VSE SYMBOL: SFR
Shares Outstanding: 5.8 million
DATE: October 1, 1999
N E W S R E L E A S E
Starfire Minerals Inc. Terminates Option on Haultain Property
Mr. Mike Caron reports the Company has terminated its option agreement with
Mr. James Plexman on the Haultain Property, Larder Lake Mining Division in
Timiskaming, Ontario as further evaluation of the property's potential was
disappointing. The Company instead will focus on several other projects of
merit including their 50% owned Carman Bay Project, Carman Twp., Porcupine
Mining Division, Ontario.
The Carman Project displays a number of positive exploration features,
which suggests a good environment for the development of komatiitc hosted
nickel (Ni) and copper (Cu) sulphide mineralization. The property is
situated within a northeast-southwest trending package of ultramific
volcanic rocks, mafic volcanic rocks, felsic volcanic rocks, and iron
formations, which host a number of past producing Ni-Cu sulphide deposits.
Ultramafic volcanic rocks, specifically komatiitcs are key components for
the development of Ni-Cu sulphide mineralization, and are thus important
exploration target areas.
Exploration on the Carman Project has been moderate, dating back to 1951.
Airborne geophysical surveys, ground geophysical surveys, prospecting,
trenching, and diamond drilling have been completed over portions of the
property. Of particular significance to the exploration potential of the
Carman Project is a global resource estimate of 740 million tons of nickel
bearing rock that averages 4 to 6.5 lbs. per ton nickel, reported by a
previous operator, Seneca Developments Ltd. in an SMF/VSE 6/7/73 (Canadian
Minerals Deposits not being Mined in 1986, Energy, Mines and Resources
Canada). The estimate was based upon widely spaced drill holes, which
returned wide sections of sulphide mineralization. Additional exploration
potential includes a number of strong airborne anomalies, which have not
been adequately tested.
A two-phase exploration program totaling $179,960 is recommended to further
evaluate the Ni-Cu sulphide potential of this project. The recommended
exploration program includes, pulse-EM surveys, soil surveys, diamond
drilling, bore-hole pulse-EM surveys, and whole rock alteration studies.
Starfire expects to commence the recommended two-phase exploration program
throughout the fall and winter of 1999/2000.
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