McFauld’s 3 deposit expands

Partners Spider Resources (SPQ-V) and KWG Resources (KWG-T) have hit more copper on their McFauld’s Lake volcanogenic massive sulphide targets in the James Bay Lowlands of northern Ontario.

The companies ended their late summer-fall drill program with a stellar hole, no. 57, which graded 8% copper over 18.8 metres. Included in the hole was a 10.5-metre interval grading 9.35% copper. The interval also assayed anomalous gold and silver (up to 1.8 grams over 3.2 metres and 30 grams over 3.5 metres, respectively).

Hole 57 cut the McFaulds 3 deposit 75 metres downdip of a hole that hit 13.8 metres grading 5.5% copper. Another previously reported hole, no. 41, cut 8 metres grading 6.5% copper and 3.3% zinc, 25 metres east and 50 metres updip of hole 57.

Copper mineralization remains open to the east and downdip. Hole 56, collared 25 metres to the north, cut 3.25 metres grading 0.85% copper and 5.3 grams silver per tonne.

Down-hole induced-polarization surveys completed over the McFaulds 1 and 3 deposits indicate that the zones continue both downdip and down-plunge. The deposits have both been tested over a strike length of about 400 metres.

A strong conductor with low resistivity was indicated at a depth of 305 metres by a gradient survey centred on hole 48 in the McFaulds 3 deposit. That hole cut an alteration zone similar to that surrounding the massive sulphides before intersecting a 3-metre-wide quartz vein in the area where massive sulphides were expected. Hole 55, drilled 75 metres north of this, hit 2.2 metres grading 2% copper and 1.3% zinc at 364.5 metres down-hole.

The easterly holes drilled into McFaulds 3 have a predominance of magnetite and pyrrhotite over chalcopyrite.

Five holes targeted anomalies away from McFaulds 3. The best intersection was 1.65 metres grading 2.89% copper and 5.3 grams silver per tonne. Another hole drilled from the same setup cut 1.5 metres grading 0.62% copper and 1 gram silver per tonne. Two holes failed to intersect significant mineralization.

Since January 2003, 57 holes totalling almost 14,000 metres have been drilled on the McFauld’s Lake VMS property. Thirty-eight of these holes have been directed at the McFaulds 1 and 3 deposits.

Beginning next month, an independent consultant will endeavour to calculate the resource of the two deposits.

Drilling stopped at hole 57, though it is set to begin again in January. The joint venture holds 125 sq. km in the McFaulds Lake area.

Neil Novak, Spider’s vice-president of exploration, says the next news release to watch for will be from the company’s 49%-owned Wawa diamond project (KWG Resources holds 51%), from which results of two 5-tonne mini-bulk samples are awaited.