Firesteel Resources Inc. is pleased to announce the first complete assay results for Fence #l of the recent Mosher Lake Drilling Program. The first fence includes assay results from four holes. As previously reported, three holes were drilled in a westward direction while a "scissors" hole (M97-12) was later drilled toward the east. The first two holes (M97-1 and M97-2) were designed to test the 40 metre thick shear zone in an area previously drilled in 1974. Both holes were stopped prematurely due to technical drilling problems. Later, drill hole M97-12 successfully tested the entire mineralized zone 60 metres below surface. The third hole (M97-3) of this initial drill fence tested the down-dip potential at a point 150 metres below surface.
The current results were derived from split core that has been fire assayed. Upon receipt of all 506 assays for the entire seventeen holes of this project the Company will commence another set of assays utilizing a "tabling technique." Firesteel's geologists believe that the tabled assays will more accurately include the "coarse gold" historically associated with this property and provide a more precise grade analysis than the current assay program which involves screening and often excludes this coarse (nugget) gold.
The significant assay results are tabulated below:
* -Previously Reported on March 11, 1997
For comparative purposes, the significant assays from Seaforth's 1974 drilling program on the same section are tabulated below:
These highly encouraging assays from the first four-hole fence strongly reinforce Firesteel's previous geological assumptions derived from drilling programs in both the 1940's and the 1970's. Sixteen of the seventeen holes drilled in this initial 1997 drilling program intersected the thick (up to 100 metres), well-mineralized shear zone, Three of the holes in the Gold Island area encountered the zone 1 50 metres below surface.
It is important to note that the current drilling program has extended the tested strike length of the mineralized shear zone to 1.2 kilometres along the Greenstone Belt. The zone remains open along strike and at depth.
One of the more significant pictures emerging from all three drilling programs is that the best assays are concentrated in a "lower zone" near the contact with volcanic rocks. This gold-bearing setting is analogous to that which hosts the multi-million ounce Con and Giant Gold Deposits at Yellowknife, which is 90 kilometres southeast of Mosher Lake.
Additional assays from Fences #2 and #3 and details of Firesteel's planned second-stage summer exploration program at Mosher Lake will be released throughout mid-April as they become, available.
ON BEHALF OF THE BOARD OF DIRECTORS OF
David G. Dupré, President
The Alberta Stock Exchange has neither approved nor disapproved the information contain herein.
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