TSXV: SFR
VANCOUVER, Aug. 6 /CNW/ - Management of Starfire Minerals Inc. (the "Company") is pleased to report that it has received and filed on SEDAR a NI 43-101 compliant report prepared by James A. Turner, P.Geo. covering the Company's Porphyry Pearl Copper-Gold Project in the Omineca Mining District, British Columbia. The report along with other information about the Company can be found at www.sedar.com. and on Starfire's website at www.starfireminerals.ca.
The Company's Porphyry Pearl Property lies within the Toodoggone River Area approximately 60 km north-northwest of Northgate Minerals Corporation's Kemess South Mine and consists of 14 mining claims covering approximately 6,024 hectares. The Company has the option to earn a 100% interest in the Property by making cash payments totaling $542,500 to the vendor, of which $292,500 has been paid to date ($250,000 remaining), shares totaling 3,600,000 of which 2,800,000 has been issued (800,000 remaining), and incurring a total of $4.75 million in exploration expenditures on the property, of which $2,792,732 has been spent ($1,957,732 remaining). The vendor retains a 3% net smelter return royalty interest.
During the 2007 and 2008 field seasons, the Company operated two diamond drilling campaigns on the Property totaling 3,922 meters in 11 holes of which 3,503 meters in nine holes were on the PP Zone. These programs indicate that the PP Zone is mineralized over a strike of 240 meters, and a width of at least 70 meters to a depth of 350 meters below the bedrock / overburden interface, the average depth of the overburden being 34 meters. The zone is open to the northwest, southeast and southwest, as well as to depth. Significant drill results on the PP Zone are listed in the table below.
Significant drill intersections on the Porphyry Pearl Zone.
Au eq
Hole From To Meters (g/t) Cu % Zn % Au(2) Remarks
No. (1) (g/t)
1 no
significant
results
2 194.00 209.00 15.00 0.352 0.033 0.104 0.504
2 328.00 356.00 28.00 0.423 0.027 0.271 0.718
includes 341.00 356.00 15.00 0.634 0.037 0.313 0.983
5 51.83 128.00 76.17 0.463 0.054 0.056 0.607
includes 51.83 111.76 59.93 0.431 0.050 0.061 0.574
and 118.00 128.00 10.00 0.768 0.088 0.047 0.962
6 103.02 311.20 208.18 0.701 0.046 0.095 0.867
Au by
metallic
includes 299.92 301.90 1.98 1 3.570 0.027 0.140 13.744 assay
7 89.31 99.97 10.66 0.617 0.058 0.053 0.765
7 124.36 264.72 140.36 0.668 0.066 0.233 0.995
7 294.44 304.34 9.90 0.863 0.069 0.102 1.074
7 328.12 340.00 11.88 0.508 0.051 0.650 1.189
7 381.61 395.48 13.87 1.078 0.012 0.130 1.216
8 90.98 154.84 63.86 0.604 0.047 0.165 0.835
8 295.50 324.92 29.42 1.125 0.080 0.167 1.415
8 367.59 395.94 28.35 0.362 0.046 0.255 0.674
9 110.03 183.18 73.15 0.396 0.049 0.116 0.586
9 250.24 321.56 71.32 0.496 0.054 0.194 0.764
9 347.32 361.49 14.17 0.277 0.022 0.657 0.915
10 175.26 311.96 136.70 0.915 0.051 0.157 1.147
Au by
includes 258.47 260.45 1.98 23.820 0.040 0.930 24.739 fire assay
11 89.92 99.06 9.14 0.721 0.042 0.047 0.836
11 117.35 260.60 143.25 0.508 0.054 0.141 0.729
(1) g/t (equal sign) grams per tonne.
(2) equiv Au (equal sign) Equivalent gold calculations use metal prices
of US$1.50 for copper (Cu), $US 0.80 for zinc (Zn) and US$600/oz for
gold (Au). Metallurgical recoveries and net smelter returns for all
metals are assumed to be 100%. Equivalent gold (equal sign) Au g/t +
(Cu% x 33.07/19.29) + (Zn% x 17.64/19.29).
Recommendations:
The report recommends the following two phase program:
Phase I consists of a specialized detailed Induced Polarization (IP) survey at a cost estimated at $175,000 to bracket the mineralized zone in order to ensure that future holes are appropriately targeted; followed by:
Phase II which consists of 5,000 meters of diamond drilling in 10 to 12 holes at a cost of $2.1 million in at locations targeted by the IP survey.
The Company will be initiating the Phase I recommendation immediately. Preparation is underway to complete this survey during August, 2009.
Management has also received inquiries with respect to joint venture partnerships on this project and the Company is in the process of evaluating those opportunities while the other parties are conducting their due diligence reviews.
The Qualified Person for purpose of this news release is Mr. Philip J. Rush, P. Geo.
Starfire Minerals Inc. includes uranium, nickel and precious & base metal divisions with properties in Ontario, Quebec and British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF
STARFIRE MINERALS INC.
"Dan Mosher"
Dan Mosher
President/CEO
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward Looking Information
---------------------------
Certain information regarding the Company set forth in this press release, including the use of proceeds, and management's assessment of the Company's future plans and operations contain forward looking information that involve substantial known and unknown risks and uncertainties. The forward looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of reserve estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Company's actual results, performance or achievement could differ materially from those expressed in or implied by, the forward looking information and accordingly, no assurance can be given that any of the events anticipated to occur or transpire form the forward looking information will provide any benefits to the Company.