Trading Symbol: FTR-TSX: V
VANCOUVER , Feb. 6, 2012 /CNW/ – Firesteel Resources Inc. (TSXV:FTR) (“Firesteel” or the “Company“) today announced results from the 2011 summer exploration programs on
its Poker Property (“Poker“, or “the Property“).
In late September 2011 , nine (9) days were spent on the Poker Property
mapping and prospecting. Sixty-three (63) rock samples were collected
along existing drainages in the north and northwest of the property,
areas that have seen very little sampling during historical exploration
programs. Weather and the existing glacier coverage hampered suitable
property coverage; however, the 1988 interpretation that the origin of
the of the higher grade boulder samples lies beneath the glacier and/or
the rocky ridges on the western flank of the property remains
consistent with the 2011 mapping and boulder distribution.
The following table illustrates the significant assay results of the
2011 Poker Property Program.
Table 2: Poker Property – Significant Results
“We are extremely encouraged by these results as they confirm gold and
polymetallics in the area we are exploring. Unfortunately the weather
prevented further exploration at the time. During the summer we plan to
continue our sampling and mapping program on the Poker property.” said
Michael Hepworth , Interim President and CEO of Firesteel.
Follow-up work has been recommended, including detailed mapping, soil
sampling and a property-wide geophysical airborne survey to be
conducted between the months of June 2012 to September 2012 , when
access to the areas of greater interest is practical.
Anastasia Ledwon, P. Geo with UTM Exploration Services Ltd. and 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.
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).
ROK-Coyote Property
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.
“ Michael Hepworth ”
_______________
Michael Hepworth ,
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 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.
Article source: http://finance.yahoo.com/news/firesteel-releases-significant-gold-assay-173700182.html
