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Firesteel Resources Inc.
Summary
| Project: | Laiva | |
|---|---|---|
| Deposit: | Laiva | |
| Location: | Finland | |
| Commodities: | Gold | |
| Date: | 8/21/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 21-8-2017: Firesteel Resources Inc. announces a Resource Estimation report for its Laiva deposit at the Laiva project. Updated Mineral Resource to qualify historic data. FIRESTEEL RESOURCES INC. (TSX-V: FTR) ("Firesteel" or the "Company") today announced | |
| Resources: | (Resource, M+I): 3.8Mt @ 1.237g/t Au for 165koz Au contained at Laiva | |
| CP/QP: | [Resources]: Paul Sarjeant (Independent) | |
| ABSTRACT: | FIRESTEEL RESOURCES INC. (TSX-V: FTR) ("Firesteel" or the "Company") today announced that it has submitted a new resource estimate for Laiva Gold Project to TSX-V to qualify historic data and develop an independent 43-101 resource estimate prepared in accordance with NI 43-101 guidelines and CIM Standards. The report is titled “NI-43-101 Technical Report, Mineral Resource Estimate, Laiva Gold Mine Project, Raahe, Finland” dated August 9th, 2017. The resource estimate includes 151,000 ounces of gold in the Measured and Indicated Resource categories at 1.237 grams per tonne gold and 445,000 ounces of gold in the Inferred Resource category at 1.531 grams per tonne gold. A cut of grade of 0.4 grams per tonne gold was applied to all open pit resources. The Company also plans to complete a 20,000 meter infill diamond core drilling program to upgrade near-mine Inferred Resources for conversion to Probable Resources. The program will focus on areas beneath the existing North and South Pits and east of the existing North Pit. In addition, the Company will also complete approximately 3,000 m of exploration driliing at the Mussuneva and Kaukainen targets in order to prioritize areas for potential satellite resource development. Results of the exploration work will be used to determine a second phase of detailed drilling and exploration work requirements. Disclosure: Companies typically rely on comprehensive feasibility reports on mineral reserve estimates to reduce the risks and uncertainties associated with a production decision. The Company has not completed a feasibility study on, nor has the Company completed a mineral reserve estimate at the Laiva Mine and as such the financial and technical viability is deemed to have higher risk than if this work had been completed. Based on historical engineering and geological reports, historical production data and current engineering work completed or in process by Firesteel, the Company intends to move forward with the development of this asset. | |
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