Well, good luck with that. I don't know why you've chosen not to answer the questions I put to you earlier.
You seem to place a great deal of emphasis on the 43-101 resource estimate, but I wonder how it could possibly yield the information you seem to think that it will. It's simply premature. Spider's January 15, 2009 news release included the following statements:
"As a result of the 2008 drilling program that included 19 drill holes, 14 of which continued the testing of this chrome occurrence, the occurrence is now referred to as the "Big Daddy Chromite Deposit". "
They only have 14 holes to work with.
"As previously announced, (December 15, 2008) diamond drilling by the Spider/KWG JV on the Freewest Option property has identified a northeast trending zone of continuous chromite mineralization that extends from local grid line 9+00 meters NE to 13+00 metres NE along a strike length of 400 metres. The mineralized zone dips towards the NW at about 70 degrees and consists of varying widths of a variable tenor, in many instances high tenor of chrome, forming a series of stacked beds. Additional infill drilling will be required to confirm continuity of the beds from section to section. The deposit remains open to depth as well as along strike in both directions. In addition, drilling to confirm the upward extension of the mineralization to surface has not been completed. All drill and assay results are being added to a 3-D Gemcom model to visualize the chromite body. A number of faults were noted from the drilling, some of which occur at the contact of the chromite with the surrounding peridotite/dunite; these fault sets are also being modeled as they also affect the interpretation and continuity of the mineralization from section to section."
The deposit is heavily faulted, and requires extensive infill drilling and further drilling to determine where the body most closely approaches the surface. If these things are all true, and I have no reason to believe otherwise, then how can they possibly determine measured and indicated resources? Because inferred resources cannot be valued, and without the surface depth data, any idea of a feasibility study is totally a pipe dream.
"Future plans, yet to be approved by the Joint Venture committee, include the continued exploration of the project by extensive diamond drilling to delineate and to continue to expand the resource potential of the Big Daddy Chrome Deposit."
Extensive diamond drilling, not yet approved. Resource potential, not proven resource. Now, I expect in the intervening four weeks, a new program has been approved, and thus the PP.
My thinking is that a confidential discussion with a major (or majors) resulted in them saying they couldn't take to their own board(s) a half-assed 43-101. However, if the JV committee could put together a proper resource estimate, then negotiations might be fruitful. And guess what? A proper 43-101 will cost more money. I think this PP will be easily filled, and the move towards a feasibility assessment will be greatly accelerated.
Lar
