STARFIELD RESOURCES INC.
PRESS RELEASE June 21st, 2001
Corporate Office: #SRU-10-01
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 Page 1 of 1
Ferguson Lake Nickel-Copper-Cobalt-Platinum-Palladium Project, Nunavut, Canada
STRATEGIC ALLIANCE FORMED; WEST ZONE EXTENDED TO DEPTH
Starfield Resources Inc. has negotiated a CDN$ 2,500,000 ($0.65 per share) Private Placement of the Company’s stock with a Syndicate based in Vienna, Austria. This Private Placement will consist of 3,846,164 units, with each unit comprised of one (1) common share of the Company’s stock and a warrant to purchase an additional share at a price of $1.00 for a period of one year commencing July 01, 2001.
Starfield has also granted the Syndicate the right for ninety days commencing July 1, 2001 to purchase an additional CDN$ 2,500,000 worth of Units with each Unit consisting of one Starfield share at a price equal to the closing market price at the day the syndicate announces its intention to purchase said Units, and a warrant to purchase one additional share at a premium of 50% over said market price. The warrant shall be open for one year.
The Syndicate and the Company will immediately begin the process of co-listing the shares of the company on both the Frankfurt and Berlin Stock Exchanges.
A finder’s fee is payable in accordance with CDNX rules. Terms of the Private Placement are subject to regulatory approval.
Starfield is pleased to report assay results for drill holes FL01-70, 71 and 72, which were recently completed on the West Zone of the Ferguson Lake massive sulphide project. Hole FL01-70 was drilled on Section 57 + 34 West and extended to depth the higher-grade mineralization intersected previously in drill holes FL00-66 and 67. Hole FL01-70 intersected the sulphide unit at a depth of 540.2 meters where 5.44 meters (18 feet) of massive sulphide mineralization was recovered before a dyke terminated the base of the zone. Holes FL01-71 and 72 were drilled from a common setup on Section 58 + 56 West at inclinations of -65° and -85° respectively with FL01-72 intersecting the target some 200 meters below FL01-71. These holes were sited as a 122 meter stepout to the west of hole FL01-70 to test the UTEM conductor in a new area. Hole FL01-71 intersected at 336 meters mineralization now recognized as typical of the upper portion of the sulphide unit. Hole FL01-72 intersected the West Zone from 480.5 to 513.3 meters with massive sulphides present from 483.8 to 498.5 meters. Assay results for the intersections in these three holes are summarized in the accompanying table.
WEST ZONE Length
Hole No. Interval (m) (m) ft Cu (%) Ni (%) Co (%) Pd (g/t) Pt (g/t) Pd&Pt (g/t)
FL01-70 540.20-545.64 5.44 18 1.28% 0.77% .092% 1.68 g/t 1.15 g/t 2.83 g/t
(including 543.80-545.60 1.82 6 2.03% 0.70% .08% 1.26 g/t 2.77 g/t 4.03 g/t)
FL01-71 336.02-343.26 7.24 24 0.90% 0.44% .055% 1.14 g/t 0.28 g/t 1.42 g/t
(including 341.00-343.26 2.26 7 1.11% 0.69% .084% 1.68 g/t 0.19 g/t 1.87 g/t)
FL01-72 480.50-513.27 32.77 108 1.01% 0.50% .060% 1.30 g/t 0.18 g/t 1.48 g/t
(including 483.84-498.50 14.66 48 1.27% 0.82% .096% 2.09 g/t 0.23 g/t 2.32 g/t)
(including 483.84-491.30 7.46 24 1.36% 0.82% .093% 2.12 g/t .168 g/t 2.29 g/t)
492.56-498.50 5.94 20 1.30% 0.83% .100% 2.13 g/t .25 g/t 2.38 g/t
Drilling is continuing with two rigs and results will continue to be reported on a timely basis.
On behalf of the Board of Directors
“Glen Macdonald”
Glen Macdonald, P.Geol., Director |
