TORONTO,
ONTARIO-(June 11, 2008) - Freewest Resources Canada Inc. (TSX
VENTURE:FWR) "Freewest" and Spider Resources Inc. (TSX
VENTURE:SPQ) "Spider" and KWG Resources Inc. (TSX VENTURE:KWG)
"KWG" are pleased to announce additional results from the diamond
drilling program on their jointly owned Freewest Option property (the
"Property"), located approximately 15 kilometres southwest of the
McFaulds Lake volcanogenic massive sulphide ("VMS") occurrences
and approximately 3.6 kilometres northeast of Noront Resources Ltd.'s
("Noront") Eagle One Magmatic Massive Sulphide ("MMS")
discovery, in the Ring of Fire area of the James Bay Lowlands region of
Northern Ontario. Massive chromitite layers in a peridotite sill were
encountered in hole FW-08-07 returning Cr2O3 grades as high as 30.73% over
14.4 metres, other layers within the peridotite sill show enrichment in
Platinum and Palladium as high as 2.183 g/t (Pt + Pd + Au) over 9.0 metres
as well as enrichment in Nickel up to 0.21% Nickel over 3.6 meters.
As previously announced in an earlier release (dated May 2, 2008), Hole
FW-08-05 encountered 35.6% Cr2O3 over a drill intercept of 7.5 metres,
along with other layers showing enrichment in Platinum, Palladium and
Nickel, this drill intercept is located 100 metres to the SW of the
intercept in hole FW-08-07. Hole 5 was designed to undercut hole the 2006
drill hole numbered FW-06-03 on the same drill section that intersected two
chromitite layers returning grades of 34.5% Cr2O3 over 1.03 metres,
followed by 28.9% Cr2O3 over 0.85 metres (announced June 29, 2006). In
light of a regional exploration review and discussions with neighbouring
explorers, there is a consensus of opinion and a determination that the top
of the chromitite layered complex is likely to the SE, with bottom being
towards the NW. Observations in the drilling within this portion of the
sill suggests thickening of the chromitite layers to depth and the
northeast, consequently the focus of the next round of drilling will be to
further investigate this Cr-PGE-Ni occurrence, exploring it to greater
depths and along strike to the northeast and to continue the testing of
several of the other anomalies on the property. Ground geophysical
surveying is underway and is anticipated to be completed by the third week of
June. Drilling is scheduled to continue immediately thereafter.
The joint venture commenced drilling in late March 2008 and concluded
drilling in mid May, in the vicinity of their chrome-nickel-platinum group
metal bearing peridotite previously discovered by Spider and KWG in 2006,
which appears to have many geological similarities to the Eagle Two
discovery of Noront, announced in late February. Spider and KWG completed 7
holes for a total of 2,184 metres, under the auspices of Dr. Howard Lahti,
P.Geo., of Billiken Management Services Inc. ("Billiken") an
exploration consulting firm retained to complete the field program.
Billiken provided the onsite supervision as well as camp facilities,
helicopter support and other logistical support for the program.
RECENTLY RECIEVED ANALYTICAL RESULTS
Hole FW-08-06, was located 100 meters grid west of FW-08-05, and was
drilled at an inclination of -50, with an azimuth of 150 degrees, to a
total depth 384 meters. The hole was collared in limestone, entered
granodiorite at 17.8 meters, then intersected peridotite at 103.3 meters.
At 330.2 meters, massive chromitite layering started, interstitial rock at
this location is described as pyroxenite/peridotite with local thin bands
of massive magnetite. At 346.5 to 384 meters the rock is pyroxenite with
short (1 m) chromitite beds, and erratic patches of fine grained pyrrhotite
and pyrite throughout. The following table presents the results of hole
FW-08-06:
Hole FW-08-07, located 100 meters grid east of FW-08-05, and was drilled at
an inclination of -50, with an azimuth of 150 degrees. This hole was
drilled to a final depth of 405.7 meters. Hole 7 encountered peridotite at
10 meter core length and the hole remained in peridotite until 194.7m.
Chromitite layering started in a Pyroxenite, followed by short chromitite
layers between 194.7 to 195 meters, and between 197.8 to 205.5 meters,
followed by a thick bed of chromitite between 209.8 to 223.3 meters. This
hole continued in pyroxenite until 300 meters where the hole entered gabbro
and remained in this rock unit until 405.7 meters. The following table
presents the results of hole FW-08-07:
Chromitite (rock composed mostly of chromite) layers have been intersected
in holes FW-06-03, FW-08-05, FW-08-06 and FW-08-07. The chromitite layers
appear to occur as steeply dipping stratiform layers with down dip extent
of at least 200 metres and strike length of at least 200 metres between
lines 9+00E and 11+00E on the local grid. The chromitites vary from narrow
seams, a few centimetres thick to massive beds of chromitite greater than
14 metres in drilled thickness (not true width). The host rock is an
altered peridotite. Chromitite layers typically accumulate near the top of
the peridotite sill in a magmatic massive sulphide setting, or they could
occur laterally with respect to the feeder zone as distally thinning beds.
