Spider Resources Inc.

Spider Resources Inc.

September 05, 2007 09:00 ET

Spider Resources Inc. and UC Resources Ltd. Intersects 4.35% Zn, 2.69% Cu, 0.35 g/t Au and 6.63 g/t Ag Over 19 Metres at VMS Project in Northern Ontario

TORONTO, ONTARIO--(Marketwire - Sept. 5, 2007) - Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), and UC Resources Ltd. ("UC") (TSX VENTURE:UC). Spider Resources (the "Company") and UC are pleased to announce the receipt of assays from a diamond drilling program at the McFauld's Lake volcanic-hosted massive sulphide ("VMS") project, located in northern Ontario in the James Bay Lowlands. Hole McF-07-75 and McF-07-76 as previously announced (August 30, 2007) encountered massive sulphide mineralization containing appreciable chalcopyrite and sphalerite.

Drill hole McF-07-75 was set up on line 8+25 N and the initial dip was -64 degrees for a total length of 192 meters. The hole was designed to overcut historic 2004 hole McF-04-41 (6.49% Cu and 3.45% Zn over 8 meters) and infill an area in the mineralized zone that had not been previously tested, as required for an update on the resource estimate for this occurrence. The main mineralized zone was encountered between 164.28 meters and 183.3 meters (19.02 meters). This entire section averaged 0.35 g/t Au, 6.63 g/t Ag, 2.69% Cu and 4.35% Zn over 19.02 meters.

Drill hole McF-07-76 was started at the same set up as hole McF-07-75, however the dip was decreased to -49 degrees, thus testing another area as required for resource estimate update. The hole was completed a total core length of 178 meters. The main mineralized zone was encountered between 154 meters and 161.5 meters (7.5 meters), previously reported as from 152.66 meters and 160.13 meters (7.47 meters), however there was a drill hole measurement error caught during detail logging and sampling. This entire section averaged 0.22 g/t Au, 7.47 g/t Ag, 1.8% Cu and 3.3% Zn over 7.5 meters. In this hole copper values were higher near the top of the mineralized zone where from 154 meters to 159.21 meters (5.21 meters) the copper value average 2.49%. Gradationally below this, from 157 meters to 161.5 meters the zinc value averaged 4.64%.

Drill hole McF-07-73 was set up on section 7+75 E (Grid "C" McFaulds #3 occurrence) and drilled grid south at - 69 degrees for 374 meters. The main mineralized zone was encountered between 329 meters and 345.2 meters, consisting of heavily chloritized magnetite - pyrite zone, with trace sphalerite (zinc sulphide) and trace chalcopyrite (copper sulphide), only anomalous assay values of zinc and copper were received. This hole, although it entered the VMS mineralized envelope, will help to delineate the limits of this VMS occurrence in this portion of the body.

As reported earlier, drill hole McF-07-74 was set up on Line 8+00 E at 2+92 N with an initial dip of 80 degrees, designed to undercut Hole McF-04-57 that had intersected 8% Cu over 18 meters, as well as hole McF-04-29 (4.39 % Cu over 2.5m). The drilling of hole McF-07-74 encountered problems early, at the interface between the overlying Paleozoic (limestone and sandstone) with the volcanic rocks, the hole flattened from 80 degrees to 43 degrees, causing this hole to be abandoned at 154 meters. There were no samples selected from this hole.

A total of 2,354 meters has been drilled in 7 holes, results have been received for the first 4 holes only. The on-site field aspects of the project were overseen by Dr. Howard Lahti P.Geo., an Independent Qualified Person and Mike Kilbourne, both of which are in the employ of Billiken Management Services Inc. of Toronto.

All samples reported upon herein were selected by either Howard Lahti or Mike Kilbourne and were cut in half by diamond core saw. Individual samples were labeled, placed and sealed in plastic sample bags. Groups of samples were then placed into durable rice bags that were secured by project security tags and then placed into plastic pails for shipping. Plastic pails were secured using tie locks and delivered via bonded carrier to ALS Chemex sample preparation laboratory in Thunder Bay, Ontario. All samples were then crushed and pulverized, then sample pulps were sent to ALS Chemex Laboratory in Vancouver B.C. for analysis, remaining coarse reject portion of the samples remain in storage at the ALS Chemex storage facility in Thunder Bay. In Vancouver, the samples underwent multi-element analysis using ALS Chemex assay procedure ME-MS61, when samples received over-limit values they underwent further analysis using ALS Chemex assay procedure Cu-OG62 (for copper) and Zn-OG62 (for zinc). For gold analysis, all samples underwent Au-ICP21 analysis. The reader is referred to www.alschemex.com for details of analytical procedures.

The current program is funded entirely by UC Resources Limited ("UC"), in compliance with their funding obligation for the project. UC has an option to earn-in up to a 55% undivided interest in the McFauld's Lake project, which is currently owned as to an undivided 50% interest, by each of Spider and KWG, as per the LOI signed in early March 2007. UC is the operator of the property during the term of their option.

The McFauld's Lake VMS project was initially discovered in 2002, while Spider, KWG and De Beers Canada Exploration Inc. were exploring the project area in joint venture for kimberlites. De Beers holds a 1.5% net smelter royalty on the project, 0.5% of which can be purchased from De Beers by Spider and KWG for $1.5 million. To date, 10 isolated VMS occurrences have been identified and drill tested on the project, two of which (McFauld's #1 and #3) have undergone detail drilling. The McFaulds Lake area is also host to other VMS occurrences, discovered by Probe Mines Ltd. and MacDonald Mining and Exploration, as well as nickel bearing chromitite with platinum group metals in a layered peridotite geological setting as discovered by Spider, KWG and Freeewest in early 2006, and the new reported occurrence of chalcopyrite and pyrrhotite in a cumulate peridotite geological setting, recently discovered by Noront Resources Ltd. There have been no assay results from the recent Noront discovery, so there is no guarantee that there will be any results of economic significance.

UC is continuing to fund the exploration of this VMS camp by initially concentrating their efforts on the McFaulds #3 and #1 occurrences, then they advise that they will be looking at completing additional exploration on the other occurrences as the program progresses, through year two, three and four of the agreement. States Mr. Novak for Spider: "As a director of Noront and also the VP of UC and President of Spider, Spider is able to monitor the exploration progress of the discovery by Noront Resources Ltd. announced last week. The Noront discovery attests to the discovery potential of this relatively unexplored region of Ontario and now with the initial assays from the UC funded drill program on McFauld's #3 VMS occurrence in hand, this further re-assures that the McFaulds Lake area is an exciting place to be exploring. These drill results, combined with the excitement that is surrounding the Noront exploration program may provide the impetus necessary to entice the majors into this area once again."

This press release has been prepared by management of Spider Resources Inc., and has been approved for dissemination by Neil Novak P.Geo. of Cambridge, Ontario, a Qualified Person under Canadian Securities guidelines, in his capacity as President of Spider Resources Inc. and also as Vice President for UC Resources Ltd.

Spider Resources Inc. is a tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. There are 242,193,535 shares issued in Spider as of June 30, 2007.

On behalf of the board of directors,

Neil Novak, President and CEO

This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

Contact Information

  • Spider Resources Inc.
    Toronto Head Office
    #1000, 15 Toronto St. Toronto Ontario, M5C 2E3 Canada
    (416) 815-8666
    Spider Resources Inc.
    Jim Voisin
    Communications Manager
    (519) 699-5352
    Website: www.spiderresources.net