May 20, 1997 TRADING SYMBOL: ASE.FTR

Complete Assay Results Summarized
Discovery of New Zone Reported

Firesteel Resources Inc. is pleased to announce the complete assay results for all the holes drilled during the winter exploration program. Seventeen holes totaling 2600 metres were drilled to test the Gold Island Shear Zone and geophysical anomalies. Sixteen holes evaluated the Gold Island area:

  • 12 of the 13 holes which intersected the shear zone returned encouraging assay results.
  • 1 hole was abandoned before hitting bedrock
  • 2 holes tested magnetic anomalies but did not return any significant assay results

Firesteel's geological team is very encouraged with these drill results for the following reasons:

  • Significant gold intersections were encountered in all but one of the drill holes which tested the shear zone over a strike length of 300 metres and to a depth of 150 metres
  • The mineralized shear zone is open along strike and down dip
  • The best gold grades occur at the base of the thick shear zone at the contact between sedimentary and volcanic rocks -- this is similar to the zone which hosts the multi-million ounce Con and Giant Mines at Yellowknife
  • Drill hole M97-12 intersected a mineralized shear zone within the volcanic unit. This is the first time that a shear zone has been identified within the volcanic assemblage and opens up the potential for this and other parallel footwall zones
  • Assay results and geological observations indicate that the best potential for additional mineralization lies down dip and along strike to the north
  • Drill hole M97-17 tested a 1.2 kilometre long magnetic anomaly on the north side of a major fault and intersected a 100 metre thick shear zone with elevated gold values

SUMMARY OF FIRE ASSAY RESULTS FROM THE 1997 DRILL PROGRAM

Hole # From (m) To (m) Interval (m) Gold (g/t) Comments
M97-1 84.4 86.9 2.1 3.61 This sample at end of the hole.
Didn't test entire shear zone
M97-2 128.4 132.6 4.2 0.71 Didn't test entire shear zone
M97-3 177.6 179.6 2.0 4.92 Lower shear/vein zone
M97-4 72.9
84.9		 74.9
90.0		 2.0
6.0		 1.85
1.38		 Upper shear/vein zone
Lower shear/vein zone
M97-5 132.4
135.3
140.5		 137.2
137.2
141.6		 4.8
1.9
1.1		 3.28
5.56
1.60		 Lower shear/vein zone
M97-6 193.7
212.9		 195.7
214.3		 2.0
1.4		 3.16
2.50		 Upper shear/vein zone
Lower shear/vein zone
M97-7 63.4 65.4 2.0 6.0 Lower shear/vein zone
M97-8 115.9 117.6 1.7 1.04 Upper shear/vein zone
M97-9 192.8
211.6
219.2		 193.8
213.6
220.4		 1.0
2.0
1.2		 1.37
1.37
4.78		 Upper shear/vein zone
Lower shear/vein zone
Lower shear/vein zone
M97-12 24.8
103.6
134.6		 26.8
104.6
138.1		 2.0
1.0
3.5		 3.40
9.00
10.00		 Volcanic zone
Lower shear/vein zone
Upper shear/vein zone
M97-13 53.2 55.8 2.6 2.43 Lower shear/vein zone
M97-16
incl.		 99.1
99.1		 109.4
100.6		 10.3
1.5		 6.84
40.00		 Lower shear/vein zone
M97-17 17.8
101.9		 19.4
105.0		 1.6
3.1		 1.25
1.01		 North extensions across fault

The Company plans to follow up these highly encouraging results with an aggressive exploration program consisting of:

  • Diamond drilling of the strike and dip extensions to the significant gold intersections encountered during the winter drilling campaign.
  • Geological mapping, trenching, prospecting and geochemical sampling of the shear zone intersected in M97-17. This work will be focused on the geophysical anomalies and the prospective contact zone between the volcanic and sedimentary units.

 

ON BEHALF OF THE BOARD OF DIRECTORS OF
FIRESTEEL RESOURCES INC.

David G. Dupré, President

 

The Alberta Stock Exchange has neither approved nor disapproved the information contain herein
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