Vancouver — A hot drill intercept from its Langmuir nickel project near Timmins, Ont., gave Starfire Minerals (SFR-V, STFMF-O) a major market boost recently, as investors leapt on the junior explorer.
A trio of holes at the project’s South zone returned up to 5.5 metres (from 424 metres down-hole depth) averaging 4.48% nickel, 0.37% copper and 0.044% cobalt in EL-06-03. The intercept included a 1.27-metre high-grade portion grading 9.2% nickel, 0.68% copper and 0.137% cobalt.
Starfire estimates true widths are about 60-65% of core length.
The komatiitic-type mineralization consisted of massive, net-textured and disseminated pentlandite as well as the nickel-rich sulphide millerite (NiS) at the contact with a dacite unit.
The Langmuir South zone was first discovered in the late 1970s by an Inco-Noranda joint venture operating at the adjacent Langmuir No. 2 deposit, now held by Inspiration Mining (ISM-V, IRMGF-O). Past underground operations at Langmuir No. 2 mined about 1 million tonnes grading 1.45% nickel and outlined additional remaining resources.
The South zone, hosting a historical inferred resource of about 181,000 tonnes grading 1.55% nickel, extends downplunge onto Starfire’s claims where about 100,000 tonnes of the resource is estimated to reside.
Further drilling is planned on the project, about 10,000 metres, leading to a resource estimate for the South zone.
Shares of Starfire soared 87% on the drill results, closing up 17 at 36.5 apiece on volume of over 4.1 million. The stock posts a 52-week trading range of 14-40.
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