Business
Technical report recommends drilling on Starfire's Stobie Lake Uranium Project, Ontario, Canada.
Trading Symbol: SFR: TSX-Venture VANCOUVER, May 9 /CNW/ - Starfire Minerals Inc. (the "Company") ...
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\nTrading Symbol: SFR: TSX-Venture\n\n\nVANCOUVER, May 9 /CNW/ - Starfire Minerals Inc. (the "Company") has\nreceived and filed on SEDAR a NI 43-101 compliant report prepared by Donald\nPhipps, M.Sc., P.Geo. of Sudbury, Ontario covering the Company's Stobie Lake\nUranium Project. The report along with other information about the Company can\nbe found at www.sedar.com. and on Starfire's website at\nwww.starfireminerals.ca.\n\n\nThe report will be filed as part of the Company's application for\ncorporate reorganization whereby Starfire Uranium Inc. and Starfire Nickel\nInc. will be spun off from Starfire Minerals Inc. as two new public companies.\n\n\nThe Company's Stobie Lake property lies within Stobie and Grigg Townships\nin the Sudbury Mining District of Ontario, approximately 50 km north-northeast\nof Sudbury and consists of 18 contiguous mining claims covering approximately\n4,288 hectares. The Company owns a 100% interest in the claims subject to a 1%\n NSR royalty. The stratigraphic position and lithology of the rocks on the\nStobie Lake property are analogous to the Elliot Lake area, located 150 km to\nthe southwest, which produced over 300 million pounds of U(3)O8. The presence\nof anomalous concentrations of uranium on the Stobie Lake property enhances\nthis analogy. The Company carried out a combined airborne magnetic, VLF-EM\n(very low frequency electromagnetic) and radiometric survey over the Stobie\nLake property in 2006. The previously known areas of uranium mineralization\nwere identified along with other anomalous areas which warrant ground\nfollow-up. In 2007, The Company carried out ground geophysics on a 1 x 1 km\ngrid at the Wanapitei River Site. The survey confirmed the anomalous\nradioactivity detected in the airborne survey.\n\n\nThe Technical Report concludes that the property warrants further\nexploration with the objective of finding significant areas with higher grade\nvalues in the lower part of the Mississagi Formation. This formation crops out\non the property along the east side of the Wanapitei River and in the Stobie\nLake area. These exposures are thought to dip to the south and southeast\nbeneath the overlying, younger strata and to exist at depth under most of the\nStobie Lake property, representing a substantial target area for exploration.\n\n\nAn exploration program, consist...