Vancouver — The collapse of a $2.5-million financing with a European group has prompted Starfield Resources (SRU-V) to table a private placement of 4 million units priced at 50 each.
A unit holds one share and one warrant. A warrant is exercisable at 55 for the first two years and 65 for a third year.
In June, the junior negotiated a $2.5-million financing with a Vienna-based syndicate. However, the deal, which consisted of 3.8 million units priced at 65 each, fell through. The newly proposed $2-million financing will be used to continue advancing the Ferguson Lake project.
Starfield has three rigs turning on Ferguson Lake, 160 km south of Baker Lake in the Canadian territory of Nunavut.
A newly revised study, using a 1% combined nickel-copper cutoff grade, pegs the inferred resource at the West, East 1 and East 2 zones at 46.1 million tonnes averaging 0.88% copper, 0.58% nickel and 1.41 grams combined platinum-palladium.
When the cutoff grade is increased to 2% combined nickel-copper, the resource shrinks to 6.1 million tonnes averaging 1.31% copper, 0.95% nickel and 2.02 grams combined platinum-palladium.
The copper mineralization at the West zone was initially discovered in the 1950s by Inco (N-T) and followed up three decades later by a unit of Homestake Mining (HM-N).
Inco pegged the West zone with a resource of 6.4 million tonnes grading 0.87% copper and 0.75% nickel. Homestake discovered showings of platinum, palladium and cobalt mineralization in sulphide-bearing outcrops.
Manual resource estimates for the East I zone come in at 2.9 million tonnes grading 1% copper, 0.8% nickel and 1.2 grams combined platinum-palladium.
The East II zone tallies 1.3 million tonnes grading 0.9% copper, 0.8% nickel and 1.2 grams combined platinum-palladium.
This year’s program is aimed at drill-testing the mineralization at greater depths and testing other geophysical targets.
Starfield earned a 100% interest in the 20,000-ha property by paying $75,000 in cash, issuing 4.25 million shares and spending $1.7 million on exploration.
Be the first to comment on "Starfield eyes new financing"