Firesteel successfully completed the first phase of its aggressive exploration  program at Mosher Lake in April 1998.

Seventeen larger diameter holes were drilled, testing grade and tonnage potential along the strike and down dip. This highly successful program verified significantly higher assayed gold grades along strike and extended the mineralized shear zone to 1.2 kilometres from the previous 240 metres. Drilling traced an exceptionally wide mineralized shear zone of 100 metres in width to the north and 30 metres across in the south. One of the most significant pictures emerging from all previous drilling programs is that the best assays are concentrated in the "lower zone" near the contact with volcanic rocks.

Numerous gold intersections were encountered, highlighted by 10.3 metres @ 6.8 g/t gold, including 1.5 metres of 40.0 g/t, as well as 3.5 metres @ 10.0 g/t gold and 1.0 metres @ 9.0 g/t gold.

The target at Mosher Lake is a multi-million ounce gold deposit similar to those being mined at Yellowknife. The Mosher Lake setting is analogous to the CON and GIANT Mines approximately 90 kilometres to the southeast. Thirteen million ounces of gold have been produced between both mines to date, operating along the twenty kilometre long Campbell Shear Zone. It is important to note that Firesteel's wholly owned Mosher Lake Property covers the entire twenty kilometre long greenstone belt at Mosher Lake.