JAMES BAY LOWLANDS, Ontario The summer exploration program is underway on the Spider No.3 project area in Northern Ontario. The target includes the McFauld's Lake volcanogenic massive sulphide (VMS) deposits jointly owned by SPIDER RESOURCES and KWG RESOURCES. Work this summer includes airborne geophysics and diamond drilling on the target that was delineated earlier this year.
Since March 2003, drill core from eight holes at the Spider No.3 project have returned respectable amounts of copper and zinc mineralization. Hole McF.03-07 assayed as high as 3.55% Cu over 6.9 m and 2.05% Zn over 3.3 m. Hole McF.03-08 was even better: 3.39% Cu over 5.68 m and 7.64% Zn over 4.1 m. The partners have not yet released a resource estimate.
Spider and KWG believe they have discovered a new VMS occurrence similar in some respects to the one near Matagami, Que. They have awarded a $500,000 drilling contract to HEATH & SHERWOOD of Kirkland Lake, Ont., and a $225,000 geophysical contract to FUGRO AIRBORNE SURVEYS of Ottawa.
Contact Norman Brewster, president of Spider, at 416-815-8666.