Vancouver, British Columbia / ACCESSWIRE / October 22, 2014 / Firesteel Resources Inc. ("Firesteel" or the "Company") (TSXV: FTR) is pleased to report final drill hole results from Prosper Gold Corp's ("Prosper") (TSXV-PGX) 2014 drill program on the Star Porphyry Copper Gold Project (the "Property") in northwestern British Columbia.
Highlights
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-- DDH S049 confirms consistent high grade mineralization from the surface to depth.
------------------------------------------------------------- |DDH |FROM (m)|TO (m)|INTERVAL (m)|Cu %|Au g/t|Ag g/t|Cu Eq%| |-----------------------------------------------------------| |S049|4 |328 |324 |0.44|0.219 |0.74 |0.57 | |-----------------------------------------------------------| |incl|4 |184 |180 |0.54|0.288 |0.95 |0.71 | |-----------------------------------------------------------| |incl|184 |328 |144 |0.32|0.135 |0.48 |0.40 | -------------------------------------------------------------
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-- 20 drill holes were completed on the Star Porphyry Copper Gold Discovery in 2014, an aggregate of 13,470 meters has been drilled from 2013 - 14 inclusive of historical drilling from 2004-7.
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- Hole location and striplogs are available on Prosper's website www.ProsperGoldCorp.com
-- Grade is increasing in the core area of the discovery and with mineralization remaining open to extension laterally and to depth
-- Prosper is recommending a grid drilling program for the project in 2015
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Michael Hepworth, President and CEO, said. "Results from the 2014 drill program have demonstrated excellent results overall and we are very excited about the future of the Project. Based on Prosper's work, the observation that grade is increasing towards the core of the mineralised area and secondly that the deposit remains open laterally and at depth is extremely promising. We are looking forward to the next stage of exploration on the Project this coming year."
Note: Widths reported are drill widths; true widths are unknown. Assays are uncut, length-weighted average values. Copper equivalent (Cu Eq%) values are given for illustration to express the aggregate content of copper and gold as a percent copper. They do not reflect the amount of metal that may be recovered should mining eventually occur. The calculation used is CuEq% = [Cu% + (Au g/t *0.583)] a formula which uses metal prices of US$3.00/lb Cu, US$1,200 per troy ounce Au.
Prosper Gold Corp. optioned the Sheslay property from Firesteel Resources Inc. (for full details of the option, please refer to the Company's May 7, 2013 & July 18, 2013 news releases).
Quality Assurance/Quality Control
Prosper Gold has applied a rigorous quality assurance/quality control program at the Star Project using best industry practice. The core is logged; spot XRF measurements are made directly on the core at 33 cm intervals and magnetic susceptibility measured at 10 cm intervals. Drill core is sawn in half lengthwise at the property and for each two metre interval half of the core is placed in plastic bags and sealed. The remaining half core is retained in core boxes stored at the project. The program includes chain of custody of samples from drill to laboratory.
A standard sample, a blank sample, or a duplicate sample is inserted into the sample stream every tenth sample. Two certified ore assay laboratory standards used in the process were supplied by CDN Resource Laboratories Ltd., an independent laboratory located in Langley, BC. In total, 25 quality control samples (about 11% of 216 samples) were analyzed. No significant QA/QC issues are seen in the results. Every 20th sample is sent from the ALS Minerals to ACME labs of Vancouver for reanalysis as an independent check on the work.
Samples, including those for quality control, are shipped to ALS Minerals' preparation lab in Whitehorse, Yukon. Samples were analyzed at ALS's ISO 9001:2008 certified North Vancouver laboratory for gold by fire assay and ICP-AES finish, and for 48 elements including copper, molybdenum and silver by ICP-MS using four acid digestion.
1 shallow hole at Star East and 3 holes Pyrrhotite Creek were drilled with no significant results. More analysis is required to understand the historical and observed mineralization at these targets prior to future drilling.
The Sheslay property is underlain by volcanic and sedimentary rocks of the Upper Triassic, Stuhini Group which are intruded by a small quartz monzodiorite stock. This is a similar geologic setting to other Stikine Arch copper gold deposits including Imperial Metals Red Chris Deposit with a 2010 Measured and Indicated Resource of 619 million tonnes grading 0.38% Cu and 0.36g/t Au.
Qualified Person
The scientific and technical information in this news release has been reviewed by Paul Sarjeant, P.Geo., a Qualified Person under National Instrument 43-101. The Qualified Person has approved the scientific and technical content of the news release.
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 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.
The ROK Coyote property is currently under option to OZ Exploration, a wholly owned subsidiary of OZ Minerals (ASX:OZE). OZ Exploration has the right to acquire up to 80% of the property in return for spending $13,000,000 in exploration expenditures and payment of $1,500,000 in cash to Firesteel.
Highlights of the ROK Coyote property include:
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- 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 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) Imperial Metals
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.
For a detailed overview of Firesteel Resources Inc. please visit www.FiresteelResources.com
For further information, please contact:
Michael Hepworth
Firesteel Resources Inc.
President and Chief Executive Officer
(647) 725-3793
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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.