the joint venture. This 8% interest can be converted at the request of any of the parties into an equity interest in Spider and KWG.