(TheNewswire)
Vancouver, BC / TheNewswire / March 13th, 2017 FIRESTEEL RESOURCES INC. (TSX-V: FTR) ("Firesteel" or the "Company") announced today that the company has accepted a binding purchase agreement (“the Agreement”) from Colorado Resources (TSX-V: CXO, “Colorado”) for the purchase of 100% of the ROK Coyote mineral claims.
The ROK Coyote property consists of 18 mineral claims located near the town of Iskut in the Liard Mining Division of northwestern British Columbia. The claims share a common boundary with Colorado’s North ROK property.
Under the agreement, Firesteel will sell all of its interest in ROK Coyote for 1,500,000 Colorado shares plus 1,500,000 warrants priced at $0.45 valid for 2 years.
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- ROK Coyote represents less than 25 % of Firesteel’s overall book value; thus an exempt transaction not requiring TSX-V approval.
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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 ROK Coyote property is 100% owned by Firesteel.
The property shares a boundary with Imperial Metals, Red Chris Mine on the South East and a boundary with Colorado Resources on the North West. The property is in good standing until 2025.
Highlights of the ROK Coyote property include:
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-6,829 Ha of highly prospective that has the potential to host large tonnage Cu-Au targets with known Cu-Au results.
-Adjacent to Imperial Metals Red Chris Mine development and Colorado
Resources North ROK property.
The Star property is currently operated under a Joint Venture agreement between Firesteel (49%) and Prosper Gold. (TSX-V: PGX) (51%).
Previous highlights of the Star property include:
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-6,700 Ha property hosts five significant Cu-Au targets within close proximity with large tonnage, high grade potential.
-Star Target – In 2014 a total of 6221.5 meters were drilled in 19 holes. To date the deposit which measures 550 meters north-south and 350 meters east-west and remains open. Recent drill results include 107m of 0.77% Cu & 0.41 g/t Au including 64m of 1.12% Cu & 0.59 g/t Au (previously reported September 23, 2014).
Qualified Person
The scientific and technical information in this news release has been approved by Paul Sarjeant, P.Geo., a Qualified Person under National Instrument 43-101 and a director of the company.
For a detailed overview of Firesteel Resources Inc. please visit:
For further information, please contact:
Michael Hepworth
President and Chief Executive Officer
(416)419 5192
mhepworth@firesteelresources.com
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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.
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