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Starfire Minerals Precious Metals division announces an agreement to option the Porphyry Pearl - Toodoggone mineral belt
Starfire Minerals Precious Metals division announces an agreement to option the Porphyry Pearl - Toodoggone mineral belt.
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\n\nTSXV: SFR\n\nVANCOUVER, Jan. 17 /CNW/ - Starfire Minerals Precious Metals Inc. a\ndivision of Starfire Minerals Inc. holds the right to earn a 100% interest in\nthe Porphyry Pearl property pursuant to a letter of intent with Mr. Arne\nBirkeland on the Porphyry Pearl property. The property, which is situated in\nthe Toodoggone mining district in northern British Columbia, consists of 5550\nhectares between 6 and 14 kilometres north of Toodoggone River some\n300 kilometres north of Smithers and 55 km northwest of the Kemess South Mine.\nTerms of the option agreement include:\n\n (1) The issuance of 400,000 common shares on regulatory approval and\n 800,000 shares on the anniversary of the signing of the\n agreement for the subsequent 4 years (for a total of 3,600,000\n shares);\n (2) Cash payments of $15,000 on signing, $65,000 on August 15, 2006,\n $50,000 on October 15, 2007, $150,000 on October 15, 2008, and\n $250,000 on October 15, 2009 (for a total of $530,000 in cash\n payments);\n (3) Work commitments of $400,000 for year 1; $700,000 for year 2;\n $1,100,000 for year 3; $1,100,000 for year 4 and $1,500,000 for\n year 5 (for a total of $4,750,000 in work commitments); and\n (4) A 3% Net Smelter Royalty (NSR) applies in favour of the vendor.\n Starfire has been granted an option to buy out half of the NSR\n for 3 million dollars.\n\nThis acquisition is subject to regulatory approval.\n\nPast Exploration and Property Description\n\nA 43-101 report was completed in 2004 for the property by Nick Carter, P.\nGeo. and the summary is included below. Initial mineral claims covering the\narea of the current Porphyry. The earliest record of work within the area of\nthe present property dates back to 1971 when Sumac Mines Ltd. (an exploration\nentity of Sumitomo Metal Mining Company) located claims east of Moosehorn\nCreek to cover anomalous base and precious metals values indicated by a\nreconnaissance stream sediment geochemical survey. Work on what was known as\nthe Moose property through 1974 included grid construction, the preparation of\northophoto base maps, soil geochemistry, Induced Polarization and magnetic\nsurveys and 493.5 metres of diamond drilling in four holes.\nThe Porphyry Pearl property, situated in Stikine Terrane of the northern\nIntermontane tectonic belt, is underlain principally by Toodoggone Formatio...