I'll try HTP.v please,...although I may be a couple weeks early,...
and I still think SRU.v should double at least on announcing that amazing reef
of oz per tonne PGM assays, but no one cares at the moment :-((
That 60 mullion tonnes resource is worth potentially over $5 billion at todays
metal prices, but what do we need copper, nickle, cobalt, and PGM's for?
Just clutters up a stock market (ggggggggggg)
Starfield discovers platinum-palladium horizons
Thu 13 Dec 2001
News Release
Mr. Glen Macdonald reports
During 2001, Starfield Resources conducted successful exploration programs
at the 100-per-cent-owned Ferguson Lake nickel, copper, palladium, platinum
and cobalt deposit located in Canada's Nunavut Territory.
In the course of defining the west zone resource, the company has
discovered platinum-palladium horizons adjacent to the massive sulphides.
One new zone appears to extend for 2.4 kilometres and remains open both
along strike to the west and to depth.
This exciting new continuous horizon, which was intersected in Hole 99-10
on Section 4520 west, grades 2.27 grams per tonne palladium and .098 gram
per tonne platinum over a width of 1.37 metres. The grade of this horizon
increases to 9.90 grams per tonne palladium and 1.44 grams per tonne
platinum over half a metre where detected in Hole FL01-104 approximately
1.8 kilometres further west. The trend to higher grades in a westerly
direction is further demonstrated 600 metres west of Hole FL01-104 where
Drill Hole FL01-101 (the furthest westerly drill hole) graded 103 grams per
tonne palladium (3.29 ounces per tonne) and 26.7 grams per tonne (.85
ounces per tonne) platinum over 0.35 metre.
This westerly increase in grade coupled with new interpretive techniques
for geophysical magnetic survey data indicates that the company's primary
targets lie further west of Hole FL-101.
Since acquisition, the company has spent in excess of $14-million on
exploration, including over 43,000 metres of drilling in 104 holes and, as
a result, has increased the Ferguson Lake prospect from six million tonnes
to in excess of 60 million tonnes. Ninety percent of this 60 million tonnes
is located in the West Zone. This zone as defined by the UTEM geophysical
system has been less than 25-per-cent explored and still remains open to
depth and along strike.
The 2001 drilling program successfully increased the massive sulphide
tonnage from 32.8 million tonnes to 60.1 million tonnes and, as the company
drilled progressively to the west, the grades of the massive sulphides
increased to a level where a new grade category of 2.0 per cent-plus
combined nickel copper cutoff was calculated. This higher-grade resource is
presently estimated at 12.7 million tonnes and the company is confident of
significantly increasing this 2.0-per-cent cutoff category by infill
drilling on sections 60+60W and 63+60W.
The combined inferred mineral resource is summarized below:
Combined West Zone, East Zones I & II
Inferred Mineral Resource
Cutoff grade Tonnes Cu Ni Pd Pt
(millions) (%) (%)(g/t)(g/t)
1.0% Cu+Ni 60.1 0.93 0.59 1.32 0.19
1.5% Cu+Ni 30.6 1.17 0.77 1.69 0.25
2.0% Cu+Ni 12.7 1.39 0.85 1.92 0.28
The company's independent consultant, N.C. Carter, PhD, PEng, has prepared
the new estimates pursuant to Canadian Institute of Metallurgy 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 per cent, 1.5 per
cent and 2.0 per cent combined copper plus nickel; 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; and, assumed
specific gravity -- 3.80. A total of 150 drill hole intersections of
massive sulphide mineralization were used in the resource calculations.
Intervals between holes range from 120 metres on initial step-outs to
approximately 40 metres for infill drill holes. Some of the 1950s drill
results reported only platinum group elements instead of separate assays
for palladium and platinum. As a result the palladium and platinum values
are calculated from a property-wide ratio of palladium to platinum of 7:1.
The company plans to commence the 2002 drill program in mid-January, 2002,
to develop the high-grade platinum/palladium horizons and expand the
60-million-tonne resource. |
