Spider, KWG expand McFaulds Lake target

Vancouver — Partners Spider Resources (SPQ-V) and KWG Resources (KWG-V) are encouraged by drill results from the McFaulds #3 base metal deposit in the James Bay Lowlands of Ontario.

Hole 20 intersected a 36-metre section (true width) of sulphide mineralization. The hole returned 5.9 metres grading 2.8% copper and 0.02% zinc, plus 0.5 gram gold and 15.5 grams silver per tonne, starting at a down-hole depth of 68.4 metres. This was followed by a 4.2-metre section of 0.26% copper, 11.8% zinc and 1.57 grams silver starting at 91.2 metres down-hole.

Hole 20 cut mineralization about 50 metres above the initial discovery hole, no. 18, which intersected a 42-metre section of sulphides at a vertical depth of 125 metres. 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 25.7 metres. The total copper section averaged 1.5% copper, 0.12% zinc, 0.32 gram gold and 8.47 grams silver over 7.9 metres.

Meanwhile, hole 21 has under-cut holes 20 and 18 and intersected 9 metres of heavy banded sulphide mineralization about 50 metres below the mineralization intercepted in hole 18. Assay results are pending.

The partners have so far completed four holes and, at presstime, was completing a fifth. Holes 22-24 have been drilled on a section that is a 50-metre stepout east of holes 18, 20 and 21.

Meanwhile, a second electromagnetic anomaly has been detected north of the McFaulds #3 zone, and drill-testing is planned.

The current drill program is being financed by Diagem International Resource (dgm-v) through a $2-million investment in the project. In return, Diagem will gain an 8% interest.