Starfield Resources Inc. - Ferguson Lake Nickel-Copper-Cobalt-Platinum-Palladium Project, Nunavut, Canada (enews)
Starfield Resources Inc. wishes to clarify certain disclosures made by and for the Company recently. The Company has reviewed its website and has restructured the site to fully comply with the requirements of National Policy 43-101. In particular, the Company has removed all reference to the inferred resource as being "indicated" or "proven."
The Company has determined that a preliminary evaluation of the Ferguson Lake property by Geofin Geological and Financial Consulting Service dated August 2001 was not prepared in compliance with the requirements of National Instrument 43-101. The Company has removed the Geofin report from its website and advises that it should not be referred to as a source of information. Additionally, the Company has removed from its site any material linked to other sources, including but not limited to articles by Geofin Geological and Financial Consulting Service, which were determined to not be in compliance with the requirements of National Policy 43-101.
The Company has removed the secured entry to the Analysts portion of its website to allow general access. This portion of the site contains an engineering report dated March 4, 2002 by N.C. Carter, Ph.D., P.Eng., and a mineralogical report by Lakefield Research Mineralogical Services dated May 28, 2001.
The Company further advises that there are no current discussions with major mining corporations regarding participation in the Ferguson lake project, and no revisions to the inferred resource are presently being prepared. A summary of the current resource, prepared by N.C. Carter, Ph.D., P.Eng., as of July 4, 2002 and based on his report of March 4, 2002, acting as an independent, qualified consultant to Starfield is included below. Attention is directed to the compliance parameters accompanying the table.
* Combined West Zone, East Zone I, East Zone II
Inferred Mineral Resources
---------------------------------------------------------------
Cutoff Zone Tonnes Copper Nickel Palladium Platinum
Grade (millions) (%) (%) (g/t) (g/t)
---------------------------------------------------------------
1.0% Cu+Ni West 55.1 0.95 0.59 1.35 0.23
East I 3.5 1.01 0.75 1.01 0.17
East II 1.5 0.93 0.80 1.03 0.17
---------------------------------------------------------------
Total 60.1 0.95 0.60 1.32 0.23
---------------------------------------------------------------
1.5% Cu+Ni West 28.5 1.17 0.73 1.71 0.28
East I 2.2 1.18 0.87 1.10 0.18
East II 0.9 1.21 0.96 1.28 0.22
---------------------------------------------------------------
Total 31.6 1.17 0.75 1.65 0.27
---------------------------------------------------------------
2.0% Cu+Ni West 12.4 1.37 0.83 1.93 0.36
East I 1.2 1.41 0.93 1.18 0.20
East II 0.6 1.33 1.07 N/A N/A
---------------------------------------------------------------
Total 14.2 1.37 0.85 1.86 0.35
---------------------------------------------------------------
The Company's independent consultant, N.C. Carter, Ph.D., P.Eng.,
has prepared the new estimates pursuant to CIM "Standards on
Mineral Resources and Reserves" designed by the CIM Standing
Committee on Reserve Definitions, adopted by CIM Council on August
20, 2000 and published in the CIM Bulletin of October, 2000. Dr.
Carter calculated the new resource estimates manually for
individual drill hole cross-sections employing the following
parameters: Cut-off Grades - 1.0%, 1.5% and 2.0% combined Cu + Ni.
Minimum Drill Intersection - 2.00 meters. Area of Influence for
Individual Drill Holes (down-dip) - midway point between drill
holes. Area of Influence for Individual Cross-Sections - midway
point between sections. Assumed Specific Gravity - 3.80. A total of
150 drill hole intersections of massive sulphide mineralization
were utilized in the resource calculations. Intervals between holes
range from 120 meters on initial stepouts to approximately 40
meters for in-fill drill holes. Some of the 1950's drill results
reported only "PGE" instead of separate assays for Pd and Pt. As a
result the palladium and platinum values are calculated from a
property-wide ratio of palladium to platinum of 6:1. The inferred
mineral resource has not yet demonstrated economic viability.
On Behalf of the Board of Directors,
Glen C. Macdonald, P.Geo., Director
Starfield Resources Inc.
Corporate Office: #SRU-09-02
Suite 420-625 Howe Street
Vancouver, BC CANADA SRU -- TSX.V
V6C 2T6 SRFDF - OTC BB
Tel: (604) 608-0400 Fax: (604) 608-0344
Toll Free: (877) 233-2244 Email: info@starfieldres.com Website: starfieldres.com |
