Vancouver, BC July 16, 2014 / ACCESSWIRE / July 16 2014 / FIRESTEEL RESOURCES INC. (TSX-V: FTR) ("Firesteel" or the "Company") today provided an update on exploration activities on its ROK Coyote Property (the "Property").
A 3,000 metre drillling program is planned to test targets at Edon, Coyote and Klappan for porphyry Cu-Au mineralization over the summer months. The Property is currently under option to OZ Minerals (ASX:OZL). For details please see The ROK Coyote property below.
OZ Minerals commenced drilling on Monday, July 7th. The first drill hole was collared at the Edon showing (i.e. the SE extension of North Rok) and targets a combination of geology and IP/magnetics anomalies identified in late 2013. Once this hole is completed, OZ Minerals is planning to move the rig to Coyote for the second drill hole, followed by a single drill hole into the "Klappan" area. The results of these first three drill holes will give OZ Minerals an opportunity to prioritise drill targets for the remainder of the 2014 program.
Reconnaissance geological mapping over magnetic anomalies in the Coyote area has indicated that the prospect is covered by a thin layer of glacial till, masking rock types that are considered prospective for Cu-Au mineralization. Chalcopyrite mineralization occurring in sheeted quartz veins has been noted in an outcrop from road cut exposures at Coyote. OZ Minerals' geologists believe that these rocks could represent Stuhini Group volcanic rocks and the magnetic signatures could indicate the presence of mineralizing intrusions.
Induced polarization (IP) surveys (44.85 line-kilometres) have been completed at Coyote and Klappan (Fig 1). These surveys have been successful in identifying several strong chargeability anomalies, including two at the Coyote prospect which extend over 1,500 metres and 1,200 metres of strike length respectively (Fig. 2)
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Fig. 1 ROK Coyote project: Survey locations at Coyote and Klappan targets.
The IP survey at Coyote (38.77 line-kilometres) has delineated three chargeability highs with peak magnitudes in excess of 24mV/V. The largest anomaly flanks the southern margin of an intense, NW-trending, curvilinear magnetic high and is a priority drill target for OZ Minerals (Fig.2)
Fig.2 Coyote prospect: Oblique view to N25oW showing IP chargeability sections and regional magnetic image. Dashed outlines delineate +24mV/V chargeability anomalies.
Reconnaissance geological mapping in the Klappan area has identified malachite staining of volcanic rocks at surface (Fig. 1). Results of IP survey on line 90,000N at Klappan reveal a chargeability anomaly located between two magnetic highs. This type of geophysical signature is common for porphyry Cu deposits and it provides another priority drill target for the 2014 field season.
OZ Minerals' Geologists are encouraged by these results for several reasons: (1) they believe the area is lower in the stratigraphy, potentially containing Stuhini volcanic rocks and mineralizing intrusions, (2) the IP and magnetic anomalies show similar trends, and (3) the amplitude and size of the chargeability anomalies are what one might expect for a porphyry Cu-Au system.
Updates on the Sheslay Property will be released by Propser Gold (TSX-V:PGX) as they become available.
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 Exploration, a wholly owned subsidiary of OZ Minerals (ASX:OZL). 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:
-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 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.
-Star Target - 2013 drilling - 6 holes totaling 2339.74 m, showing mineralization:
-SO24 - 312.16 m intersection showing 0.37% Cu, 0.24 g/t Au and 0.69 g/t Ag
-SO25 - 269 m intersection showing 0.42% Cu, 0.198 g/t Au and 0.61 g/t Ag
-SO26 - 263 m intersection showing 0.35% Cu, 0.15 g/t Au and 0.63 g/t Ag
-SO27: - 260 m intersection showing 0.39 % Cu, 0.12 g/t Au, 0.93 g/t Ag
-SO28: - 60 m intersection showing 0.63 % Cu, 0.3 g/t Au,0.91 g/t Ag
-SO29: - 59 m intersection showing 0.53 % Cu, 0.31 g/t Au, 0.94 g/t Ag
-Final hole, shows mineralization from surface to 598 m
-Largest of the targets is 1,800 m by 750 m.
True widths of the mineralized zones intercepted cannot be determined from the information and data currently available.
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.
The geological information in the news release has been reviewed by Paul Sarjeant, P.Geo., who is the Qualified Person for Firesteel Resources Inc. under NI 43-101.
For further information, please contact:
Firesteel Resources Inc.
President and Chief Executive Officer
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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.