Trading Symbol: FTR-TSX-V
VANCOUVER, Jan. 20, 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 interpretive 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 offset line pole-dipole IP/Resistivity,
316 line km of airborne magnetic 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, 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 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
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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 - grading 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.
