What you will need to do, if at all possible, is photograph in sunlight, maybe someone with a better camera can do it for you, so we can see the surface and texture of the material. It certainly looks like bone, but, yes, that white is unusual. I have never heard of one made from soapstone, and I can tell you it does not at all resemble soapstone from south of you in southern New England. If it is soapstone, or technically steatite, it would likely not be a piece actually intended for use as a spear or weapon simply because soapstone is the softest stone natives utilized(bowls, pipes, pendants, etc), and it would be an unsuitable tool stone. Also, as you probably know, some of the other artifacts that have emerged from your dig are diagnostic Maritime Archaic, and you can absolutely be certain this artifact was produced by Maritime Archaic people. Even the side facets on that piece mimic the same facets seen on slate points identical in form to your find. It is a super find, and I hope you can get us some nice sharp photos if possible. And yes, I did vote banner, and folks, how many banner finds do we have from the far Northeast? It is very worthy, IMHO.....