Business
Starfire acquires Montreal River uranium prospect, Ontario, Canada
Starfire acquires Montreal River uranium prospect, Ontario, Canada.
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: SFR: TSX-Venture\n\nVANCOUVER, April 3 /CNW/ - Starfire Minerals Inc. announces that it has\noptioned 100% interest in a group of claims prospective for uranium, in the\nMontreal River area of Central Ontario in Slater and Smilsky Townships. The\narea lies north of Sault Saint Marie, Ontario, close to the Trans Canada\nHighway.\nThe property contains a number of high grade uranium showings, apparently\ncontrolled by shear and fault structures in conjunction with two major\nunconformities within the stratigraphic section of the Precambrian in this\nregion. The geology is dominated by Archaean-aged intrusives and dykes\nunconformably overlain by Keweenawan-aged volcanics and red-beds, in turn\nunconformably overlain by late Keweenawan-aged basin-fill siltstones and\nsandstones.\nPitchblende-bearing veins up to several inches thick occur in shear zones\nin the vicinity of the unconformities. This configuration of structural\nfeatures and unconformities, combined with the presence of uranium\nmineralization, has prompted various workers to draw comparisons of this\nintriguing uranium occurrence with the Beaverlodge area and the Athabasca\nbasin of Saskatchewan, both major producers of unconformity related uranium\nmineralization.\nTerms of the agreement include the payment of $10,000 cash and issuance\nof 700,000 shares of Starfire Minerals Inc. over 2 years as follows: \n200,000 shares upon TSX.V approval and 250,000 shares on the first and second\nanniversary dates of the agreement. The agreement also includes work\ncommitments of $50,000 in 2006, $225,000 in 2007 and $225,000 in 2008. A 2%\nnet smelter royalty can be reduced by up one half to 1.0% for $1.0 million.\nStarfire will commence exploration of this property as weather permits in\nthe spring of 2006. The conceptual exploration target-types for this prospect\ninclude the various possibilities for \"blind\" (buried or covered) high grade\nstructurally and stratigraphically controlled pitchblende (uranium)\nmineralization.\nThis acquisition is subject to regulatory approvals.\nThe Qualified Person for purposes of this press release is Freeman Smith,\nP.Geo., Director, Qualified Person for NI 43-101\nStarfire Minerals Inc. includes uranium, nickel and precious & base metal\ndivisions with properties in Ontario, Quebec and British Columbia.\n\nON...