If you haven't had a chance to read (at least some) Noront's recent 43-101, it is very instructive. Moreover, it gives some hints as to what Neil Novak is also looking for with the current JV drilling program.

I have uploaded a screen capture from the NOT 43-101, and added a notation pointing to SPQ's JV drilling site.

On page 15 of NOT's 43-101, it reads:

"The most recent drilling at Eagle Two suggests that the zone of finger-style mineralization is coalescing and increasing in overall thickness as it is tested to the west, presumably into a conduit that is part of the original feeder system. The sulphide mineralization is also interpreted as moving away from the chromitite mineralization further suggesting that the Eagle Two mineralizing environment is moving further away from the RFI into a possible feeder conduit environment similar to that at the Eagle One Deposit."

(We all know the excitement that Eagle One caused.)

On the screen capture you can see the RFI (Ring of Fire Intrusion) relative to Eagle One. Clearly, Neil Novak is using his understanding of the ROF geology to look for a similar deposit as E1 in the current JV drilling. He knows that somewhere close to the very large (and exciting) chromitite beds are probably nickel, copper, and PGEs.

Further to this search, on page 17 the 43-101 reads

"Nickel-copper sulphide deposits are sulphide concentrations that occur in certain mafic and/or ultramafic intrusions or volcanic flows. Nickel is the main economic commodity; copper may be either a co-product or by-product, and platinum group elements (PGEs) are usual by-products. Other commodities recovered in some cases include gold, silver, cobalt, sulphur, selenium and tellerium. These metals are associated with sulphides, which generally make up more than 10% of the ore."

It should be noted that Neil has also found rhodium and other "iums" in previous drilling at this location.

So this isn't a "pie in the sky" drilling program. A resource estimate and a 43-101 are planned and probably will come out in late Fall or early winter of 2008/2009. The investor's money (your money) is being spent wisely via the drill bit (no reverse splits here, folks).

Neil Novak is intimately familiar with this geology. The patient Spider Resources' investor will be rewarded.

IMHO

Snug