HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

Free
Message: Re: SPQ news important - JD & K
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Jan 15, 2009 01:26PM
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Jan 15, 2009 01:50PM
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Jan 15, 2009 02:15PM
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Jan 15, 2009 02:47PM
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Jan 15, 2009 03:24PM
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Jan 15, 2009 04:20PM

In the SPQ NR, this paragraph is found which should temper expectations for chromite exploration at the ROF, but in a good way. It's simply good due dilligence to read carefully.

"As previously announced, (December 15, 2008) diamond drilling by the Spider/KWG JV on the Freewest Option property has identified a northeast trending zone of continuous chromite mineralization that extends from local grid line 9+00 meters NE to 13+00 metres NE along a strike length of 400 metres. The mineralized zone dips towards the NW at about 70 degrees and consists of varying widths of a variable tenor, in many instances high tenor of chrome, forming a series of stacked beds. Additional infill drilling will be required to confirm continuity of the beds from section to section. The deposit remains open to depth as well as along strike in both directions. In addition, drilling to confirm the upward extension of the mineralization to surface has not been completed. All drill and assay results are being added to a 3-D Gemcom model to visualize the chromite body. A number of faults were noted from the drilling, some of which occur at the contact of the chromite with the surrounding peridotite/dunite; these fault sets are also being modeled as they also affect the interpretation and continuity of the mineralization from section to section."

It's great to get continued excellent chromite drill results; but in the case of Spider Resources, it would need more money from a new private placement to continue drilling on the Freewest Option. However, this is not the case for Noront or Freewest each having sufficient resources to continue a 2009 drilling program..

What Spider Resources adds to ROF chromite story is their commitment of $$$$ to fund a chromite focused 43-101. Micon International will write up this document. I believe that its findings, which will focus on the chromite mineralization on the Freewest Option parcels, will have deep implications for similar mineralization on the 100% owned Noront (Blackbirds) and Freewest (Black Thor) properties.

The bottom line is that more drilling is needed - by all parties.

IMHO

Snug

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Jan 16, 2009 04:09AM
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