(MENAFN - ProactiveInvestors - Australia) Firestrike Resources (ASX: FIE) is continuing exploration at the Elephant Canyon Project and will identify drill sites suitable for a second phase of drilling over the coming weeks.
Field work is ongoing to fast track permitting for further drilling at the Incan and Humboldt prospects, with about 2,000 metres of reverse circulation drilling expected to begin early in 2013.
Rock chip samples collected previously returned up to 3.4% copper (average 0.5%) and 21 grams per tonne (g/t) gold (average 0.9g/t) at these prospects, which supports the expected tenor of grade for a porphyry style deposit.
Meanwhile, results from previous first phase drilling at the Coronado prospect are in line with expectations for early stage lower grade porphyry style exploration target.
One hole intersected 13.4 metres (44 feet) at 0.72g/t gold including 2.4 metres (8 feet) at 1.9g/t gold and 1.2 metres (4 feet) at 1.4 g/t gold.
Previous rock chip results identified gold present in the fissure system with a maximum value at the prospect of 9.3g/t gold and an average of 0.4g/t for the sampling program.
Based upon the field observations and geology, the drilling program was initially planned for up to 4,000 metres but was concluded after 19 holes for 1,800 metres and the focus has now moved to other drill ready prospects.
Elephant Canyon
Elephant Canyon is located within the Star Range, near Milford, Utah, a site of intense mining activity until the mid-1960s.
The area has historically produced lead, zinc, copper, gold and silver. Its genesis is recognised as intrusive related with skarn mineralisation present within overlying limestone, and potentially higher grade copper and gold within fissures and vein systems.
Distinct alteration zones around the identified granite stocks support a porphyry type intrusive model, which although numerous workings exist, has had little modern day exploration activity.
Firestrike has a 51% interest in the project on the condition that the company identifies an Inferred resource of 500,000 gold equivalent ounces within four years.
Under the terms of the joint venture the company can earn up to 80% by taking the project through to a preliminary economic assessment.
Expanding footprint
Firestrike is moving to increase its geographic footprint at the project site with the inclusion of additional claims and state sections increasing from 6,500 acres to over 9,300 acres.
The company is currently evaluating a number of additional gold, silver copper and other base metals opportunities in the U.S, specifically in the mineral rich state of Utah.
Firestrike is also assessing project opportunities in Australia.
