|Starfield starts 2001 drill program at Ferguson Lake |
Starfield Resources Inc SRU
Shares issued 18,535,500 Apr 10 close $0.60
Wed 11 Apr 2001 News Release
Mr. Glen Indra reports
Field crews are now at Ferguson Lake and the camp has been opened to start
the year 2001 program. The company has planned a major drilling program for
2001, with an initial 20,000 metres to further develop tonnage in the West
zone and simultaneously test the unexplored lower portion of the UTEM
geophysical conductor. Higher grades of nickel, copper and platinum group
elements were encountered as the drill program in 2000 tested deeper parts
of the conductor. Significantly, the deepest holes to date have only
intersected upper parts of the target. Borehole UTEM geophysical tests
indicate that the lower region of the conductor has a higher conductivity
quotient, which correlates well with higher grades encountered in season
closing drill holes FL00-65, FL00-66 and FL00-67.
Drill hole FL01-68 is scheduled to commence April 14, 2001, and will test
for mineralization 100 metres on strike to the east and at the same depth
as FL00-67. Drilling to date has tested approximately 20 per cent of the
known West zone conductor identified by Starfield.
Starfield has also arranged a private placement of up to 2.25 million units
at 50 cents per unit. Each unit will consist of a common share and one full
purchase warrant of the corporation. The purchase warrant will be
exercisable into a further common share of the corporation within two years
of closing of the private placement upon payment of a further 60 cents to
the corporation. The corporation will pay a finder's fee on a part of the
placement commensurate with Canadian Venture Exchange policies.
Additionally a portion of the placement will be for flow-through shares.
The $1,125,000 raised will be used for exploration at the company's
Ferguson Lake platinum-palladium-nickel-copper-cobalt project in Nunavut.