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 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). True width of the chromitite and the platinum and palladium zone is not yet determined.
A second hole FW-09-25 was started on September 26, 2009 on Line 1400E @ 1800N with an initial azimuth of 135o azimuth, with an initial dip of -50o, designed to undercut hole FW-09-24. Intermittent chromite beds were intersected between 153.4 and 233.9 in a serpentized dunite. This was followed by chromitite from 233.9 onwards to 271.9 metres downhole (38.0 metres of massive chromite). The hole was stopped at 341.0 metres in pyroxenite on September 30, 2009. Assays are pending on this hole. The first drill is moving onto its' third hole setup.
The second drill crew arrived on September 26, 2009 and are in the process of moving the second rig onto its' first site. It is anticipated that this rig will commencing drilling on October 1, 2009 . There are ~28 holes planned for the current drill program, testing the Big Daddy Chromite Occurrence along its entire geophysically inferred strike length (estimated to be in excess of 1 kilometer) to a depth of 250 metres.
About Spider Resources Inc.
Spider Resources Inc. is the Pioneer exploration (OTCBB:PIEX) company in the James Bay Lowlands of Northern Ontario, exploring this area since 1993. The exploration team at Spider is responsible for the discovery of 8 kimberlites to the east of the Ring of Fire as well as 2 VMS deposits (McFaulds 1 and McFaulds 3), 8 additional VMS occurrences, and the Big Daddy Chromite Prospect within the Ring of Fire. Spider Resources Inc. is a Tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. There are currently 389,545,100 shares issued in Spider.
For further information concerning Spider Resources Inc., please contact:
Neil D. Novak, P.Geo.
President and CEO
Email: firstname.lastname@example.org Website: www.spiderresources.com
Freewest is a well-financed mineral exploration company with more than C$5.0 million in working capital as well as a $CDN 15 million investment in Quest Uranium Corp. (OOTC:QSURF) (TSXV:QUC) at current prices with no debt. It is actively exploring for gold, base-metals and chromite within eastern Canada. Corporate information can be accessed on the Internet at www.freewest.com. Freewest's shares are listed on the TSX Venture Exchange under the symbol FWR.
For further information concerning Freewest Resources Canada Inc., please contact:
Mackenzie I. Watson or Bay Street Connect
President and CEO Michael D'Amico
Tel: (514) 878-3551 or 1-888-878-3551 Investor Relations
Fax: (514) 878-4427 Tel: (647) 500-6023
E-mail: email@example.com Website: www.freewest.com
About KWG Resources Inc.
KWG Resources is a mineral exploration company with extensive claim holdings in the James Bay Lowlands of Northern Ontario, Canada, where important discoveries of nickel and chrome have been made recently in the Ring of Fire. KWG has an equal joint venture interest in a large claim block in the central part of the discovery area, with Spider Resources Inc. The joint venture is developing the Big Daddy Chromite Prospect adjacent to the Black Thor and Black Label chromite discoveries of Freewest Resources Canada Inc. KWG holds a 1% net smelter royalty in all three prospects and has created Canada Chrome Corporation (OOTC:CHREF) to pursue the development of them.
For further information concerning KWG Resources Inc., please contact:
BRUCE HODGMAN MICHEL CÔTÉ
Communications Director Director
Direct: 416-646-1374 514-866-6001
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