Technical report recommends drilling on Starfire's Stobie Lake Uranium Project, Ontario, Canada.
Fri May 9, 12:47 PM
ca.news.finance.yahoo.com
Trading Symbol: SFR: TSX-Venture
VANCOUVER, May 9 /CNW/ - Starfire Minerals Inc. (the "Company") has received and filed on SEDAR a NI 43-101 compliant report prepared by Donald Phipps, M.Sc., P.Geo. of Sudbury, Ontario covering the Company's Stobie Lake Uranium Project. The report along with other information about the Company can be found at www.sedar.com. and on Starfire's website at www.starfireminerals.ca.
The report will be filed as part of the Company's application for corporate reorganization whereby Starfire Uranium Inc. and Starfire Nickel Inc. will be spun off from Starfire Minerals Inc. as two new public companies.
The Company's Stobie Lake property lies within Stobie and Grigg Townships in the Sudbury Mining District of Ontario, approximately 50 km north-northeast of Sudbury and consists of 18 contiguous mining claims covering approximately 4,288 hectares. The Company owns a 100% interest in the claims subject to a 1% NSR royalty. The stratigraphic position and lithology of the rocks on the Stobie Lake property are analogous to the Elliot Lake area, located 150 km to the southwest, which produced over 300 million pounds of U(3)O8. The presence of anomalous concentrations of uranium on the Stobie Lake property enhances this analogy. The Company carried out a combined airborne magnetic, VLF-EM (very low frequency electromagnetic) and radiometric survey over the Stobie Lake property in 2006. The previously known areas of uranium mineralization were identified along with other anomalous areas which warrant ground follow-up. In 2007, The Company carried out ground geophysics on a 1 x 1 km grid at the Wanapitei River Site. The survey confirmed the anomalous radioactivity detected in the airborne survey.
The Technical Report concludes that the property warrants further exploration with the objective of finding significant areas with higher grade values in the lower part of the Mississagi Formation. This formation crops out on the property along the east side of the Wanapitei River and in the Stobie Lake area. These exposures are thought to dip to the south and southeast beneath the overlying, younger strata and to exist at depth under most of the Stobie Lake property, representing a substantial target area for exploration.
An exploration program, consisting of gridding, detailed geological mapping and sampling, scintillometer surveys, and diamond drilling with a budget of $280,000, is proposed. The Company has conducted only limited exploration to date on the property and no mineral resource under NI 43-101 has been calculated. There can be no assurance that additional exploration will result in the establishment of a minerals resource on the property.
The Qualified Person for purposes of this news release is Mr. Philip J. Rush, P. Geo.
Starfire Minerals Inc. includes uranium, nickel and precious & base metal divisions with properties in Ontario, Quebec and British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF
STARFIRE MINERALS INC.
"Dan Mosher"
------------
Dan Mosher
President/CEO
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS.
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Contacts
Starfire Minerals Inc.
520-355 Burrard Street
Vancouver
BC
V6C 2G8
Telephone: (604) 687-6716
Facsimile: (604) 687-6714 |
