Ferguson Lake Nickel-Copper-Cobalt-Platinum-Palladium Project, Nunavut,
Canada
SRU - TSX.V
SRFDF - OTC BB
VANCOUVER, May 12 /CNW/ - Starfield Resources Inc. (TSX.V: SRU and
OTC BB:SRFDF) ("Starfield" or "the Company") today reported that with the
closing of the first portion ($14,261,652) of the $16,566,653 placement, the
2006 Development and Exploration plan for the Ferguson Lake Mineral District
is now underway. This comprehensive program is designed to advance the large
magmatic sulphide base and precious metal resource towards feasibility. The
development of this Copper-Nickel-Cobalt-Palladium-Platinum project will have
a major economic impact for Nunavut and Canada.
Recent Activities and Reports:
This year's supplies and fuel have been mobilized from Churchill, Arviat
and Rankin Inlet to Ferguson Lake. Starfield has received approval from
Nunavut regulators for the Company's camp to be relocated from the temporary
leased area on the island to a permanent site on the West side of Ferguson
Lake. Arctic-style Atco trailers have been purchased and mobilized to the new
site where a permanent fully-winterized camp is being constructed proximinal
to the West Zone "Pit Area" development. In addition:
- Major Drilling Group International, of Moncton, New Brunswick, has
again been contracted for diamond drilling services. Drill crews are
on site.
- Crone Geophysics and Exploration Ltd., of Mississauga, Ontario, has
also been contracted for 2006. Survey crews have arrived on site
where they will provide SQUID ground EM geophysical surveying and
downhole PEM geophysical surveying of drill holes during the 2006
program.
- Dr. N.C. Carter, independent P.Eng, will complete his NI 43-101
compliant report with resource estimates in May 2006. This report
will be filed on SEDAR.
- Dr. Isobel Clark of Geostokos Ltd., who is on retainer to the
Company, will present, her geostatistical evaluation and
recommendation report by the end of May 2006.
Exploration
Robert Lo, P.Eng, the Company's independent geophysical contractor has
prepared a comprehensive report and interpretation of the Geotech regional
VTEM helicopter survey of more than 720,000 acres (about 60% of the property).
The report prioritized VTEM conductive trends and targets and potential
kimberlite anomalies. Regional and detailed soil-till samples from the
1,300,000 acre property have been geochemically analyzed and multi-element
anomalies have been identified. Coincident regional geochemical and airborne
geophysical anomalies have been prioritized for detailed ground geological
examination, geophysical surveying and diamond drilling. Dr. Al Miller has
again been contracted to conduct field mapping and metallogenic evaluations.
Development Plans
Upon receipt of the Geostokos Ltd. report, the Company will use the
recommendations to guide the delineation drilling program objective of moving
the inferred resources into the indicated and measured categories. The
program's initial drilling will collect massive sulphide samples from the West
Zone "Pit Area" for further metallurgical testing. Concurrently,
hydrometallurgical leach testing and process development is ongoing at
laboratories in Kingston, Ontario and in Quebec City. Testing will now be
scaled up to 200 kilograms.
Rescan Environmental Services Ltd. are continuing with their
environmental and engineering site development evaluations. A legal survey of
West Zone mineral claims during 2006 will enable the Company to apply for
mining lease status. Pincock Allen & Holt, of Denver, Colorado, is
incorporating the 2005 drill information, the N.C. Carter resource estimates,
the Geostokos Ltd. report and metallurgical results into a conceptual scoping
study.
The Company's main focus in 2006 is to advance existing resources towards
feasibility, while the regional exploration strategy will focus on project
generation that will be of interest to potential industry partners.
About Starfield
Starfield Resources Inc. is an advanced exploration and development
company focused on its Ferguson Lake Copper-Nickel-Cobalt-Palladium-Platinum
property located in Nunavut, Canada. The Ferguson Lake property covers more
than 1.3 million acres and is 100% owned by the Company. Since 1999, Starfield
has completed more than 104,000 metres of diamond drilling in 243 holes. In
addition to the NI 43-101 technical report which will be filed on Starfield's
SEDAR website within 45 days of April 6, 2006, the Company expects to announce
the results of geostatistical evaluations and a scoping study in 2006. A
developing feature of this mineral district is the significant discovery of
high grade platinum and palladium mineralization found in the footwall to the
massive sulphide deposit. Starfield's Ferguson Lake Project is unfolding as
Nunavut's largest ongoing base and precious metal project.
On behalf of the Board of Directors,
"Glen C. Macdonald"
Glen C. Macdonald, P.Geo., Director
(Glen Macdonald is the Qualified Person under National Instrument 43-101
responsible for preparing the technical disclosure in this news release)
Caution concerning forward-looking statements
---------------------------------------------
This communication to shareholders and the public contains certain
forward-looking statements. Actual results may differ materially from those
indicated by such statements. All statements, other than statements of
historical fact, included herein, including, without limitations statements
regarding future production, are forward looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. The
TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the U.S. Securities Act of
1993, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable securities laws or an
exemption from such registration is available.
2006 development and exploration update
Starfield Resources Inc on 6ix
Earlier from Starfield Resources
- Starfield completes first closing ($14,261,652) of private placement
- Starfield announces increase in private placement
- Starfield announces private placement financing of up to $11,080,000
- Starfield increases inferred resource by 20% and indicated resource by 19%
- Starfield Resources announces addition to Board of Directors
Later from Starfield Resources
- Starfield completes private placement
- Starfield appoints Chief Financial Officer
- Geostatistical analyses estimates measured resources at Ferguson Lake
- Starfield Resources completes first 47 drill holes of its 2006 program
- Starfield Resources provides development and exploration update
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