Firesteel Resources Inc.
FTR ASE
April 28, 1999
Options Two Properties in Lac Rocher Area
FIRESTEEL RESOURCES INC. ("FTR-Y")
- Options Two Properties in Lac Rocher Area
David DuPre, President of Firesteel Resources Inc. (the "Company") , announces that the Company has entered into an option agreement with Cominco Ltd. for the exploration of two large properties in the Lac Rocher area of northwestern Quebec where Nuinsco Resources recently made a significant nickel-copper discovery. The Corbevan (166 claims totaling 2,556 ha) property is situated 30 kilometers northwest of the Nuinsco discovery while the Kenevan (179 claims totaling 2,864 ha) property is located 20 kilometers north.
Numerous high priority, coincident, EM and magnetic anomalies have been delineated on the properties. Several of these are large and ovoid in shape. The most significant ovoid magnetic anomaly is 700 meters long, 300 meters wide and exhibits two very strong EM conductors. It is associated with a gabbroic intrusion mapped by the Quebec Dept. of Natural Resources. Several gabbroic bodies have been mapped on the Kenevan Property and exhibit anomalous geophysical responses. Cominco Ltd. acquired these properties in 1995 on the basis of airborne geophysics and favourable geological setting.
The option allows Firesteel to earn a 100% interest in the properties over a four-year period, through total exploration expenditures of $1,500,000 and issuing several franches of common shares to Cominco. The first year work commitment is $200,000. Cominco will retain the right to earn back a 60% interest in the properties by spending 1.75 times Firesteel's expenditures over a subsequent five-year period.
An initial drilling program will test to test the most prospective geophysical and geological targets.
TEL: (604) 669-5768 David DuPre, President FAX: (604) 669-2621 |
