McFauld’s Lake #3 deposit expanding

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

The companies ended their late summer-fall drill program with a stellar hole (McF-04-57) that graded 8% copper over 18.8 metres. This includes a 10.5 metre interval grading 9.35% copper. In addition this interval assayed anomalous gold and silver in several samples (up to 1.8 grams gold over 3.2 metres and 30 grams silver per tonne over 3.5 metres).

Hole McF-04-57 cut the McFaulds #3 deposit 75 metres downdip of a hole that hit 13.8 metres grading 5.5% copper. Another previously reported hole (McF-04-41) cut 8 metres grading 6.5% copper and 3.3% zinc, 25 metres east and 50 metres up dip of hole McF-04-57.

Copper mineralization remains open to the east and down dip. Hole 56, collared 25 metres to the north, cut 3.25 metres grading .85% copper and 5.3 grams silver per tonne.

Downhole induced polarization surveys completed over McFaulds #1 and #3 indicate that the zones continue both down dip and down plunge. The deposit has been tested over a 400-metre strike length.

A strong conductor with low resistivity was indicated at 305 metres depth by a gradient survey centred on hole McF-04-48 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 McF-04-55, drilled 75 metres to the 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 .62% copper and 1 gram silver per tonne. Two holes failed to intersect significant mineralization.

Since January 2003, fifty-seven 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.

Drilling stopped at hole McF-04-57 because of freeze up but it is set to begin again in January. The joint venture holds 125 sq. km in the McFaulds Lake area.