| ||Fri Apr 3, 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 April.|
"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, 2009.
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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