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EDMONTON, ALBERTA--(Marketwire - June 6, 2011) - Firestone Ventures Inc. ("Firestone" or the "Company") (News - Market indicators)(FRANKFURT:F5V) is pleased to announce an update on exploration programs in Nevada, U.S.A. and Guatemala, Central America.
Exploration Update – Nevada, U.S.A.
Firestone previously announced a drill program at the Black Mountain zinc-lead-silver project consisting of a minimum of 12 drill holes totaling 1,245 metres targeting four areas identified from Firestone's surface exploration program (see March 24, 2011 news release). The Black Mountain property is located 29 km northeast of Wells, Nevada, U.S.A. in Elko County. Firestone Ventures has an option to earn 100% interest in the Black Mountain project from Kinross Gold.
"We have a drill lined up and have been ready to go for several weeks, but Nevada has experienced record snow levels this spring," says Lori Walton, President of Firestone Ventures Inc. "We are now expecting to mobilize the drill in mid-June and should be drilling by June 20."
Firestone is continuing the permitting process for the Antelope zinc-lead-silver drill program. The Antelope property is located 75 km southwest of Eureka, Nevada. Firestone has defined a 4 km zinc-lead-silver corridor hosted in lower Ordovician Hanson Creek Formation dolomite.
Exploration Update – Guatemala, Central America
Geological field crews in Guatemala have completed a comprehensive, twelve-month regional exploration program focused on a 250 km belt of Cretaceous to Permian carbonate host rocks with sulphide and oxide zinc potential. A total of 376 rock samples, 81 stream sediment samples and 1,237 soil samples were collected. Targets for follow-up exploration and potential drilling will be prioritized once all the analytical results are received and evaluated.
The objective of the field program was to target prospective carbonate horizons favorable for hosting Mississippi-Valley Type (MVT) zinc-lead-silver mineralization. The first of several compelling zinc-lead-silver targets, the Quetzal Property in central Guatemala, was drilled in 2010 (see news release June 24, 2010).
The zinc belt in Guatemala features numerous zinc occurrences and historic small-scale zinc oxide and suphide mines, but is virtually unexplored using modern exploration methods. On a global scale, a comparison of style and geological setting shows striking similarities between the zinc-lead-silver district in Guatemala and economically significant zinc districts in Yemen, Iran and China.
Lori Walton, P.Geol., Firestone's President, has reviewed and approved the technical content of this news release.
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.