Trading Symbol: FTR- TSX: V
VANCOUVER, Sept. 19, 2011 /CNW/ - Firesteel Resources Inc. (TSXV:FTR)
("Firesteel" or the "Company") today announced the results of its
recently completed exploration, data compilation and database-creation
projects (together the "Projects") on its flagship Copper Creek
property (the "Property").
The project manager, UTM Exploration Services Ltd. of Smithers, B.C.
("UTM"), executed the Projects and prepared both an assessment report
(filed with the BC Ministry of Energy and Mines) and a data compilation
The Property is located approximately 50 kilometers northwest of
Telegraph Creek, B.C. and consists of 19 claims in a block covering
approximately 6,800 contiguous hectares and containing five alkalic,
porphyry copper-gold targets in the resource-rich Stikine Arch area of
northwestern British Columbia.
The 2011 Exploration Project consisted of follow-up work on historic
drill hole locations and a continuation of sampling and backpack
drilling work begun by UTM in the fall of 2010. The Compilation Project
assembled all the technical data on this Property known to Firesteel
into a modern database consisting of all sampling, geophysics,
trenching, and drilling data.
The Exploration Project
Fieldwork for the Exploration Project was completed by UTM personnel
undertaking prospecting and using a backpack drill, focusing on the
Dick Creek and Copper Creek prospects of the Property. The goal was to
explore and reassess the northeast ("NE") zone's magnetic high zones
and mineralization as identified by previously collected high-grade
samples, and to explore a north-south running fault, which is bordered
on the east by soil anomalies along its length.
Throughout the Exploration Project, intensive coverage of a small
section of the Property was conducted by foot on the NE magnetic zone.
A small backpack drill was used to drill short, localized holes for
sampling, in conjunction with prospecting/mapping of the same areas.
In all, 19 samples were prospected and 15 holes drilled with 17
individual samples taken. A minor amount of structural data was also
collected, both on surface and in drill holes.
UTM personnel reconfirmed that the onsite topography of the Dick Creek
and the Copper Creek areas suggest a large-sized potential deposit as
the topography mimics the stratigraphy, so those areas of the Dick
Creek and Copper Creek that are under moss or devoid of outcrop and
have never been drilled show great exploration potential based on
Extensive roadside locations of outcrop splashed with azurite,
malachite, pyrite, pyrrhotite and a variety of other (as yet unknown)
sulphides, demonstrate the promising potential of an area that extends
beyond one kilometer in any direction, with deep subsurface drilling
yet to establish the true extent to depth.
The Data Compilation Project
The Data Compilation Project was initiated to enable comprehensive
up-to-date mapping and to create an excellent, organized tool for
future exploration, modeling and preparation of NI43-101 compliant
reports as the Company progresses toward pre-feasibility evaluation of
UTM was also able to establish for the Company which data was not
NI43-101 compliant as a further guide to Firesteel's future exploration
Anastasia Ledwon, P. Geo with UTM Exploration Services Ltd. a Qualified
Person under National Instrument 43-101, supervised the Projects and
reviewed and approved the technical content described in this news
release. Ms Ledwon is a consulting geologist for and is independent of
In announcing the results of these projects Walter Wakula, Chairman and
Interim CEO of Firesteel said: "We are highly encouraged by the
correlations which continue to be confirmed between the magnetic high
anomalies in this area and high grade geochemical analysis of samples
along strike. Several excellent drilling locations have been identified
and the data compilation project will be an invaluable tool for the
next stages of exploration work."
Firesteel is a junior minerals exploration company that explores for and
develops quality precious and base metal prospects in the resource-rich
Stikine Arch area of British Columbia, and in the NWT and Mexico. The
Company has been exploring its Copper Creek and ROK - Coyote discovery
properties in northern British Columbia with strong showings of copper
and gold mineralization. Firesteel maintains its interests in the oil
and gas business through its 15 percent shareholding in Blacksteel
Energy Inc. (TSXV:BEY).
ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.
Chairman of the Board and Interim CEO
The TSX Venture Exchange does not accept 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 that such statements were prepared, the
statements are not a guarantee of the Company's future performance.
Firesteel's potential deposits and mineralization and promising
potential on its Property and its intention to proceed to preparation
of a pre feasibility NI43-101 report as disclosed in this news release
(together, the "Significant Matters") and all outcomes are subject to
risks, uncertainties, assumptions and other factors which could cause
actual results, performance or achievements to differ materially from
future results, performance or achievements expressed or implied by
such forward-looking statements. Although the Company believes that
the expectations reflected for the Significant Matters 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 for the
Significant Matters to reflect subsequent information, events, results
or circumstances or otherwise.
For further information:
please contact us at 1-403-246-9290