| ||Thu Jun 23, 2005|
Firestone Ventures Reports Completion of Surface Program at Louise Lake Copper-Gold-Molybdenum Project, New Zones Identified
| ||June 23, 2005 - Firestone Ventures Inc. (FV: TSX-V) is pleased to announce that North American Gem Inc. has completed a surface exploration program at the Louise Lake Project, 35 west of Smithers, British Columbia, Canada. The road-accessible Louise Lake property is close to major highway, rail and electrical power infrastructure. North American Gem has an option to earn up to a 75% interest in the Louise Lake project from Firestone Ventures and recently completed a seven-hole, 2404.6 m drill program (see Firestone Ventures press release dated May 10, 2005). |
The 2005 surface program was designed to identify potential surface extensions of the "Main Zone" copper-gold-molybdenum system and to investigate copper-gold-molybdenum soil anomalies outlined from past sampling. The following is a direct quote from North American Gems Press Release dated June 22, 2005:
"The first zone, tentatively called the "West Extension", is located roughly 400 - 500 meters west of the known surface expression of the Main Zone, and is likely an extension of it. The "West Extension" consists of strongly altered and locally strongly pyritic feldspar porphyritic monzonite, and includes an east-west trending pyritic shear zone (Much of the mineralized Main Zone itself consists of altered and mineralized porphyritic monzonite). Trace malachite (a green copper mineral) was identified; disseminated pyrite concentrations locally exceed 10%. The West Extension, coincident with a moderately anomalous copper anomaly identified from soil sampling in 1970, is located approximately at the up-dip location of the projected extension of the Main Zone, which was intersected at depth during the 2005 Phase 1 drilling program (see NAG News Releases dated April 20, 2005).
The second zone, tentatively called the "Northeast Zone", is centered roughly 300 meters north of the known eastern end of the Main Zone. Abundant proximal float and rubblecrop of strongly altered feldspar porphyritic monzonite, commonly strongly pyritic, occurs across a minimum 300 by 300-meter area. The southern margin of this area coincides with two adjacent anomalous values grading 667 and 1953 ppm copper respectively from previous soil sampling taken along the northern limit of a soil grid. Abundant mineralized float was found in the immediate area of the anomaly. Strongly pyritic altered feldspar porphyritic monzonite was found in place about 300 meters north of the soil anomaly; the zone likely extends further to the north.
The third zone, called the "Right Hand Zone", was identified during geological mapping along recent logging roads about 1.0 km south of Louise Lake and 2.0 km southeast of the eastern limit of the Main Zone. Two zones of strongly silicified pyritic andesite and/or conglomerate are located roughly 300 meters apart along a logging road. Past soil sampling in the area returned several weakly anomalous copper values; one sample returned a value of 170 ppm molybdenum. The Right Hand Zone, located on the south side of the Coal Creek Fault, may represent the upper limits of a separate mineralized system. Numerous smaller pyritic occurrences and a separate feldspar porphyritic stock were identified elsewhere south of the Coal Creek Fault.
All of the newly identified zones are located within property boundaries. A total of 51 rock and 55 soil samples have been submitted to ALS Chemex for 34-element ICP and gold analysis by fire assay. Results will be used to design further surface exploration and diamond drilling programs at the Louise Lake Project.
The Main Zone represents an unusual tennantite-based copper-gold-molybdenum mineral assemblage. In 1992, former operator Equity Silver Mines Ltd. released a geological resource estimate for the Main Zone of 50 Million tonnes grading 0.3% copper and 0.3 g/t gold. This estimate was produced prior to implementation of modern resource standards contained within National Instrument 43-101, does not distinguish between resource categories, and should not be relied on to necessarily represent accurate estimates under modern standards. No subsequent resource estimates have been made. North American Gem is not treating this estimate as an NI 43-101 defined resource verified by a Qualified Person and has not done the work necessary to verify the classification of the resource.
This News Release was reviewed and approved by Carl Schulze, BSc, PGeo, Qualified Person for the project, in accordance with regulations under National Instrument 43-101. All sample analysis is being done by ALS Chemex of North Vancouver, British Columbia, Canada."
"We are very pleased that several new mineralized zones were identified on surface at Louise Lake, especially after the last drill program expanded the previously known extent of the "Main Zone", says Lori Walton, President of Firestone Ventures.
Firestone Ventures Inc. has a high-quality portfolio of uranium, gold, copper, and zinc properties. For further information, please contact:
Lori Walton, P.Geol., President
Toll Free: 1-888-221-5588; Fax: (780) 428-3476
Trading Symbol: FV: TSX-V
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release
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