Trading Symbol: FTR-TSX-V
VANCOUVER, Jan. 31, 2014 /CNW/ - FIRESTEEL RESOURCES INC. (TSX-V: FTR) ("Firesteel" or the "Company") today announced that based on work conducted in 2013, OZ Minerals (ASX:OZL) has concluded its due diligence on the ROK-Coyote property (the "Project") (100% owned by Firesteel) and will continue with the exploration program as soon as weather permits access to the property in 2014.
OZ Minerals has recommended further work based on results of the 2013 exploration program, including the extension of geophysical grids and additional diamond drilling to test geophysical anomalies identified during the 2013 exploration program.
Between July and October 2013 OZ Exploration Pty Ltd ("OZ") carried out a preliminary exploration program at the Project under an Option and Joint Venture agreement (the "Agreement") with Firesteel. The program was designed to determine the potential of the property for economic porphyry-style copper-gold mineralization and, if positive, to commence a first stage exploration program.
The 2013 exploration program included an Archaeological Overview Assessment, 26.5 line km of 3D IP/Resistivity, 316 line km of airborne magnetics and radiometrics and geological mapping.
Based on this initial work described above, OZ proposed a 7 hole drilling program of which only three diamond HQ and NQ holes totaling 1,740m were completed. OZ plans to recommence this drill program and undertake further geophysics in mid 2014 after return of suitable weather conditions.
Airborne Magnetics and IP
The IP survey conducted during the 2013 exploration program has verified historic results in the areas of Main and West Zone. A number of chargeable and resistive anomalies have been highlighted, of which, some were tested during the 2013 drilling campaign.
The high resolution airborne magnetic data collected during the 2013 program has allowed for comprehensive structural and geological interpretations in particular with correlating surface geophysical expressions with units observed at depth in drilling.
Drill Results
Drill testing of geophysical anomalies has allowed for the features to be characterised and used to prioritise other geophysical anomalies on the Rok-Coyote claims. Drilling beneath well-developed gossans suggests that the structural complexity of the area means that expressions observed on surface may not necessarily be reflected at depth. Drilling results show that chargeable conductive zones such as Main Zone are related to highly pyritised (7-8%) volcanic rocks. While the 2013 drilling program failed to return any significant intersections a number of important targeting strategies were tested that will greatly assist future exploration efforts.
Poker Property Exploration
In late September 2013, UTM Exploration Services Ltd provided personnel to Firesteel to attempt to discover some sources of the anomalous gold boulders previously found on the Poker property, located approximately 45km west-southwest of Telegraph Creek. Past field work had resulted in the identification of three (3) types of mineralized boulders: quartz-sulphide containing high gold values, massive sulphide containing gold, silver, copper, lead, and zinc, and quartz-carbonate with high zinc.
To date no source has been found for the mineralization, with heavy speculation on the source being beneath the local glacier.
Qualified Person
The technical information in this news release has been reviewed by Paul Sarjeant, P.Geo., a Qualified Person under National Instrument 43-101
About the Company
Firesteel is an exploration-stage junior mining company engaged in the acquisition and exploration of prospective precious and base metal properties in Canada and stable jurisdictions around the world.
Firesteel currently has two highly prospective properties in British Colombia.
The ROK Coyote property is currently under option to OZ, a wholly owned subsidiary of OZ Minerals (ASX:OZL). OZ has the right to acquire up to 80% of the property in return for spending US$13,000,000 in exploration expenditures and payment of US$1,500,000 in cash to Firesteel.
Highlights of the ROK Coyote property include:
- 6,900 ha of highly prospective large tonnage targets with known Cu-Au results
- Historical drilling highlights - 38.37 m @ 1.32% Cu, 1.54 g/t Au
- Adjacent to Red Chris Mine development owned by Imperial Metals with P&P Reserves of 302 Mt at 0.365 Cu and 0.27 g/t Au (a 28 year mine life at 30,000 tpd).
The Sheslay property is currently under option to Prosper Gold (TSX-V: PGX). Under the terms of this agreement, Prosper has the right to acquire up to 80% of the property in return for spending $5,000,000 on exploration and payment of $1,000,000 in cash and 1,000,000 Prosper Gold shares to Firesteel.
Highlights of the Sheslay property include:
- 6,700 Ha property hosts five significant Cu-Au targets within close proximity with large tonnage, high grade potential.
- Historical drilling highlight - 242.3 m @ 0.44% Cu & 0.32 g/t Au.
- Largest of the targets is 1,800 m by 750 m.
The Company's management and board of directors have extensive experience in exploration, operations, business and corporate finance.
The Company's objective is to enhance shareholder value as a prospect generator by identifying and securing early-stage exploration opportunities and developing them to more advanced stages with the help of joint venture partners.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Advisory Regarding Forward Looking Statements
This news release contains forward-looking statements. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to: expectations, opinions, forecasts, projections and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". While the Company has based these forward-looking statements on its expectations about future events as at the date those statements were prepared, the statements are not a guarantee of the Company's future performance. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct.
The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this new release. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
SOURCE Firesteel Resources Inc.
For further information:
Firesteel Resources Inc.
Michael Hepworth
President and Chief Executive Officer
(647) 725-3793
mhepworth@firesteelresources.com
www.firesteelresources.com