|STARFIELD RESOURCES INC.|
PRESS RELEASE November 8, 2001
Corporate Office: #SRU-21-01
Suite 420-625 Howe Street
Vancouver, BC CANADA SRU.CDNX
V6C 2T6 SRFDF – OTC BB
Tel: (604) 608-0400 Fax: (604) 608-0344
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Ferguson Lake Nickel-Copper-Cobalt-Platinum-Palladium Project, Nunavut, Canada
TONNAGE INCREASED BY 8.4 MILLION TONNES
TO 60.1 MILLION TONNES
MOBILIZATION FOR 2001-2002 DRILL PROGRAM IMMINENT
Results from recent drilling at Starfield’s Ferguson Lake property have now been compiled by N.C. Carter, Ph.D., P.Eng., the Company’s independent consulting engineer. Dr. Carter reports that 8.4 million tonnes of additional tonnage are now inferred to occur at depth in the West Zone between Section 6100 West and Section 6800 West. This resource estimate does not include the new Pd+Pt zone that ran over 4 ounces per tonne as reported in our Press Release dated October 31, 2001. This new tonnage is summarized as follows:
Additional West Zone Inferred Resource
Cutoff Grade Tonnes (millions) Cu (%) Ni (%) Co (%) Pd (g/t) Pt (g/t)
1.0% Cu+Ni 8.4 1.01 0.61 0.070 1.59 0.31
1.5% Cu+Ni 5.1 1.25 0.74 0.087 1.98 0.36
2.0% Cu+Ni 3.4 1.42 0.81 0.092 2.08 0.46
The Ferguson Lake project is now inferred to contain a resource of 60.1 million tonnes of massive sulphide mineralization in West Zone and East Zones I and II. West Zone, which hosts 92% of the total tonnage, includes zones of higher grades (1.5% plus and 2.0% plus Cu+Ni cutoff) occurring in two principal areas. These areas are contained within the broader mineralized zone between 3900 West and 5000 West and total 8.2 million tonnes grading 1.07% Cu, 0.82% Ni and 1.48 g/t/ Pd and 0.25 g/t/ Pt at a 1.5% combined Cu+Ni cutoff, and includes 2.6 million tonnes grading 1.18% Cu, 1.04% Ni and 1.88 g/t/ Pd and 0.32 g/t/ Pt at a 2.0% combined Cu+Ni cutoff. Two other areas of higher-grade mineralization are present in the West Zone at depth between 200 and 600 meters between Sections 5360 West and 6800 West.
Inferred resource estimates (excluding cobalt) for the Ferguson Lake project are summarized below:
Combined West Zone, East Zones I & II
Inferred Mineral Resource
Cutoff Grade Tonnes(millions) Copper (%) Nickel (%) Pd (g/t) Pt (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, Ph.D., P.Eng., has prepared the new estimates pursuant to CIM “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%, 1.5% and 2.0% combined Cu + Ni. 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. Assumed Specific Gravity – 3.80. A total of 150 drill hole intersections of massive sulphide mineralization were utilized in the resource calculations. Intervals between holes range from 120 meters on initial stepouts to approximately 40 meters for in-fill drill holes. Some of the 1950’s drill results reported only “PGE” instead of separate assays for Pd and Pt. As a result the palladium and platinum values are calculated from a property-wide ratio of palladium to platinum of 7:1.
Technical crews at Ferguson Lake are currently reviewing core from drill holes completed previously on the West Zone to obtain samples from horizons that appear similar to the high-grade platinum-palladium horizons recently discovered and reported on in holes FL01-101 and FL01-104. Samples from these horizons will be submitted for analysis and results will be reported on a timely basis.
The Company is planning a 2001-2002 drill program to determine continuity of mineralization of the higher-grade zones, both down-dip and along strike and to further explore the West Zone.
On behalf of the Board of Directors
Glen Macdonald, P.Geol.