Freewest Resources Canada Inc., Spider Resources Inc., and KWG Resources Inc. Commence Drilling on the Big Daddy Chromite Prospe
October 02 2009 - 9:32AM
Marketwired
Freewest Resources Canada Inc. (TSX VENTURE: FWR) ("Freewest"),
Spider Resources Inc. (TSX VENTURE: SPQ) ("Spider") and KWG
Resources Inc. (TSX VENTURE: KWG) ("KWG") are pleased to announce
the start-up of an 11,000 metre drill program on the Big Daddy
Chromite property, which comprises of four 16 unit claims, one 12
unit claim plus two additional one unit claims (1,248 hectare
property), pursuant to the first year commitment on an Amended
Option Agreement with Freewest dated September 10, 2009.
As stated on September 14, 2009, KWG and Spider have committed
to undertake an exploration program on the Big Daddy Chromite
Property under which an aggregate of at least $5 million must be
spent by March 31, 2010, in order for Spider and KWG to earn an
additional 1.5% each (3.0% in aggregate), bringing each Optionees
respective interest level to 26.5%. The field aspect of this
program has commenced, with crews arriving on September 20, 2009.
Field operations are currently based out of the Billiken Management
Services Ltd.'s Base camp, located at McFaulds Lake. Cabo Drilling
(Ontario) Corp. was recently awarded the diamond drilling contract
portion of the program. It is anticipated that approximately 11,000
metres of diamond drilling will be completed during the current
phase of exploration, the results of which will be incorporated
into an initial resource estimate for Big Daddy. In addition, Aecom
Canada has recently been awarded the contract for Base Line
Environmental work and Traditional Knowledge studies both of which
will involve the project's First Nation neighbors, and will be
undertaken to provide the necessary information for future
development plans.
Drilling Program
Drilling commenced September 23, 2009 on hole FW-09-24 located
on Line 1400E @ 1700N; drilling at 135o azimuth, with an initial
dip of -50o. Intermittent chromite beds in a serpentinized dunite
were intersected between 64.6 and 86.0 metres downhole. Chromitite
was intersected between 101.9 and 132.2 metres downhole (30.3
metres of massive chromite). The hole was stopped at 136.4 metres
in pyroxenite on September 26th. Assay results are pending. This
hole compares favorably with holes FW-08-22 and FW-08-23, both of
which are located 100 metres to the southwest on Section 1300E. As
previously announced on January 14, 2009, Hole FW-08-22 encountered
42.08% Cr2O3 over 34.8 metres, and FW-08-23 encountered 34.96%
Cr2O3 over 42.0 metres. These two holes also encountered intriguing
platinum and palladium mineralization grading as high as 1.08 g/t
Pt and 1.5 g/t Pd over 4 metres (in hole FW-08-23). True width of
the chromitite and the platinum and palladium zone is not yet
determined.
A second hole FW-09-25 was started on September 26, 2009 on Line
1400E @ 1800N with an initial azimuth of 135o azimuth, with an
initial dip of -50o, designed to undercut hole FW-09-24.
Intermittent chromite beds were intersected between 153.4 and 233.9
in a serpentized dunite. This was followed by chromitite from 233.9
onwards to 271.9 metres downhole (38.0 metres of massive chromite).
The hole was stopped at 341.0 metres in pyroxenite on September 30,
2009. Assays are pending on this hole. The first drill is moving
onto its' third hole setup.
The second drill crew arrived on September 26, 2009 and are in
the process of moving the second rig onto its' first site. It is
anticipated that this rig will commencing drilling on October 1,
2009. There are approximately 28 holes planned for the current
drill program, testing the Big Daddy Chromite Occurrence along its
entire geophysically inferred strike length (estimated to be in
excess of 1 kilometer) to a depth of 250 metres.
About Freewest Resources Canada Inc.
Freewest is a well-financed mineral exploration company with
more than C$5.0 million in working capital as well as a $CDN 15
million investment in Quest Uranium Corp. at current prices with no
debt. It is actively exploring for gold, base-metals and chromite
within eastern Canada. Corporate information can be accessed on the
Internet at www.freewest.com. Freewest's shares are listed on the
TSX Venture Exchange under the symbol FWR.
About Spider Resources Inc.
Spider Resources Inc. is the Pioneer exploration company in the
James Bay Lowlands of Northern Ontario, exploring this area since
1993. The exploration team at Spider is responsible for the
discovery of 8 kimberlites to the east of the Ring of Fire as well
as 2 VMS deposits (McFaulds 1 and McFaulds 3), 8 additional VMS
occurrences, and the Big Daddy Chromite Prospect within the Ring of
Fire. 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 389,545,100 shares issued in
Spider.
About KWG Resources Inc.
KWG Resources is a mineral exploration company with extensive
claim holdings in the James Bay Lowlands of Northern Ontario,
Canada, where important discoveries of nickel and chrome have been
made recently in the Ring of Fire. KWG has an equal joint venture
interest in a large claim block in the central part of the
discovery area, with Spider Resources Inc. The joint venture is
developing the Big Daddy Chromite Prospect adjacent to the Black
Thor and Black Label chromite discoveries of Freewest Resources
Canada Inc. KWG holds a 1% net smelter royalty in all three
prospects and has created Canada Chrome Corporation to pursue the
development of them.
Forward-Looking Statements
This news release may contain "forward-looking information"
which may include, but is not limited to, statements with respect
to the future financial or operating performance of the companies
and their projects. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the companies to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Forward-looking statements
contained herein are made as of the date of this press release and
the companies disclaim any obligation to update any forward-looking
statements, whether as a result of new information, future events
or results or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The companies undertake no
obligation to update forward-looking statements if circumstances,
management's estimates or opinions should change, except as
required by securities legislation. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Freewest Resources Canada Inc. Mackenzie I. Watson
President and CEO (514) 878-3551 or 1-888-878-3551 (514) 878-4427
(FAX) info@freewest.com www.freewest.com Bay Street Connect Michael
D'Amico Investor Relations (647) 500-6023 Spider Resources Inc.
Neil D. Novak, P.Geo. President and CEO Direct: 416-203-8636
info@spiderresources.com www.spiderresources.com KWG Resources Inc.
Bruce Hodgman Communications Director Direct: 416-646-1374
info@kwgresources.com KWG Resources Inc. Michel Cote Director
514-866-6001 www.kwgresources.com
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