Firesteel Resources Inc. (ASE) Message Board

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Gold/Mining/Energy : Firesteel Resources Inc. (ASE)

FTR 0.0590

0.0%

Jun 1 4:00 PM EDT

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To: Grant Baker who wrote (91)	4/30/1999 3:15:00 PM
From: Ian McCartney	Read Replies (1) of 97

Grant, The recent Press Release for FTR is attached. These Quebec acquisitions have potential for both Nuinsco type Ni-Cu deposits and more traditional polymetallic volcanogenic massive sulfide deposits. AT Nuinsco, explorationists seem to recognize that this story is far from over. Consequently NWI has largely recovered from the speculative selloff which immediateately followed their Monday PR. Ian *****Start of Quoted FTR Press RElease ************* Firesteel options two properties in Lac Rocher area Tuesday Apr 27 1999 Mr. David DuPre reports 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 totalling 2,556 hectares) property is 30 kilometres northwest of the Nuinsco discovery while the Kenevan (179 claims totalling 2,864 ha) property is 20 kilometres 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 metres long, 300 metres wide and exhibits two 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 per cent interest in the properties over a four-year period, through total exploration expenditures of $1.5-million and issuing several trenches of common shares to Cominco. The first year work commitment is $200,000. Cominco will retain the right to earn back a 60 per cent interest in the properties by spending 1.75 times Firesteel's expenditures over a subsequent five-year period. An initial drilling program will test the most prospective geophysical and geological targets.

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