Spider Resources Inc.
Spider Resources Inc., an active junior exploration firm, was founded in 1992 and became a public company in 1993. Originally focused on diamonds, Spider has become a successful pioneer explorer in the James Bay Lowlands of Northern Ontario, Canada, for a variety of minerals and metals. Spider’s team is headed by President and CEO Neil Novak, a professional geologist with 32 years of experience in exploration and consulting.
Early on in its history, the Spider team discovered three Jurassic-aged Kimberlite deposits, a positive sign for diamonds, near what later became Ontario’s first operating diamond mine (owned by DeBeers) and five Proterozoic “hidden” Kimberlites 100 miles to the west. Spider credits such highly successful exploration to their use of a proprietary exploratory method that employs aeromagnetic surveying with different gridline densities and altitudes instead of the more traditional kimberlite indicator minerals searching techniques successfully employed by others.
Although DeBeers had also found other diamond deposits in the area, which they had not developed, Spider’s new technique enabled the Spider team to locate much older deposits than the DeBeers finds. When DeBeers did get ready to develop their kimberlite holdings at the turn of the century, they called on Neil Novak and Spider to work with them on the exploration front. Mr. Novak helped them select and prioritize targets to the west and in the process they discovered copper, zinc, lead, gold, and silver in one of the areas.
During this campaign in 2002, Spider was the first to discover volcanogenic massive sulphides (VMS), a suite of base metals, in the James Bay Lowlands during their diamond exploration program with De Beers who weren’t interested in these non-diamond minerals, so Spider quietly staked out 25 square miles of VMS deposits in the McFaulds Lake area. Spider had partnered with KWG Resources and others, including Freewest Resources to further explore and development the VMS sites. Since then chromite, copper, nickel, zinc, platinum and palladium are among the metals that have been discovered in the so-called “Ring of Fire” of VMS and Magmatic Massive Sulphides (“MMS”) in the McFaulds Lake region, and Mr. Novak has been officially credited with the discovery of the Ring of Fire.
"We believe the McFaulds Lake “Ring of Fire” area holds a lot of promise,” says Mr. Novak. “We’ve had some particularly interesting discoveries of nickel, chrome, platinum, and palladium in our recently completed drillings, and we’re posed to move the chrome deposit into pre-feasibility during 2010. Preliminary metallurgical reports suggested that portions of our ‘Big Daddy’ deposit will be high-grade (greater than 35%) and will be direct shipping material.”
With its evolution to a broader exploration portfolio, its successful proprietary exploration technology, stringent quality assurance and quality control protocols, its thorough knowledge of the Northern Ontario area, and its proven track record, Spider Resources is looking to attract investors who are interested in growing with them as strategic partners into a multi-faceted exploration and development company.
Spider Resources (SPQ) is a Tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange. There are currently 453,388,430 shares issued. For additional information, contact Mr. Novak at 416-203-8636.
50 Richmond Street East Suite 101 Toronto, Ontario, M5C 1N7 Tel: 416 203-8636 Fax: 416 815-1355 Email: info@spiderresources.com Website: www.spiderresources.com
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