Business
Starfire Minerals clarifies disclosure in past press releases
Starfire Minerals clarifies disclosure in past press releases.
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\n\nTSXV: SFR\n\nVANCOUVER, Dec. 23 /CNW/ - At a result of a review by the British\nColumbia Securities Commission we are issuing the following press release to\nclarify our disclosure. In its August 12 and December 12, 2005 news releases,\nStarfire Minerals disclosed estimates of uranium grade based solely on\nspectrometer readings. In its June 6, 2005 news release, the company also uses\nspectrometer readings to estimate uranium/thorium ratios. The company wishes\nto clarify that these estimates are not supported by current sample data. The\ncompany uses spectrometer surveys as a prospecting tool to identify areas of\npotential uranium and thorium mineralization. While there is some positive\ncorrelation between measured radioactivity and uranium grade, a definitive\nrelationship has yet to be established for the Cross-Structure property. As a\nresult, spectrometer readings cannot be used to reliably and consistently\npredict uranium and thorium grades. The company retracts these estimates and\ncautions the public not to rely on them.\nThe technical reports prepared for Starfire Minerals Inc. on their Cross\nStructure and Capri uranium properties in Quebec have been amended to comply\nwith National Instrument Form 43-101F1 and are being reposted on Sedar. The\nfollowing details clarify our disclosure from the press release dated December\n12, 2005.\n\nCROSS-STRUCTURE PROPERTY\n\nPrevious geological works in 1977 on two pegmatite dykes revealed\nanomalous uranium values. It was the results from the previous works that\nattracted the company to the property area. The December 12th press release\nstated a preliminary mineralized volume calculation with tons and grades based\non a historical scintillometer survey that could not be verified by this\nyear's exploration program and was not 43-101 compliant. The company considers\nthese estimates to be exploration targets that are conceptual in nature. There\nhas been insufficient exploration on these targets to define a mineral\nresource and it is uncertain if further exploration will result in the\ndiscovery of a mineral resource.\n\n2005 Exploration Program\n\nThe 2005 exploration program on the property mapped and sampled the known\nmain U-bearing pegmatite dyke that trends northeast crosscutting the granite\ngneiss host rock. Unexpected gold values distributed in pegmatite ...