Trading Symbol: TSX-V: FTR
VANCOUVER, Jan. 30, 2012 /CNW/ - Firesteel Resources Inc. (TSX-V: FTR) ("Firesteel" or the "Company") today announced results from the 2011 summer exploration programs on its flagship Copper Creek Property ("Copper Creek" OR "the Property").
During September 2011, UTM Exploration Services Ltd., of Smithers, BC conducted a short exploration program on the Copper Creek Property. The focus of the program was to follow up the numerous coincident and anomalous data layers that define the Dick Creek zone.
Geophysical chargeability, resistivity and total field magnetics, coupled with geochemical soil contours, historical sampling and mapping, trenching, and drilling, have all indicated that the Dick Creek zone has the potential to be larger in size than indicated by subsurface drilling and trenching.
The design of the 2011 program was to expand the existing geological knowledge by focusing on these anomalous areas with an emphasis on structures that have been interpreted through the geophysical images. In many areas on the property, overburden has limited the existing geological picture to date; however, the 2011 program was successful in identifying additional monzonitic outcrop to the west of the Dick Creek area, as well as taking rock grab samples with significant Cu assays: i.e. 2.75% Cu, 3.28% Cu, 3.83% Cu, 8.22% and a boulder sample assaying 17.2% Cu.
"The good grades of copper found in a large number of the grab samples taken from the Copper Creek property confirm that the Dick Creek corridor contains an area highly anomalous in copper. Next season we will continue mapping and sampling in order to identify targets for further diamond drilling," said Michael Hepworth, Interim President and CEO for Firesteel.
The distribution of these grab samples, as well as the location of the boulder sample, are all from an area along the western flank of the known Dick Creek anomalous corridor identified by past drilling.
All of the samples taken were of monzonitic origin, suggesting that the potential for additional and continued subsurface mineralization to the west of the Dick Creek area is promising.
In total, 96 outcrop and boulder samples and 2 soil samples were collected.
Historical copper grades of the Dick Creek area, identified through drilling, surface samples and trenching, have been significant. The 2011 program has identified and suggested that these historical grades continue to the west beyond the known envelope of mineralization known as the Dick Creek Zone.
The following Table illustrates the significant assays from the 2011 Copper Creek program.
Table 1: Copper Creek - Significant Results
|Sample #||Sample Type||Ag ppm||Au ppb||Cu ppm||Cu%|
Grab samples are selective by nature and are unlikely to represent average grades of the deposit.
Further recommendations for the Copper Creek Property have been proposed to the Company and include continued detailed mapping, trenching, soil sampling and drilling of the Dick Creek zone. Additional recommendations outside of this anomalous region include mapping, soil sampling and drilling of the Copper Creek zone, with initial focus on the mapping of possible structures that may be controlling mineralization in the area of the two, historically identified, anomalous zones.
Anastasia Ledwon, P. Geo with UTM Exploration Services Ltd. a Qualified Person under National Instrument 43-101, supervised the Projects and has reviewed and approved the technical content described in this news release, except for historical information on the Poker property. Ms. Ledwon is a consulting geologist for and is independent of Firesteel.
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 14 percent shareholding in Blacksteel Energy Inc.
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.
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).
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. which has 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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