Trading Symbol: FTR-TSX: V
VANCOUVER, Jan. 5, 2012 /CNW/ - Firesteel Resources Inc. (TSXV:FTR) ("Firesteel" or the "Company") today announced the appointment of Mr. Michael Hepworth as interim President and CEO of Firesteel. The company also announces the resignation of Mr. Walter Wakula as Chairman and Interim CEO of Firesteel. Mr. Wakula will continue as a Director on the Firesteel Board.
Mr. Hepworth is an accomplished entrepreneur and business leader with more than 30 years of diverse international business experience. He currently serves on the Firesteel board and is responsible for Corporate Development at both Northern Iron Corp Inc. (TSXV: NFE) and G4G Resources Ltd (TSXV: GXG). He is also active in several privately held gold properties in Colombia and Northern Ontario.
In announcing the changes, Michael Hepworth said; "The board's immediate goal for Firesteel is to acquire a suitable gold project in Central or South America that can attract investment and provide our shareholders with the kind of returns they are looking for in 2012. I'd like to take this opportunity to thank Walter Wakula for his hard work as Chairman of Firesteel's Board over the last few years and wish him well in his future endeavors.
About Firesteel Resources
Firesteel is a junior minerals exploration company focused on the exploration and development of 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.
The Poker Property
The Poker is located approximately 50 kilometers west of Telegraph Creek in northwestern B.C. and consists of 3 claims covering approximately 2,300 hectares in the resource-rich Stikine Arch area of northwestern BC. Cominco discovered thirty-six gold-bearing quartz-sulphide boulders in this area in 1988. The average gold value of these boulders is 24.3 g/t. The highest gold value was 252.16 g/t, while ten high-grade boulders averaged 76.37 g/t gold. These boulders are up to 2 meters in diameter. The mineralized boulder train was traced one kilometer up-slope from the boulder field. The target at Poker is a high-grade shear-vein gold deposit of the Snip Mine type. (Excerpt from Geological Report on the Poker Property written for Firesteel by David G. DuPre, P. Geo, who is a Qualified Person under National Instrument 43-101, dated May 25, 2003).
The glaciers on the Poker have receded considerably since the last work was completed on the property several years ago. This Project will consist of prospecting the terrain which had been under the glaciers to determine if the gold bearing boulder train continues and, if so, attempt to locate the source(s) of these boulders. To date it is not known if the boulders were transported by glaciers as they advanced or if they have a more localized origin. The Poker also contains an anomalous gold zone of significant width (55 meters) that was discovered in 2006 but no further exploration was pursued. The team will also determine if there is extended mineralization of this anomalous gold zone that may be revealed due to the glaciers receding. Regional mapping of the Poker Property, writing of an assessment report and updating of the Company's Poker database will also be included as part of the Project.
Copper Creek Property
The Copper Creek 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 BC.
This project consists of follow-up work on historic drill hole target locations and a continuation of sampling and backpack drilling work begun by UTM last summer, with focus on the Copper Creek, Dick Creek and Phyrrotite Creek discovery targets on this property. The project team will further explore a north-south running fault that is bordered on the east by soil anomalies along its length. They will also try to determine further correlations between high-grade samples, soil anomalies and geophysical anomalies. The Project will also include regional mapping of the Copper Creek, writing of an assessment report and updating of the Company's Copper Creek database.
Anastasia Ledwon, P. Geo with UTM Exploration Services Ltd. a Qualified Person under National Instrument 43-101, will supervise the Projects and has reviewed and approved the technical content described in this news release, except for historical information on the Poker. Ms Ledwon is a consulting geologist for and is independent of Firesteel.
Firesteel Resources Inc.'s ("Firesteel" or the "Company") ROK - Coyote discovery property (the "Property") is situated in the Stikine Arch region of northwestern B.C. about 8 km. southeast of the Iskut Village on Highway 37 and 12 km west of the BC Rail extension road bed. It is adjacent to and immediately north of the Imperial Metals' Red Chris copper-gold deposit - Proven and Possible reserves 300 million tonnes at 0.359% Cu and 0.274 g.t Au, plus Measured and Indicated resources of 619.4 million tonnes at 0.38% Cu and 0.36 g/t Au, plus inferred resources of 619.1 million tonnes at 0.30% Cu and 0.32 g/t Au. The Property covers a copper-gold porphyry target located within a large hydrothermal sulphide system measuring at least 9 sq. km. atop the Tanzilla Plateau. The project is currently under option to Lions Gate Metals Inc. who have the right to earn a 75 % interest in return for total cash payments of $496,000, 650,000 Lions Gate shares and expenditures of $2,500,000 on the property over four years.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.
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 Poker and Copper Creek Properties and its launch of the Projects 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.
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