Starfield Resources Inc

Published : September 10th, 2009

Announces Results Of Airborne Geophysical Survey And Update On Nevoro Purchase

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Keywords :   Canada | Cobalt |

Starfield Resources Announces Results Of Airborne Geophysical Survey And Update On Nevoro Purchase

    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE U.S./
    
    Potential Kimberlite Pipes Identified At Ferguson Lake Project Nevoro
    Shareholder Vote Set For September 29, 2009

TORONTO, Sept. 9 /CNW/ - Starfield Resources Inc. (TSX: SRU / OTCBB: SRFDF) today announced results from the detailed geophysical survey flown at the Company's Ferguson Lake Project in Nunavut earlier this year, and provided an update on the pending acquisition of Nevoro Inc.

    DIGHEM Survey
    -------------

During April 2009, Fugro Airborne Surveys completed a helicopter-borne geophysical survey in the Y Lake area of the Company's large Ferguson Lake Project, located 240 km west-southwest of Rankin Inlet, Nunavut. This detailed program consisted of combined DIGHEM electromagnetic and Horizontal Magnetic Gradiometer surveys totaling 4,729 line kilometers.

In addition to better defining the geology within the survey area, Fugro's recently completed processing and interpretation of the data has identified 14 resistivity anomalies. These anomalies are potentially significant, since their size, shape and apparent continuation to depth may be indicative of kimberlitic intrusive features. Anomaly M4 is particularly encouraging since it is located approximately 1.5 kilometers up-ice of till sample TDS5-126, which contained the previously reported micro-Diamond found during mineralogical studies by SGS Minerals Services.

"The survey results are both encouraging and useful," said Andr� Douchane, President and CEO. "In addition to gaining more information on Y Lake and the major structures in the survey area, we have a potential kimberlite pipe located exactly where it should be based on our Diamond discovery. This is very good news as we continue to look for an appropriate joint venture partner to help us further explore the potential for diamonds at Ferguson Lake."

"Detailed ground reconnaissance is warranted for each of the anomalies identified in the survey results," said Ray Irwin, Vice President of Exploration. "If we obtain positive results from the reconnaissance, a preliminary drilling program may also be undertaken on the most prospective targets to determine if they are diamondiferous."

    Nevoro Acquisition
    ------------------

On September 3, 2009, a Notice and Management Proxy Circular was filed on SEDAR for Nevoro's Special Meeting of Shareholders to be held on Tuesday, September 29, 2009.

Subject to an affirmative vote of two-thirds of the votes cast by Nevoro shareholders, plus court approval and fulfilment of all other conditions of closing, the transaction should be completed on or about October 5, 2009.

The combination of Starfield's published resource of 44.2 million tonnes and Nevoro's historical resource estimate (non 43-101 compliant) of 107.4 million tonnes provides a potential base metal resource of 151.6 million tonnes.

    Additional benefits of the transaction include:
    
    -   Expanded and geographically diversified resource base
    -   Two large projects in favourable geological settings
    -   Significant potential for multiple exploration and development
        projects
    -   Opportunity to apply Starfield's solvent extraction technology at
        Nevoro's Stillwater Complex
    -   Cost savings with reduced administrative expenses and one management
        team
    -   Increased share trading liquidity

About Starfield

Starfield Resources Inc. is an advanced exploration and development stage company focused on its Ferguson Lake nickel-copper-cobalt-platinum-palladium property in Nunavut, Canada. The property is emerging as Nunavut's largest ongoing base and precious metal project. Starfield has funded the development of a novel, environmentally friendly and energy-efficient hydrometallurgical flow sheet to recover metals from its Ferguson Lake massive sulphides. The Company has also embarked on a Diamond exploration program on its property and recently discovered a Diamond.

Forward-Looking Statements

This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices and other factors described above and in the Company's most recent annual information form under the heading "Risk Factors" which has been filed electronically by means of the Canadian Securities Administrators' website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Starfield Resources Inc. investors may also participate in the Company's online community at http://www.agoracom.com/ir/Starfield.

                             www.starfieldres.com

For further information: Andr� J. Douchane, President and CEO, (416) 860-0400 ext. 222, adouchane@starfieldres.com; Greg Van Staveren, Chief Financial Officer, (416) 860-0400 ext. 223, gvanstaveren@starfieldres.com; Connie Anderson, Investor Relations, (416) 860-0400 ext. 228, canderson@starfieldres.com

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Gold and Silver Prices for these countries : Canada | All

Starfield Resources Inc

EXPLORATION STAGE
CODE : SRU.TO
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Starfield Res. is a cobalt and copper exploration company based in Canada.

Starfield Res. holds various exploration projects in Canada.

Its main exploration properties are FERGUSON LAKE, DOME HILL, MOONLIGHT PROPERTY, BLUSTRY MOUNTAIN, FERGUSON (STAR/WYN) and STILLWATER in Canada.

Starfield Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 3.6 millions as of today (US$ 3.5 millions, € 2.7 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.93, and its lowest recent point on March 07, 2013 at CA$ 0.01.

Starfield Res. has 718 801 000 shares outstanding.

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Financings of Starfield Resources Inc
2/26/2009Announces $2.3 Million Private Placement Offering
5/6/2008Announces Closing of $20 Million Private Placement Offering
4/11/2008 announces $20 million private placement offering
Nominations of Starfield Resources Inc
4/10/2008Appoints Vice President of Exploration
Financials of Starfield Resources Inc
1/11/2013Reports Results For Third Quarter Ended November 30, 2012
7/10/2009Reports Results for the First Quarter ended May 31, 2009
1/9/2009Reports Results for Third Quarter ended November 30, 2008
4/25/2008Reports Results for Fourth Quarter and Fiscal 2008
1/14/2008 Reports Results for Third Quarter Of Fiscal 2008
Project news of Starfield Resources Inc
10/5/2009(Ferguson Lake)Announces Joint Venture Agreement For Diamond Exploration An...
3/2/2009(Ferguson Lake)Announces Final Core Assay Results From 2008 Exploration Pro...
11/10/2008(Ferguson (star/wyn))Provides Drilling Update and Additional Core Assay Results
9/19/2008(Ferguson Lake)Announces Further Core Assay Results From 2008 Drilling Prog...
8/27/2008(Ferguson Lake)Announces First Core Assay Results From 2008 Exploration Pro...
5/1/2008Files Complete Scoping Study to SEDAR
3/20/2008 Scoping Study Confirms Economic Potential at Ferguson Lake ...
2/25/2008(Ferguson Lake)Announces Full 2007 PGE Drill Results From Ferguson Lake
Corporate news of Starfield Resources Inc
1/29/2013. announces TSX delisting review
4/7/2010Plans Detailed Airborne Survey of Moonlight Copper Project
9/10/2009Announces Results Of Airborne Geophysical Survey And Update ...
6/24/2009To Acquire Nevoro Inc.
12/10/2008Discovers Diamond At Ferguson Lake
9/4/2008Announces Successful Test Results From Hydrometallurgical Pr...
8/14/2008Announces Remainder of Core Assay Results From 2007 Explorat...
3/20/2008President & CEO André J. Douchane To Appear on BNN TV
3/14/2008Announces Rhodium Assay Results
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