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.