Starfield steps out at Ferguson Lake

Vancouver — Drilling by Starfield Resources (SRU-V) at the Ferguson Lake copper/nickel/platinum-group-metal project, 240 km west of Rankin Inlet in Nunavut, has confirmed the extension of mineralization along a major conductive geophysical anomaly.

The stepout hole, drilled 750 metres farther toward the southwest than any other hole, targeted a conductive anomaly in the 119 Extension zone. Several metres of stringer and massive sulphide mineralization were encountered at a down-holed depth of nearly 1,300 metres.

The intercept confirms the association of the sulphide mineralization with an anomaly outlined by ground electromagnetic (EM) surveys. On the Ferguson Lake project, all sulphide mineralized zones are coincident with ground EM anomalies.

The sulphide mineralized section of drill hole 174 returned 7.12 metres (from 1296 metres) grading 0.71% copper, 0.5% nickel and 0.057% cobalt, plus 1.28 grams palladium and platinum (Pd+Pt) per tonne. Included were higher-grade sections of 2.65 metres averaging 1.8% copper, 0.66% nickel, 0.075% cobalt and 2.16 grams Pd+Pt, and of 0.7 metre of 4.95% copper, 0.31% nickel, 0.37% cobalt and 3.2 grams Pd+Pt.

Starfield’s hole was drilled to a depth of almost 1.5 km to allow for a follow-up, down-hole geophysics program that will assist in surveying the conductor at depth. Bore-hole ground EM surveys provide information on conductors for a radius of 100 metres outward from the hole.

The company has begun wedge drilling from this deep hole using a steerable, directional coring system. Wedged holes will test other ground EM conductive targets above this intersected sulphide mineralization.

Meanwhile, Starfield has reported on the first batch of results from definition drilling. The initial eight holes testing the main sulphide lenses in the Eastern and Pit areas of the West zone intersected significant widths of semi-to-massive sulphide mineralization with copper, nickel, cobalt and PGM vales.

Results from the definition drilling include the following:

— hole 163 — 13 metres (from 132 metres) grading 0.62% copper, 0.74% nickel, 0.09% cobalt and 1.44 grams Pd+Pt per tonne, including a 4-metre section of 0.87% copper, 1.15% nickel, 0.15% cobalt and 1.87 grams Pd+Pt;

— hole 166 — 7.9 metres (from 54 metres) grading 0.96% copper, 0.56% nickel, 0.07% cobalt and 1.44 grams Pd+Pt, as well as deeper, 3.1-metre section (from 76 metres) of 1.4% copper, 0.91% nickel, 0.11% cobalt and 2.62 grams Pd+Pt;

— hole 168 — This hole intersected 4.3 metres (from 79.6 metres) of sulphides averaging 2.39% copper, 0.98% nickel, 0.14% cobalt and 2.23 grams Pd+Pt;

— hole 169 — A wide sulphide intercept of 16.25 metres (from 64 metres) returned 1.1% copper, 0.84% nickel, 0.09% cobalt and 2.28 grams Pd+Pt (several higher-grade intervals were observed in this section, including 1 metre grading 4.67% copper, 0.83% nickel, 0.09% cobalt and 2.66 grams Pd+Pt).

These latest results refer to the main sulphide lens; the high-grade platinum-palladium intercepts encountered in the deeper, gabbro footwall low-sulphidation zone were reported in T.N.M., July 2/04.

Drilling in 2004 will include up to 13,000 metres of definition drilling to upgrade and expand the indicated and inferred resource in the main gabbro-hosted sulphide mineralized zone. Drilling depths will be extended to continue to test the footwall PGE zone.

The West zone at Ferguson Lake has an indicated mineral resource of 6.7 million tonnes (within the “pit area”) grading 0.92% copper, 0.65% nickel, 0.072% cobalt and 1.59 grams Pd+Pt per tonne. Also reported is an indicated resource of 22.9 million tonnes grading 1.21% copper, 0.71% nickel, 0.082% cobalt and 2.09 grams Pd+Pt.

Starfield has 88.7 million shares outstanding and trades in the range of 35-40 per share.


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