Starfire Minerals Inc -
Starfire Minerals enters option agreement with Douglas Lalonde
Starfire Minerals Inc
SFR-VSE
Shares issued 5,547,803
1999-09-22 close $0.24
Thursday Sep 23 1999
Mr. Michael Caron reports
The company has entered into an option agreement with
Douglas J. Lalonde on his 84-claim unit Munro property in
Munro township approximately 48 kilometres northwest of
Kirkland Lake, Ont. The current geophysical data on the
property indicate the potential for both gold and VMS base
metal mineralization.
Geological highlights of the property include, most
importantly, the projection of the gold mineralization
associated Pipestone fault zone through the southern reaches of
the ground and proximity to known economic mineralization.
The property is only 1.75 kilometres northeast of the historic
Croesus gold mine. Ontario's highest grade gold producer
(2.79 ounces per ton average), and ties on directly to the
currently explored Millstream Mines Inc. Potter mine property
(485,000 tons at 1.6 per cent copper and 1.6 per cent zinc) to
the north.
Historic and recent work has identified eight zones of gold
mineralization thus far. Most intriguing is the C-zone
discovered in 1998 by stripping. A shallow dipping vein
showing VG, pyrite, arsenopyrite, and tourmaline (grab
samples) returned an assay of 13.7 ounces per ton Au. The
mineralization is associated with a complex vein system
within a carbonate-altered shear zone in mafic
meta-volcanics. Coincident induced polarization anomalies,
both resistivity and chargeability highs, indicate a probable
north/south structure in the vicinity of the zone. To this point
this theory remains untested. Other zones of interest include
the A-zone, which has returned assay results up to 1.3 ounces
per ton Au with no followup, the D-zone with arsenopyrite
and anomalous gold over 36 feet of intensely carbonated and
fuchsitic alteration, the F-zone with assays returned including
.3 of an ounce per ton Au, .47 of an ounce per ton Au (chip
sample), and .24 of an ounce per ton Au along with a
coincident chargeability anomaly, and the G-zone with visible
gold, arsenopyrite, pyrite, tourmaline, and assays returned up
to .3 of an ounce per ton Au.
Starfire plans an aggressive and comprehensive exploration
program of limited geophysics, stripping, geological mapping,
and diamond drilling to test the north/south and flat vein trends
evident from compiled work. Management is confident that the
numerous zones can be reconciled into an overall structural
scenario with excellent results.
Consideration for the option is the payment of a total of
$210,000 over four years plus the issuance of 200,000 shares
over a period of two years. The purchase and sale of the
property is subject to a 3-per-cent net smelter return royalty in
favour of the optionor. The company may purchase a
1-per-cent net smelter return royalty from the optionor in
consideration for a cash payment of $1-million. The options
agreement is subject to regulatory body approval.
starfireminerals.com |
