Firebird Resources Inc.
TSX VENTURE : FIX

Firebird Resources Inc.

March 01, 2012 09:00 ET

Firebird Resources Inc.: Positive Results From First Phase of Core Drilling at Jefferson Project, South Carolina for Near-Surface Gold Mineralization

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2012) - Firebird Resources Inc. (TSX VENTURE:FIX) is pleased to announce that results have been received from four core holes completed on one drill section at the A Anomaly of the Jefferson Project in Chesterfield County, South Carolina in the fall of 2011. These holes were drilled on a northwest-southeast fence approximately perpendicular to the trend of the mineralized zone. Gold mineralization strongly correlates with altered and sheared rocks contained within a lithologic sequence of felsic volcanic and epiclastic rocks similar to those found at the historic Brewer Gold mine, located two kilometers to the southwest of the A Anomaly. The shear zone cuts the bounding lithologies at a steep angle. Firebird's Buzzard project is also located along this mineralized and structural trend. Management believes this structural zone is a portion of the gold mineralized trend that links Firebird's Buzzard and Jefferson projects to the Haile-Brewer gold trend.

The correlation of gold with structural zones had not been recognized for its importance in prior exploration efforts. The fence drilled at the A Anomaly shows the strong correlation with gold (see attached plan map and section). Prior exploration focused on more classic epithermal mineralization, as encountered at Brewer. The A Anomaly is open on strike and with depth as only a single fence was drilled. The A Anomaly is only one target within the Jefferson project. Prior exploration has been limited by a veneer of younger sands.

Core hole FRDDJF-103 was drilled within and approximately parallel to the shear zone. Gold is associated with quartz veining and quartz-sericite-pyrite alteration of rhyolite and rhyolitic breccia. The degree of shearing varies in intensity but is pervasive. FRDDJF-102 is a vertical hole that twinned an historic core hole containing a high grade gold intercept. Hole FRDDJF-101 was drilled to the south and cuts more perpendicular to foliation, and therefore may represent a more true thickness of this zone of mineralization. Hole FRDDJF-100 had weaker shear fabric and alteration, and thus mineralization is less pronounced than in adjacent holes. Shear zones can be complex and additional zones of shearing may be encountered along other changes in lithologies with deeper drilling and further drilling along this section. Lithologies correlate well between these four holes. There is field evidence for the presence of additional shear zones in the project as well as at least 4 targets to be drill tested.

Assay results are as follows using a 0.1 gram/t cutoff and up to 5 meters of internal dilution.

FRDDJF-103 From (m) To (m) Interval (m) Interval (ft) g/MT Oz/ST
25.9 190.2 164.3 539.0 1.27 0.037
Including 80.8 85.3 4.6 15.0 8.57 0.250
And 90.5 93.5 3.0 9.8 3.84 0.112
And 105.2 106.4 1.2 4.1 3.20 0.093
And 153.0 153.9 0.9 3.0 19.36 0.565
FRDDJF-102 From (m) To (m) Interval (m) Interval (ft) g/MT Oz/ST
7.6 13.7 6.1 20.0 0.12 0.004
19.5 21.0 1.5 5.0 0.37 0.011
53.2 57.9 4.7 15.3 0.78 0.023
63.4 134.1 70.7 232.0 0.88 0.026
Including 68.8 70.5 1.7 5.3 7.60 0.222
and 106.7 122.1 15.5 50.7 1.64 0.048
FRDDJF-101 From (m) To (m) Interval (m) Interval (ft) g/MT Oz/ST
17.3 17.7 0.3 1.1 0.16 0.005
28.1 28.5 0.4 1.2 0.13 0.004
48.8 50.1 1.3 4.4 0.12 0.003
66.1 69.6 3.6 11.7 0.29 0.008
78.0 113.1 35.0 114.9 1.12 0.033
Including 78.0 86.8 8.7 28.7 1.49 0.043
FRDDJF-100 From (m) To (m) Interval (m) Interval (ft) g/MT Oz/ST
21.3 25.9 4.6 15.0 0.12 0.004
30.7 32.3 1.6 5.2 0.10 0.003
97.2 99.4 2.1 7.0 0.17 0.005
109.4 150.0 40.5 133.0 0.55 0.016

Hole information is as follows:

Hole Northing Easting Depth in ft Depth in m Azimuth Angle
FRDDJF-100 1031044 2180955 505 153.9 165 -75
FRDDJF-101 1031007 2180973 404 123.1 165 -60
FRDDJF-102 1030875 2181005 451 137.5 0 -90
FRDDJF-103 1030729 2181042 658 200.6 345 -65
SC State Plane Coordinates

Firebird considers the results very positive and intends to resume drilling on a larger scale program in the first half of 2012. This drilling will be used to define a resource to current industry standards. Currently compilation of extensive historic field data is in progress. Pilot studies of ground geophysics are being completed as well as additional soil sampling and new geologic mapping. The Management considers Jefferson to be a project with excellent potential to develop a significant gold resource.

To view the maps associated with this press release, click on the following link: http://media3.marketwire.com/docs/fix229m.pdf

QA/QC Sampling and Analytical Protocols

The sampling and assaying of the drill core included QA/QC protocols to monitor for potential contamination, precision and accuracy of results including the regular submission of blank samples and certified reference standards. Samples were assayed using a 30 g fusion with AAS finish by AHK Geochem located in Fairbanks Alaska, a member of the AHK Group, an ISO 17025:2005 accredited geochemical laboratory. Sample preparation was completed in their facility located in Spartanburg, South Carolina. Samples exceeding 3 ppm gold are re-assayed with gravimetric finish and those checks support the results presented above. Check analyses on rejects will be completed by ALS Chemex in Reno, Nevada.

We seek Safe Harbor.

The technical information in this release was prepared and approved by Dennis J. LaPoint, a Registered Member of SME, who is a Qualified Person under National Instrument 43-101.

About Firebird

Firebird is a mineral exploration company whose long term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties.

Forward-looking Statements

This news release contains certain forward-looking statements that reflect the current views and/or expectations of management with respect to performance, business and future events, including but not limited to express or implied statements and assumptions regarding the Company's intention to exercise the option referred to herein and the receipt of necessary regulatory approvals. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, that the Company will choose not exercise the option and those risks relating to changes in the market, potential downturns in economic conditions, fluctuations in the price and supply of raw materials, equipment and skilled labour, fluctuations in the market price of minerals, foreign exchange fluctuations, regulatory requirements and changes thereto, competition, and other risk factors listed from time to time in the Company's public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

Contact Information

  • Firebird Resources Inc.
    John F. Cook
    Chief Executive Officer
    416-637-3523