Firesteel Resources Expands Star Porphyry Copper - Gold Discovery Drills 107m of 0.77% Cu & 0.41 g/t Au including 64m of 1.12% Cu & 0.59 g/t Au
23.09.2014 | The Newswire
Vancouver, September 23, 2014 - Firesteel Resources Inc. (TSX-V: FTR) ("Firesteel" or the "Company") today released the results from the first 19 holes of its 2014 drill program on the Star porphyry copper gold project (the "Property") in northwestern British Columbia conducted by Prosper Gold Corp. (TSX-V:PGX) .Drill results confirm the deposit remains open to the north, northwest and northeast, with near surface higher grades occurring as drilling extends the discovery to the north.
A total of 6221.5 meters were drilled in the first 19 holes and represent the assays received up to this point. To date the deposit which measures 550 meters north-south and 350 meters east-west. Results of this season's drilling, tabulated below, summarize data for the holes which intersect the mineralized zone. Drill holes within the zone are tabulated from north to south; the table includes holes drilled last season (shown with **).
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|DDH |FROM (m)|TO (m)|INTERVAL (m) |Cu %|Au g/t|Ag g/t|Cu Eq%|
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|S042 |2.74 |188.8 |186.06 |0.19|0.048 |3.19 |0.21 |
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|incl |84 |124 |40 |0.31|0.101 |0.60 |0.37 |
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|S037 |3.1 |664 |660.9 |0.22|0.109 |0.42 |0.29 |
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|incl |3.1 |188 |184.9 |0.26|0.076 |0.37 |0.31 |
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|incl |294 |390 |96 |0.32|0.109 |0.60 |0.39 |
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|incl |390 |416 |26 |0.95|0.308 |1.35 |1.13 |
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|incl |416 |538 |122 |0.22|0.052 |0.38 |0.25 |
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|incl |608 |620 |12 |0.04|2.330 |2.25 |1.40 |
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|S038 |10 |22 |12 |0.17|2.110 |5.76 |1.40 |
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|S041 |3.73 |202 |198.27 |0.38|0.192 |0.70 |0.49 |
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|S028**|8 |152 |144 |0.45|0.260 |0.80 |0.60 |
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|S028**|193 |270.77|77.77 |0.43|0.228 |0.78 |0.56 |
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|S046 |13.85 |271 |257.15 |0.31|0.171 |0.50 |0.41 |
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|incl |30 |96 |66 |0.53|0.304 |0.72 |0.71 |
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|incl |20 |108 |88 |0.46|0.272 |0.67 |0.62 |
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|S026**|108 |273 |165 |0.43|0.200 |0.78 |0.55 |
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|S043 |7 |442 |435 |0.24|0.071 |0.40 |0.28 |
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|incl |7 |96 |89 |0.40|0.182 |0.68 |0.51 |
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|incl |282 |442 |160 |0.30|0.080 |0.51 |0.35 |
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|S044 |10.15 |54 |43.85- lost hole|0.24|0.041 |0.18 |0.27 |
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|S040 |3.9 |472 |468.1 |0.26|0.067 |0.43 |0.29 |
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|incl |3.9 |46 |42.1 |0.81|0.172 |0.63 |0.91 |
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|incl |352 |472 |120 |0.36|0.129 |0.68 |0.44 |
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|S045 |12.02 |119 |106.98-lost hole|0.77|0.407 |1.02 |1.00 |
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|incl |12.02 |76 |63.98 |1.12|0.593 |1.30 |1.47 |
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|S048 |2.06 |79 |76.94 |0.78|0.550 |1.28 |1.10 |
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|S048 |123 |411 |288 |0.33|0.149 |0.56 |0.42 |
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|S024**|4.88 |317.04|312.16 |0.37|0.240 |0.69 |0.51 |
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|S025**|7 |276 |269 |0.42|0.198 |0.61 |0.54 |
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|S027**|7 |341 |334 |0.35|0.110 |0.84 |0.41 |
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|S027**|504 |576 |72 |0.27|0.100 |0.57 |0.33 |
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|S029**|11 |263 |252 |0.34|0.210 |0.71 |0.46 |
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|S029**|403 |428 |25 |0.20|0.136 |0.61 |0.28 |
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Complete results, with hole locations, striplogs, and photos are on Prosper's website at www.ProsperGoldCorp.com
Note: Lengths reported are drill core lengths; true widths of mineralized intervals are unknown. Assays are uncut, length-weighted average values. Copper equivalent (Cu Eq%) values are given for illustration only to express the aggregate content of copper and gold as a percent copper; this is no indication of recoverable metal. Copper equivalent is calculated using metal prices of US$3.00/lb Cu, US$1,200 per troy ounce Au. The calculation used is CuEq% = [Cu% + (Au g/t *0.583)].
Drill holes S030, 32, 33, 34, 35, 36, 38, 39, 44, and 47 were drilled on the margin of the central mineralized zone. The table below summarizes results from these holes and are listed north to south.