Several additional weakly mineralized chromite enriched layers have also
been noted in the peridotite below the massive chromitite layers
encountered in holes 3, 5, 6 and 7. Some recent "cooperative"
work has been undertaken with Noront on samples selected from the Freewest
Option property. The work was done at University of Toronto, under the
direction of Dr.. James Mungall, his research assistant provided the
analysis. Wavelength dispersive electron microprobe analysis of six
individual chromite grains in samples from holes FW-08-05 (251.2, 255.8,
265.5, 269.0, 275.0 and 292 m) show that the compositions of the six
chromite grains show some variability around an average value of 50.0
weight percent Cr2O3 (range 46% to 54%), with Cr/Fe ratios averaging 2.0
(range of 1.25 to 2.75) . Four chromite grains from FW-08-07 (210.5, 218.5,
223.0, and 298 m) show that the compositions of the chromite grains have
less variability around an average value of 48 weight percent Cr2O3 (with a
range of 46 to 50), with Cr/Fe weight ratios between 1.1 and 1.45 and
averaging 1.3.
With several intersections of massive chromitite encountered in this recent
drilling, the drill results can now be modelled three dimensionally and
analyzed to determine section to section, as well as, hole to hole
continuity. Lithogeochemical analysis will also be undertaken in order to
join up the various chromitite layers to determine continuity. New drilling
is currently being planned to infill the area between Section 10NE (Holes 3
and 5) as well as 11NE and 12NE on 50 metre centers. In order to understand
more fully the chemical characteristics of the rock and how this impacts
chrome valuation, whole rock analysis of the chrome enriched core must be
undertaken.
OTHER DRILL AND ASSAY RESULTS
Hole FW-08-08 was designed to test an electromagnetic and magnetic anomaly
located approximately 1 kilometre to the northeast of the main chromitite
layered complex as defined by holes FW-06-03, FW-08-05, FW-08-06 and
FW-08-07, along a magnetically inferred regional trend. This hole was
located at local Grid co-ordinate L19+00E at 18+75N, and drilled grid south
at 150 degrees with an initial dip of -50 degrees for a total length of 270
metres. The magnetic anomaly was explained by the presence of the magnetite
enriched dunite, the conductivity anomaly may be related to the magnetite
veinlets or the clay filled fault zone between 152 and 161.3 metres. No
significant assays were received for this hole, although anomalous nickel
was returned between 79.5 metres and 150.5 metres. Best assay over this
interval was 0.306% Nickel over 3 meters.
Hole FW-08-09 was designed to undercut hole FW-08-08 to determine if there
was any sulphide mineralization located within the fault zone encountered
in hole 08 at greater depths. Hole 09 was positioned at L19+00E at 18+75N,
drilled grid south at 150 degrees with an initial dip of -73.5 degrees. The
presence of magnetite veinlets explained the high magnetic susceptibility
and these veinlets if continuous and linked together may explain the
conductivity observed in the ground and airborne geophysical surveys. There
were no samples selected from this hole as no significant mineralization
was observed.
Hole FW-08-10 was designed to undercut previously drilled hole FW-06-04
(drilled in 2006) to test two mineralized zones encountered in hole 4 that
were anomalous in nickel, copper and platinum group elements (Pt and Pd).
Hole 10 was positioned at local grid co-ordinate L14+00E at 12+07N, drilled
grid south with azimuth of 150 degrees with an initial dip of -65 degrees
for a total length of 312 metres. Gabbro was encountered between 36.5
metres and 86.7 metres (changing to coarse grained around 63 metres). At
86.7 metres the gabbro changed to an olivine rich gabbro, grading into a
peridotitic phase of the gabbro at 115.5 metres depth. The olivine
gabbro-peridotite contained weak to moderate sulphide mineralization
between 90 and 115.5 metres. At 115.5 metres the rock became heavily
chloritized with silica flooding in the form of veins bearing sulphides
(pyrite, pyrrhotite and minor chalcopyrite). At 170.6 metres the hole
entered an intermediate to felsic tuff with variable sulphide content
including pyrite, pyrrhotite and chalcopyrite and remained in this sulphide
zone until 192.7 meters. Relatively barren intermediate to felsic tuff was
encountered to end of hole at 312 metres. The subtle magnetic feature and
moderate conductivity as interpreted from the ground and airborne surveys
have been explained by the visual results of this drill hole. Only
anomalous values in Nickel over short sample sections were returned from
the samples selected from this hole.
Hole FW-08-11 was designed to undercut hole FW-08-10 as well as hole
FW-06-04. This hole was positioned on local grid L14+00E at 12+75N, drilled
grid south with azimuth of 150 degrees with an initial dip of -65 degrees
for a total length of 309 metres. After passing through 12 metres of
overburden the hole entered gabbro and remained in gabbro until 90.2 metres.
