Re: News Release - Friday, April 03, 2009
Firestone Ventures Completes Phase One of Exploration Program
April 3, 2009 - Firestone Ventures Inc. (FV:TSX-V; F5V:FSE) is pleased
to announce that Phase One of this season's surface exploration program
has been completed. The work included aerial surveys of the Torlon
Hill project area in western Guatemala and reconnaissance fieldwork on
Firestone's newly acquired land holdings (see news release dated Dec.
8, 2008). Phase Two surface exploration is scheduled to begin in
"Market conditions for zinc and lead are improving. We are advancing
our zinc projects during these challenging market conditions by
concentrating on low-cost work that will add value to future
development," says Lori Walton, President of Firestone Ventures. "In
addition, the property package we acquired in December, 2008 includes a
zinc-copper-gold skarn prospect that we believe has potential for
porphyry copper-type mineralization at depth."
Torlon Hill Zinc-Lead-Silver Deposit
Colour aerial photography and digital topographical and orthophoto
mapping of the Torlon zinc-lead-silver project area was completed in
early March, 2009 and delivery of final maps is pending from the
contractor. A Phase Two grid-based mapping, prospecting and soil
sampling program at Torlon Hill is scheduled for completion in May,
In addition, the Company has engaged Grupo Sierra Madre, a
Guatemala-based consulting firm, to conduct baseline environmental
assessment work focused on the Torlon Hill zinc-lead-silver property.
Firestone is continuing its program of metallurgical testwork to
determine optimal processing options for the zinc oxide mineralization
at Torlon; the next round of metallurgical testwork is being finalized
and prioritized subject to budget requirements.
The Company is continuing its collaborative work with local communities
on social-economic initiatives, upgrading existing access roads and
stream crossings and the coordination of local supplies and services.
The 100% owned Torlon Hill zinc-lead-silver deposit is road-accessible
and open to expansion.
Llano del Coyote Polymetallic Prospect
The Llano del Coyote property was acquired in December, 2008. The 2400
hectare property is characterized by easy access and proximity to the
Pan American Highway in Guatemala. The property is underlain by
Jurassic and Permian clastic sedimentary and carbonate rocks intruded
by rhyolite quartz porphyry dikes.
The Metal Mining Agency of Japan (MMAJ) and United Nations completed a
total of 13 shallow diamond-drill holes to a maximum depth of 150
metres between 1966 and 1982. Drill hole MJ-12 reportedly intersected
skarn-type mineralization returning 20.2% zinc over 2.3 metres. Only
two of the holes were analyzed for gold. Drill hole MJ-13 intersected
skarn-type mineralization with 2.44 g/t gold over 3.7 metres. True
widths of mineralized intercepts are not known and the historical MMAJ
data has not been verified by the Company.
In February, 2009, Firestone Ventures conducted a short field visit and
collected a total of 11 grab samples, selected float samples and rock
chip samples. Two of the samples returned anomalous values. Quartz
vein breccia float sample LDC-4 returned 11.8 ppm (11.8 g/t) silver,
1501 ppm zinc, 651 ppm copper and 193 ppm lead. A 2 m chip sample of
altered tuff returned 250 ppm zinc and 136 ppm copper.
Compilation of historical data with initial field results suggests that
the Llano del Coyote propsect has potential for porphyry style
mineralization at depth with peripheral base metal-gold skarn
mineralization. The property is owned 100% by Firestone Ventures Inc.
subject to a 2% NSR.
Cerro Tzumuy Property (Copper)
The Cerro Tzumuy concession (90 hectares) is situated adjacent to an
open pit and underground past producer known as Oxec Copper. The Cerro
Tzumuy concession is surrounded by concessions owned by Guatemala
Copper S.A. which conducted exploration fieldwork on its ground in
spring, 2008. The Oxec copper past-producer is a Cyprus-type massive
sulphide deposit consisting of pyrite-chalcopyrite-pyrrhotite in an
ophiolite sequence. Historical records suggest that 1 million tons of
2 -- 3% copper from both underground and open pit was mined between
1969 and 1979.
The Firestone Ventures field crew collected verification samples from
the existing open pit, adjoining the southern boundary of the Cerro
Tzumuy concession. Basalt, containing up to 20% sulphide
mineralization, is exposed in the open pit. Two rock chip samples
collected in the open pit 20 metres south of the Cerro Tzumuy property
boundary returned values of 5.8% and 11.0% copper and 4.1 g/t and 17.6
g/t silver over 1 metre respectively. The Cerro Tzumuy property is
100% owned by Firestone Ventures Inc. subject to a 2% NSR.
Coban Base Metal District (Zinc-Lead-Silver)
Firestone owns five mineral concessions to the southeast of the city of
Coban covering 206 hectares of ground with excellent potential for
limestone replacement-type zinc-lead-silver sulphide and oxide
deposits. The Caquipec mine, about 20 km southeast of Coban operated
from 1947 to 1962 and reportedly produced 400,000 tons of ore grading
10 to 16 opt silver, up to 40% zinc and 30% lead. Firestone has not
yet independently verified these production records.
Firestone is working on compiling abundant historical information and
reinterpreting existing data sets with a goal of evaluating the
zinc-lead-silver potential of the Coban district. A field program will
be designed after the review is complete.
All rock samples were prepared at the BSI Inspectorate facility in
Guatemala City and then sent to International Plasma Lab Ltd. in
British Columbia, Canada. Samples were analyzed for gold using a 30
gram Fire Assay and for a 30 element suite of trace elements using an
aqua regia digestion and an ICP finish.
The technical information in this news release has been approved by
John Cleary, CPG, Vice President of Exploration for Firestone Ventures
Inc. and Qualified Person, as defined by NI 43-101 and by Al Workman,
P.Geo., Vice President of Watts, Griffis and McOuat Limited.
Lori Walton, P. Geol., President
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Trading Symbol: FV:TSX-V;F5V: FSE
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This news release may contain forward looking statements, being
statements which are not historical facts, including, without
limitation, statements regarding potential mineralization, exploration
results, resource or reserve estimates, anticipated production or
results, sales, revenues, costs, "best-efforts" financings or
discussions of future plans and objectives. There can be no assurance
that such statements will prove accurate. Such statements are
necessarily based upon a number of estimates and assumptions that are
subject to numerous risks and uncertainties that could cause actual
results and future events to differ materially from those anticipated
or projected. Important factors that could cause actual results to
differ materially from the Company's expectations are in Company
documents filed from time to time with the TSX Venture Exchange and
provincial securities regulators, most of which are available at
www.sedar.com. The Company disclaims any intention or obligation to
revise or update such statements. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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