Starfield brightens Ferguson Lake picture

Preliminary drilling by Starfield Resources (SRU-A) has confirmed cobalt-platinum-palladium mineralization in two copper-nickel zones at the Ferguson Lake property, 160 km south of Baker Lake in the new Canadian territory of Nunavut.

Three short holes sunk in the West zone and two in the East zone returned 0.46%-1.07% copper, 0.18%-0.76% nickel, 0.02%-0.11% cobalt and 0.52-2.37 grams combined platinum and palladium per tonne. The mineralized intervals varied between 0.75 and 12.5 metres in core-length, with most containing high-grading sub-intervals.

The zones, situated on strike of each other and 4 km apart, were initially discovered in the 1950s by Inco (N-T) and followed up three decades later by a unit of Homestake Mining (HM-N). The former pegged the West zone with a resource of 6.4 million tonnes grading 0.87% copper and 0.75% nickel, whereas the latter discovered showings of platinum, palladium and cobalt mineralization in sulphide-bearing outcrops.

Starfield notes that both holes drilled in the East zone are updip from an Inco hole that averaged 1.28% nickel and 1.08% copper over 23 metres. On that section, massive sulphide mineralization has now been traced 300 metres downdip from surface.

Starfield can earn 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, of which $500,000 must be spent by year-end. It has budgeted $1.2 million for a summer field season.