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|DDH |FROM (m)|TO (m)|INTERVAL (m)|Cu %|Au g/t|Agg/t|Cu Eq%|
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|S030|7.2 |310.5 |303.3 |0.19|0.046 |4.96 |0.22 |
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|S032|6.2 |302 |295.8 |0.12|0.019 |0.20 |0.13 |
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|S033|3.89 |239 |235.11 |0.07|0.011 |0.08 |0.07 |
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|S034|4.66 |308 |303.34 |0.05|0.016 |0.23 |0.06 |
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|S035|4.8 |305 |300.2 |0.13|0.047 |0.29 |0.16 |
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|S036|4.68 |297 |292.32 |0.07|0.023 |0.23 |0.09 |
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|S038|4.1 |164 |159.9 |0.03|0.220 |0.56 |0.16 |
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|S039|3.63 |268 |264.37 |0.04|0.030 |0.77 |0.06 |
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|S044|10.15 |305 |294.85 |0.1 |0.027 |0.17 |0.12 |
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|S047|46 |276 |230 |0.17|0.044 |0.26 |0.20 |
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|S047|314 |332 |18 |0.21|0.071 |0.47 |0.25 |
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Drilling was focused on defining the size of the mineralized system in advance of infill drilling for resource definition. Surface work this summer has extended visible surface mineralization at multiple targets on the Property including Pyrrhotite Creek and Star North.
Drilling extends mineralization to depth, the deepest hole S037 reached 664 metres and leaves Star open to extension. Continuity to the north is implied by these and earlier drill results and by chargeability and magnetic data.
The new drilling identifies a previously unknown zone of highly silicified gold bearing rocks at depth in S037 (12m of 2.33 g/t Au) and near surface in S038 (12m of 2.11 g/t Au). The surface oxidized zone above primary sulphide mineralization is dominated by malachite and azurite with local native copper. It was intersected in several holes broadening the known high grade secondary material.
Michael Hepworth, Firesteel's President and CEO comments, "Firesteel optioned the Sheslay property to Prosper early in 2013. Over last season and again in the 2014 season Prosper has added greatly to our knowledge of the anomaly and has shown significant mineralization on this target. As a result the Star is developing into one of British Columbia's new copper gold project districts. There are several new targets defined for future drilling including Star North, Star East, Copper Creek and Pyrrhotite Creek."
The property is underlain by volcanic and sedimentary rocks of the Upper Triassic, Stuhini Group which are intruded by a small quartz monzodiorite stock. This is a similar geologic setting to other Stikine Arch copper gold deposits including Imperial Metals Red Chris Deposit with a 2010 Measured and Indicated Resource of 619 million tonnes grading 0.38% Cu and 0.36g/t Au.
The Property is optioned from Firesteel Resources Inc. (for further details, please refer to the Company's May 7, 2013 news release).
Quality Assurance/Quality Control
Prosper Gold has applied a rigorous quality assurance/quality control program at the Star 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 for each two metre interval 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, 353 quality control samples (about 11% of 3173 samples) were analyzed. No significant QA/QC issues are seen in the results. Every 20th sample is sent from the ALS Minerals to ACME labs of Vancouver for reanalysis as an independent check on the work.
Samples, including those for quality control, are shipped to ALS Minerals' preparation lab in Whitehorse, Yukon. 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 scientific and 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 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 in exploration expenditures and payment of $1,500,000 in cash to Firesteel.
Highlights of the ROK Coyote property include:
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??6,900 Ha of highly prospective large tonnage targets with known Cu-Au results
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??Historical drilling highlights - 38.37 m @ 1.32% Cu, 1.54 g/t Au
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??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 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.
Previous highlights of the Sheslay property include:
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??6,700 Ha property hosts five significant Cu-Au targets within close proximity with large tonnage, high grade potential.
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??Star Target - 2013 drilling - 6 holes totaling 2339.74 m, showing mineralization:
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ooSO24 - 312.16 m intersection showing 0.37% Cu, 0.24 g/t Au and 0.69 g/t Ag
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ooSO25 - 269 m intersection showing 0.42% Cu, 0.198 g/t Au and 0.61 g/t Ag
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ooSO26 - 263 m intersection showing 0.35% Cu, 0.15 g/t Au and 0.63 g/t Ag
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ooSO27: - 260 m intersection showing 0.39 % Cu, 0.12 g/t Au, 0.93 g/t Ag
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ooSO28: - 60 m intersection showing 0.63 % Cu, 0.3 g/t Au,0.91 g/t Ag
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ooSO29: - 59 m intersection showing 0.53 % Cu, 0.31 g/t Au, 0.94 g/t Ag
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ooFinal hole, shows mineralization from surface to 598 m
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??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.
For a detailed overview of Firesteel Resources Inc. please visit www.FiresteelResources.com
For further information, please contact:
Firesteel Resources Inc.
Michael Hepworth, President and Chief Executive Officer
(647) 725-3793
mhepworth@firesteelresources.com
www.firesteelresources.com
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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", "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.