ANNOUNCES EXPLORATION RESULTS FROM THE VIRIMOA PROPERTY IN DURANGO STATE,
Trading Symbol: CDNX-FTR
Resources Inc. is pleased to announce the results from the recently
completed exploration program on the wholly owned Virimoa Property in the
northern part of Durango Province, Mexico. This program involved soil and
rock geochemistry, grid establishment and geological mapping.
road-accessible property is located in an area with a long history of
small-scale gold and silver mining. The mineralized tract is hosted by a
prominent argillic and siliceous alteration zone, which is at least 400
meters long and 100 meters wide. The altered Middle Andesite Unit is cut
by a well-developed system of sheeted veins, disseminations and lenses up
to 2 meters wide.
April 2000, an independent consultant contracted by Firesteel Resources
Inc. sampled the altered and mineralized zone. Nine chip samples were
collected from outcrops along a creek over a length of 350 meters. These
separate samples varied in length form 8 meters to 50 meters. These
samples returned an arithmetic average grade of 1.04 g/t gold, 59.4 g/t
silver and 1.1% zinc. A 16-meter chip sample at the end of the traverse
returned 3.38 g/t gold, 26.2 g/t silver and 4.93% zinc.
recent grid-controlled, soil-sampling program delineated strong gold,
silver, lead and zinc anomalies. The gold-in-soil anomaly is defined by
values greater than 200 ppb with a maximum value of 1490 ppb gold. These
anomalous values are 10 times greater than the background values (20 ppb
gold) on the grid. The gold
anomaly extends along the entire length of the 600m-long grid and varies
in width from 50 to 150 meters. Continuous chip sampling from a creek-cut
(perpendicular to the long axis of the mineralized zone) returned 0,90 g/t
gold, 37 g/t silver and 0.34% zinc over 31 meters. Grab samples returned
values up to 36.92 g/t gold and 200 g/t silver from a narrow vein.
gas revenues from the Sundance Field continue to improve as the product
prices escalate. Revenue (net of royalties) for the nine-month period
ended October 31, 2000 was $105,343.
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