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 (93)	4/30/1999 10:07:00 PM
From: Ian McCartney	Read Replies (1) of 97

Grant, you requested a brief review of the Nuinsco situation.... Nuinsco (NWI) pulled a high grade Ni-Cu intersection early in 1999 that grabbed the markets attention. The type of massive sulfide nickel mineralization and the ultramafic intrusive setting at the Nuinsco property suggests a potential world class target. In terms of possible market significance, the Voisys Bay event is the most recent Canadian discovery analog. Since then dozens of junior/mid tier explorers have taken ground positions and several (including Nuinsco and Donner) have raised significant exploration funds and committed them to a systematic long term exploration of the area. The market has been disappointed that Nuinsco did not quickly build economically significant tonnage of ore grade material, however the Company is still at the early stage of sorting out the geology, and more importantly, their holes remain in the system of sulfide mineralization that could be a pathway to similar (and potentially much larger) high grade orebodies nearby. Nuinsco continues to drill agressively on their mineralized zones and on outlying targets. Drilling is also gearing up on adjoining properties immediately south on Nuinsco (Dumont). However most of the properties are at a very early stage of exploration. Many have indications of favorable geology from government mapping, and airborne geophysical anomalies that could be indications of mineralization, but few have been subjected to much ground followup at this early stage in the area play. As exploration proceeds with summer ground followup and drilling planned on many of the prospects in the area, additional positive news is bound to emerge. The Firesteel properties were acquired by Cominco years prior to the Nuinsco discovery as they had some better quality geological and geophysical targets. Ground geophysics and mapping has already been completed by Cominco geologists and several priority targets are now drill ready. I hope you find this summary useful. Ian

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