Yahoo Finance Firesteel Resources Inc. announces that Prosper Gold Corp has exercised its first option on the Star Porphyry Copper Gold Project, earning a 51% interest in the property by comp
VANCOUVER, BC / ACCESSWIRE / February 24, 2015 / Firesteel Resources Inc. ("Firesteel" or the "Company") (TSX-V:FTR.V - News) today announced that Prosper Gold Corp, (TSX-V:PGX.V - News), ("Prosper") has earned a 51% interest in the Star Porphyry Copper Gold Project (the "Property") in northwestern British Columbia by completing all terms of the first stage of its option agreement with Firesteel (for full details of the option, please refer to the Company's July 18, 2013 news release).
Since signing the option agreement, Prosper has completed more than $3,000,000 in work programs, has paid at total of $300,000 in cash and issued 300,000 Prosper Gold common shares to Firesteel to earn a 51% interest in the Property.
Firesteel and Prosper intend to advance the project with an objective of fulfilling additional obligations that would increase Prosper's earned interest to 70% and will provide additional cash and Prosper shares to Firesteel within 18 months.
Star Project Highlights
-5 confirmed porphyry Cu-Au targets (Star, Star North, Star East, Copper Creek, & Pyrrhotite Creek)
-13,431 meters (49 holes) drilled by Firesteel and Prosper at Star inclusive of historical drilling from 2004-7
-Multi-year area based notice of work permit for up to 200 drill location - Good until March 31, 2019
-30.4 line-km I.P. survey refining the Star, Star North, and Star East targets
-3,586 soil samples adding and expanding surface targets
-1,462 line-km airborne multi-parameter survey
-Mineralization remains open laterally and to depth on all targets
-Completed first NI 43-101 report for the project
Michael Hepworth, President and CEO, commented: "Prosper, in exercising this first option, has given a very strong vote of confidence in the Star Project. Despite the difficult market conditions we find ourselves in, with Prosper fulfilling the first phase of its option agreement with Firesteel, we can see that our strategy of advancing our projects through option agreements with capable partners is beginning to bear fruit. We continue to look for suitable partners for our other projects".
"The Star discovery remains open for extension in several directions with 4 other confirmed targets to drill. We look forward to advancing this project, for our shareholders during 2015, with Prosper."
Selected Drill Result from Star
----------------------------------------------------------------- |DDH |FROM (m)|TO (m) |INTERVAL (m)|Cu %|Au g/t|Ag g/t|Cu Eq%| |---------------------------------------------------------------| |S005|0 |242.3 |242.3 |0.44|0.321 |1.38 |0.62 | |---------------------------------------------------------------| |S006|0 |190.2 |190.2 |0.41|0.224 |1.46 |0.54 | |---------------------------------------------------------------| |S021|2.74 |223.1 |220.36 |0.42|0.216 |1.88 |0.55 | |---------------------------------------------------------------| |S023|3.04 |293.21 |290.17 |0.41|0.194 |1.97 |0.52 | |---------------------------------------------------------------| |S024|4.88 |317.04 EOH|312.16 |0.37|0.24 |0.69 |0.51 | |---------------------------------------------------------------| |S025|7 |276 |269 |0.42|0.20 |0.61 |0.54 | |---------------------------------------------------------------| |S026|11 |274EOH |263 |0.35|0.15 |0.63 |0.44 | |---------------------------------------------------------------| |S027|7 |341 |334 |0.35|0.11 |0.84 |0.41 | |---------------------------------------------------------------| |S028|8 |152 |144 |0.45|0.26 |0.8 |0.60 | |---------------------------------------------------------------| |S029|11 |263 |252 |0.34|0.21 |0.71 |0.46 | |---------------------------------------------------------------| |S037|3.1 |664 EOH |660.9 |0.22|0.11 |0.42 |0.29 | |---------------------------------------------------------------| |S040|3.9 |472 EOH |468.1 |0.26|0.07 |0.43 |0.29 | |---------------------------------------------------------------| |S041|3.73 |202 EOH |198.27 |0.38|0.19 |0.70 |0.49 | |---------------------------------------------------------------| |S043|7 |442 EOH |435 |0.24|0.07 |0.40 |0.28 | |---------------------------------------------------------------| |S045|12.02 |119 EOH |106.98 |0.77|0.41 |1.02 |1.00 | |---------------------------------------------------------------| |incl|12.02 |76 |63.98 |1.12|0.59 |1.30 |1.47 | |---------------------------------------------------------------| |S046|13.85 |271 EOH |257.15 |0.31|0.17 |0.50 |0.41 | |---------------------------------------------------------------| |incl|30 |96 |66 |0.53|0.30 |0.72 |0.71 | |---------------------------------------------------------------| |incl|20 |108 |88 |0.46|0.27 |0.67 |0.62 | |---------------------------------------------------------------| |S048|2.06 |79 |76.94 |0.78|0.55 |1.28 |1.10 | |---------------------------------------------------------------| |S048|123 |411 |288 |0.33|0.15 |0.56 |0.42 | |---------------------------------------------------------------| |S049|4 |328 |324 |0.44|0.22 |0.74 |0.57 | |---------------------------------------------------------------| |incl|4 |184 |180 |0.54|0.29 |0.95 |0.71 | |---------------------------------------------------------------| |incl|184 |328 |144 |0.32|0.14 |0.48 |0.40 | -----------------------------------------------------------------
Note: Widths reported are drill widths; true widths are unknown. Assays are uncut, length-weighted average values. Copper equivalent (Cu Eq%) values are given for illustration to express the aggregate content of copper and gold as a percent copper. They do not reflect the amount of metal that may be recovered should mining eventually occur. The calculation used is CuEq% = [Cu% + (Au g/t *0.583)] a formula which uses metal prices of US$3.00/lb Cu, US$1,200 per troy ounce Au.
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.
For a detailed overview of Prosper Gold please visit www.ProsperGoldCorp.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 as noted above, is currently under option to Prosper Gold. (TSX-V:PGX.V - News). 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.
The ROK Coyote property that was until 10th November 2014, under option to OZ Exploration, a wholly owned subsidiary of OZ Minerals (ASX:OZL.AX - News).
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.
For further information, please contact:
Michael Hepworth
Firesteel Resources Inc.
President and Chief Executive Officer
(647) 725-3793
mhepworth@firesteelresources.com
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Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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.
