Vancouver Diamond explorers Spider Resources (SPQ-V) and joint venture partner KWG Resources have stumbled onto massive sulphide mineralization while looking for kimberlites on the Spider #3 project in the James Bay lowlands of northern Ontario.
De Beers Canada Exploration drilled 13 reverse circulation drill holes over 13 targets as part of an earlier deal to earn a 50% stake in the 13,000 sq km property by spending $1.5 million over 2 years. No kimberlites were hit prompting De Beers to stop exploring the project. However, one of the holes cut massive sulphide mineralization driving new life into the property. The hole returned 8 metres grading 1.61% copper, 0.34% zinc, 0.13% lead, plus 9.9 grams silver and 0.13 gram gold per tonne. Included in this section was a 0.5 metre protion running 7.09% copper, 4.67% zinc, 2.68% lead, 150.6 grams silver and 0.76 gram gold.
A magnetic and electromagnetic geophyscal survey over the discovery area shows a 220-by-60 metre northeast trending magnetic high. Spider and KWG believe that a new volcanogenic massive sulphide type base metal showing has been discovered and that similar pods of sulphide accumulation can be expected to occur, along the strike.
KWG is 38.9% owned by Diagem International Resources (DGM-V).
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