Firesteel Resources extends the Star Porphyry Copper Gold target: Sheslay Project - Northwestern BC with Prosper Gold Corp drill results

DDH S027: 0.35 % Cu, 0.11 g/t Au over 334 m
DDH S028: 0.45 % Cu, 0.26 g/t Au over 144 m
DDH S029: 0.34 % Cu, 0.21 g/t Au over 252 m

VANCOUVER, Oct. 29, 2013 /CNW/ - Firesteel Resources Inc. ("Firesteel" or the "Company") (TSX-V: FTR) today announced results from the final three drill holes of a six hole 2339.74 metre drill program completed by Prosper Gold Corp ("Prosper") (TSX-V: PGX) on the Sheslay porphyry copper gold project (the "Property") in northwestern British Columbia. This follows the previously announced joint venture between Firesteel and Prosper (May 7, 2013 news release).

Drill Results

DDH	FROM (m)	TO (m)	INTERVAL (m)	Cu %	Au g/t	Ag g/t
S027	7	341	334	0.35	0.11	0.84
incl	7	160	153	0.41	0.13	1.05
incl	7	267	260	0.39	0.12	0.93
Incl	204	267	63	0.43	0.12	0.75
S027*	504	576	72	0.27	0.10	0.57
S028	8	152	144	0.45	0.26	0.80
incl	15	30	15	0.54	0.22	0.89
incl	61	70	9	0.96	0.41	1.15
incl**	61	121	60	0.63	0.30	0.91
S028	193	270.77EOH	77.77	0.43	0.23	0.78
incl	197	213	16	0.66	0.35	1.12
S029	11	263	252	0.34	0.21	0.71
incl	11	88	77	0.46	0.27	0.82
incl	29	88	59	0.53	0.31	0.94
incl	179	263	84	0.35	0.18	0.61
S029	403	428	25	0.2	0.136	0.61

*Deepest porphyry copper gold intercept to date on the property, confirming depth potential of the Sheslay mineralized system.
**Higher grade near surface porphyry copper gold intercept.

Widths reported are drill widths; true widths are unknown. Assays are uncut, length-weighted average values. Drill hole locations and drill result details are given on Prosper's website at www.ProsperGoldCorp.com.

Previously released drills hole results (October 1, 2013 News Release) for DDH's S024, S025 and S026 are as follows:

• DDH S024: 0.37 % Cu, 0.24 g/t Au over 312.16 m (Incl. 77.12m @ 0.66 % Cu, 0.55 g/t Au, 1.11 g/t Ag)
• DDH S025: 0.42 % Cu, 0.20 g/t Au over 269.00 m (Incl. 237 m @ 0.46 % Cu, 0.22 g/t Au, 0.65 g/t Ag)
• DDH S026: 0.35 % Cu, 0.15 g/t Au over 263.00 m (Incl. 165 m @ 0.44 % Cu, 0.20 g/t Au, 0.78 g/t Ag

Key points - Phase 1 Drill program completion.

• Drill holes S024 to S029 cover a planar area of approximately 300 metres by 300 metres of the Star Porphyry body in and confirm consistency of grade for all 6 drill holes.
• Mineralization is open for extension in all directions.   DDH S027 shows the mineralized system is deep rooted with depth potential to at least 598 metres from surface.
• Based on historical drill results, new geophysical chargeability and magnetic data, and soil geochemistry and highly mineralized trenches 500 metres to the south, less than 20% of the Star copper gold porphyry body has been drill tested to date.
• The Star North target located 800 metres to the northeast and the Star East target located 800 metres to the east have not been drill tested.  They appear to have similar size potential to the main Star porphyry discovery, with similar associated geophysical and anomalous geochemical signatures.

Michael Hepworth, President and CEO of Firesteel said; "These early results indicate the possibility of fairly large system which will need further drilling in 2014 season to get to an NI-43-101 compliant resource. Firesteel intends to use its prospect generator model to grow the business over the next few years. We are actively looking for quality copper porphyries in BC and other safe jurisdictions."

Quality Assurance/Quality Control

Prosper Gold has applied a rigorous quality assurance/quality control program at the Sheslay 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 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, 144 quality control samples (about 10% of 1454 samples) were analyzed. Prosper Gold detected no significant QA/QC issues in reviewing the results.

Samples, including those for quality control, are shipped to ALS Minerals' preparation lab in Terrace, B.C. 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 technical information in this news release has been reviewed by Dirk Tempelman-Kluit, PhD, P.Geo., a Qualified Person under National Instrument 43-101

For a more detailed view of Firesteel Resources, please visit www.firesteelresources.com

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 Sheslay property is currently under option to Prosper Gold. (TSX-V: PGX) Under this agreement, Prosper has the right to acquire up to 80% of the property in return for spending $5,000,000 on exploration, providing $1,000,000 in cash and 1,000,000 shares.

Highlights of the Sheslay property include:

• 6,700 Ha property hosts five significant Cu-Au targets within close proximity with large tonnage, high grade potential.
• Historical drilling highlight - grading 242.3 m @ 0.44% Cu & 0.32 g/t Au.
• Largest of the targets is 1,800 m by 750 m.

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 on exploration and providing $1,500,000 in cash.

Highlights of the ROK Coyote property include:

• 6,900 Ha,  of highly prospective large tonnage targets with known Cu-Au results
• Historical drilling highlights - 38.37 m @ 1.32% Cu, 1.54 g/t Au
• 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 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.

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 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.

 

SOURCE: Firesteel Resources Inc.

Firesteel Resources Inc.
Michael Hepworth
President and Chief Executive Officer
[phone]
[email protected]