At 90.2 metres the gabbro changed to a coarse grained porphyritic gabbro
until 152.5 to 156.2 when the gabbro was found to be in fault contact with
intermediate volcanic. Between 156.2 and 175.6 metres the volcanics were
found to have undergone extensive alteration (chloritization and silica
flooding) and brecciation. Variable amounts of sulphide minerals including
pyrite, pyrrhotite and chalcopyrite were noted in this section. At 175.6 to
182.7 the sulphide content increased, chloritization and carbonate
alteration were noted. At 182.7 and extending to 189.7 metres the hole
encountered coarse grained gabbro (porphyry), followed by chlorite schist
between 186.7 and 195.7 metres, followed by gabbro until 231 metres.
Another Intermediate volcanic unit was encountered between 231 continuing
to the end of the hole at 309 metres. Sulphide mineralization was noted
between 235.5 and 279 metres. The presence of two distinct sulphide zones
encountered in this hole is encouraging, these were analyzed for their base
and precious metal content. The sulphide accumulation encountered by this
hole has explained the conductivity anomaly with weak magnetic signature.
The following table presents the results for this hole:
SAMPLE PROTOCOL, SECURITY, ANALYSES
All drill holes were logged and samples referred to herein were completed
and selected by Howard Lahti Ph.D., P.Geo, of Fredericton New Brunswick.
The samples were sawn in half, with half of the core retained for further
work and/or storage at the main base camp. The split samples were placed
into individual plastic bags, clearly labelled and tagged and then sealed
in rice bags where a numbered seal lock was closed by Dr. Lahti. The sealed
rice bags were placed in plastic sealed pails and shipped via bonded
carrier to Activation Laboratory's (ActLab) new facility in Thunder Bay,
Ontario. The samples were then entered into ActLab's system for
preparation, processing and analyzing. After initial processing at the
Thunder Bay facility of ActLab the samples were shipped via lab - lab
bonded courier to ActLab's main laboratory in Ancaster, Ontario. The
samples all underwent multi-element analysis using four acid digestion
followed by Inductively Coupled Plasma analysis (TD-ICP). Where overlimits
in nickel and copper are encountered in the first pass, Optical Emission
Spectrometry (ICP-OES) is used to provide the overlimit results, as well as
Fire Assay Inductively Coupled Plasma (FA-ICP) for gold, platinum and
palladium. Additional analysis using Instrumental Neutron Activation
Analysis (INAA) was completed for all samples for their respective chrome
grades in excess of 1% chrome. For more information on these analytical
techniques please refer to Activation Laboratory website www.actlabs.com.
Previous exploration work on the property included a diamond drill program
resulting in the discovery of a layered chromitite-bearing, nickel and
platinum group element (PGE) enriched peridotite. This chrome-PGE-nickel
discovery was the first of its kind in the McFauld's Lake area of the
Sachigo Greenstone Belt. The host peridotite contains variable amounts of
magnetite as disseminations and seams and elicits a strong magnetic
signature. The magnetic high has dimensions of 400 metres by 400 metres and
due to both these dimensions, and the peridotite setting similarity to
Noront's Eagle One MMS discovery (located 3.6 km to the SE), as well as the
Eagle Two sheared massive sulphide occurrence, (located 2 km to the SE of
Eagle One) which also contains chromitite layering; this occurrence has
become a very attractive exploration target for additional work directed at
chrome-PGE-nickel mineralization. Noront's peridotite sill, announced on
April 2, is rendered by airborne geophysics to continue to the
east-north-east of their Eagle One occurrence towards and through the
Freewest Option property of Spider and KWG as well as to the
east-south-east of Eagle Two.
This press release has been prepared by management of Spider Resources
Inc., which is the Operator of the joint venture with KWG during 2008, and
has been approved for dissemination by Neil Novak P.Geo, President of
Spider and a Qualified Person as such term is defined under National
Instrument 43-101, who has reviewed and verified the technical information
contained in this press release and has approved the contents of this press
release. Spider Resources Inc. is a tier 2 Canadian exploration company,
quoted for trading on the TSX Venture Exchange under the symbol SPQ. There
are currently 310,311,767 shares issued in Spider.
Freewest is a well-funded mineral exploration corporation, with working
capital in excess of $8.5 million, exploring for gold and base-metals in
Eastern Canada. Corporate information can be accessed on the Internet at
www.freewest.com. Freewest' shares are listed on the TSX Venture Exchange
under the symbol FWR.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
For more information, please contact
Freewest Resources Canada Inc.
Mackenzie I. Watson
President and CEO
(514) 878-3551 or 1-888-878-3551
(514) 878-4427 (FAX)
Email: info@freewest.com
Website: http://www.freewest.com