DDH S027: 0.35 % Cu, 0.11 g/t Au over 334 m
DDH S028: 0.45 % Cu, 0.26 g/t Au over 144 m
DDH S029: 0.34 % Cu, 0.21 g/t Au over 252 m
VANCOUVER,
Oct. 29, 2013 /CNW/ - Firesteel
Resources Inc. ("Firesteel" or the "Company") (TSX-V: FTR)
today announced results from the final three drill holes of a six
hole 2339.74 metre drill program completed by Prosper Gold Corp
("Prosper") (TSX-V: PGX) on the Sheslay porphyry copper gold
project (the "Property") in northwestern British Columbia. This follows the previously
announced joint venture between Firesteel and Prosper (May 7, 2013 news release).
Drill Results
DDH |
FROM
(m) |
TO (m) |
INTERVAL
(m) |
Cu
% |
Au g/t |
Ag g/t |
S027 |
7 |
341 |
334 |
0.35 |
0.11 |
0.84 |
incl |
7 |
160 |
153 |
0.41 |
0.13 |
1.05 |
incl |
7 |
267 |
260 |
0.39 |
0.12 |
0.93 |
Incl |
204 |
267 |
63 |
0.43 |
0.12 |
0.75 |
S027* |
504 |
576 |
72 |
0.27 |
0.10 |
0.57 |
S028 |
8 |
152 |
144 |
0.45 |
0.26 |
0.80 |
incl |
15 |
30 |
15 |
0.54 |
0.22 |
0.89 |
incl |
61 |
70 |
9 |
0.96 |
0.41 |
1.15 |
incl** |
61 |
121 |
60 |
0.63 |
0.30 |
0.91 |
S028 |
193 |
270.77EOH |
77.77 |
0.43 |
0.23 |
0.78 |
incl |
197 |
213 |
16 |
0.66 |
0.35 |
1.12 |
S029 |
11 |
263 |
252 |
0.34 |
0.21 |
0.71 |
incl |
11 |
88 |
77 |
0.46 |
0.27 |
0.82 |
incl |
29 |
88 |
59 |
0.53 |
0.31 |
0.94 |
incl |
179 |
263 |
84 |
0.35 |
0.18 |
0.61 |
S029 |
403 |
428 |
25 |
0.2 |
0.136 |
0.61 |
*Deepest porphyry copper gold intercept to date on the property,
confirming depth potential of the Sheslay mineralized system.
**Higher grade near surface porphyry copper gold intercept.
Widths reported are drill widths; true widths are unknown.
Assays are uncut, length-weighted average values. Drill hole
locations and drill result details are given on Prosper's website
at www.ProsperGoldCorp.com.
Previously released drills hole results (October 1, 2013 News Release) for DDH's S024,
S025 and S026 are as follows:
- DDH S024: 0.37 % Cu, 0.24 g/t Au over 312.16 m (Incl. 77.12m @
0.66 % Cu, 0.55 g/t Au, 1.11 g/t Ag)
- DDH S025: 0.42 % Cu, 0.20 g/t Au over 269.00 m (Incl. 237 m @
0.46 % Cu, 0.22 g/t Au, 0.65 g/t Ag)
- DDH S026: 0.35 % Cu, 0.15 g/t Au over 263.00 m (Incl. 165 m @
0.44 % Cu, 0.20 g/t Au, 0.78 g/t Ag
Key points - Phase 1 Drill program completion.
- Drill holes S024 to S029 cover a planar area of approximately
300 metres by 300 metres of the Star Porphyry body in and confirm
consistency of grade for all 6 drill holes.
- Mineralization is open for extension in all
directions. DDH S027 shows the mineralized system is
deep rooted with depth potential to at least 598 metres from
surface.
- Based on historical drill results, new geophysical
chargeability and magnetic data, and soil geochemistry and highly
mineralized trenches 500 metres to the south, less than 20% of the
Star copper gold porphyry body has been drill tested to date.
- The Star North target located 800 metres to the northeast and
the Star East target located 800 metres to the east have not been
drill tested. They appear to have similar size potential to
the main Star porphyry discovery, with similar associated
geophysical and anomalous geochemical signatures.
Michael Hepworth,
President and CEO of Firesteel said; "These early results indicate
the possibility of fairly large system which will need further
drilling in 2014 season to get to an NI-43-101 compliant resource.
Firesteel intends to use its prospect generator model to grow the
business over the next few years. We are actively looking for
quality copper porphyries in BC and other safe jurisdictions."
Quality Assurance/Quality Control
Prosper Gold has
applied a rigorous quality assurance/quality control program at the
Sheslay 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 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, 144 quality control
samples (about 10% of 1454 samples) were analyzed. Prosper Gold detected no significant QA/QC
issues in reviewing the results.
Samples, including those for quality control,
are shipped to ALS Minerals' preparation lab in Terrace, B.C. 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.
Qualified Person
The technical information in this news release
has been reviewed by Dirk
Tempelman-Kluit, PhD, P.Geo., a Qualified Person under
National Instrument 43-101
For a more detailed view of Firesteel Resources, please visit
www.firesteelresources.com
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
this agreement, Prosper has the right to acquire up to 80% of the
property in return for spending $5,000,000 on exploration, providing $1,000,000 in cash and 1,000,000 shares.
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 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 on exploration and providing
$1,500,000 in cash.
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 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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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",
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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.