Vancouver – Initial results from this year’s drilling on Starfield Resources’ (SRU-V) wholly owned Ferguson Lake project in Nunavut have hit with impressive PGE grades.
The first four holes of this year’s West zone – Pit Area drilling on the massive sulphide copper-nickel-platinum-palladium property returned two high-grade PGE intercepts.
Starfield’s core hole 04-165 delivered a 0.9 metre interval (from 237.1 metres depth) of 43.39 grams platinum per tonne and 2.46 grams palladium per tonne, the highest platinum value found to date on the property. The intersection was within a 3.55 metre zone that graded 11.06 grams platinum.
A second high-grade interval, also in hole 04-165, delivered 1 metre (from 217.8 metres) averaging 8.54 grams platinum and 32.23 grams palladium. This intercept occurs within a broader 4.92 metre zone grading 2.33 grams platinum and 9.09 grams palladium.
This high-grade, low sulphide platinum-palladium mineralized zone is hosted in the footwall of the gabbro intrusive, below the massive sulphide mineralization. This style of mineralization has become a major focus of this year’s program for the Vancouver-based explorer.
Starfield acquired the project in 1998 and have conducted over 64,000 metres of drilling. The property hosts an indicated mineral resource of 6.7 million tonnes averaging 0.92% copper, 0.65% nickel, 1.39 grams palladium and 0.22 grams platinum, using a 1 percent copper plus nickel cutoff grade. There is an inferred resource of 54.8 million tonnes of 0.99% copper, 0.59% nickel, 1.37 grams palladium and 0.24 grams platinum, utilizing the same cutoff.
Results caught investors’ attention with the issue gaining a nickel to close at 43 on 238,500 shares volume on the day of the release. As of the latest figures, Starfield has 88.7 million shares outstanding.
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