STARFIELD RESOURCES INC.
PRESS RELEASE April 10th, 2000
Corporate Office: #00-7
Suite 420-625 Howe Street
Vancouver, BC CANADA SRU.CDNX
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
MAJOR FINANCING COMPLETED
$1,500,000 EXPLORATION PROGRAM AT FERGUSON LAKE COMMENCES
Starfield Resources Inc. announces a major private placement financing that will position the Company as a significant player in the exciting search for Palladium-Platinum-Nickel-Copper and Cobalt.
The Company negotiated a private placement of 1,400,000 Special Warrants at $0.50 per unit that will yield the Company $700,000. Each Special Warrant when exercised will result in one common share and a warrant to purchase a further share at $0.60 for one year. Of the 1,400,000 Special Warrants, 1,000,000 are designated as flow through. A finder?s fee commensurate with CDNX policies will apply.
The funds will be used to advance the estimated possible resource of 11 million tonnes (Carter 1999) on the Ferguson Lake property in Nunavut, Canada. These funds together with warrants being exercised and the $500,000 Special Warrant financing completed February, 2000 will allow the company to complete its current exploration objective of 1.5 million dollars during Spring, 2000. The exploration budget covers detailed surface and downhole geophysical surveying (UTEM), ground magnetics and 5000 meters (16,500 feet) of core drilling. Exploration crews are now on site and have commenced geophysics. Drilling is expected to start within the week.
The 1999 exploration program outlined a 9 kilometer zone hosting massive sulphide mineralization containing Palladium-Platinum-Nickel-Copper and Cobalt. Two other potential parallel zones have been identified. The Company has shown that the Palladium-Platinum precious metals are homogenously distributed within the massive sulphides.
Confidence in the size of the Ferguson Lake Project became apparent with the drill core widths intersected during the 3918 meters drilled in 1999. Significant intersections and grades are as follows:
Hole FL99-05 (East Zone)
Length Assay Geochem(F/A)
Interval (metres) (m) feet Cu(%) Ni(%) Co(%) Pd(g/t) Pt(g/t) Pd+Pt(g/t)
117.48-128.57 11.09 36.5 0.89 0.87 0.11 1.46 0.53 1.99
(including
120.75-125.130 ) 4.38 14.4 0.87 1.05 0.14 1.84 0.72 2.56
Hole FL99-09 (West Zone)
Length Assay Geochem(F/A)
Interval (metres) (m) ft. Cu(%) Ni(%) Co(%) Pd(g/t) Pt(g/t) Pd+Pt(g/t)
104.60-111.18 6.58 21.7 0.50 0.66 0.09 1.51 0.20 1.71
122.89-138.33 15.44 50.9 0.88 0.78 0.10 1.72 0.10 1.82
Hole FL99-17 (West Zone)
Length Assay Geochem(F/A)
Interval (metres) (m) ft. Cu(%) Ni(%) Co(%) Pd(g/t) Pt(g/t) Pd+Pt(g/t)
185.00-205.08 20.08 66.2 1.00 0.83 0.11 1.81 0.22 2.03
(including
185.00-201.39) 16.39 54.1 1.21 0.98 0.14 2.13 0.25 2.38
ON BEHALF OF THE BOARD OF DIRECTORS
?Glen J. Indra? |
