| ||Tue Nov 10, 2009|
Firestone Ventures Provides Update on Zinc-Lead Exploration Program
| ||November 10, 2009 - Firestone Ventures Inc. ("Firestone" or the "Company") (FV:TSX-V; F5V:FSE) is pleased to provide an update on its 2009/2010 zinc-lead exploration program in Guatemala, Central America. Field crews are conducting regional exploration targeted on known base metal occurrences and old mines in the three major carbonate hosted zinc-lead-silver districts in Guatemala. Work includes the mapping, sampling and evaluation of several known zinc occurrences. Rock, soil and silt samples have been delivered for analysis and regional fieldwork will continue through to mid-December. Areas of interest identified during the program will be prioritized for further work and evaluated as potential drill targets for early 2010.|
"As far as the Company knows, the three historic zinc districts of Guatemala have never been explored in a systematic manner using modern methods," says Lori Walton, President of Firestone Ventures. "Firestone has first-mover status in one of the world's most unexplored and unrecognized zinc belts. As the world economies continue their recovery we expect the demand for zinc and the price for zinc to remain strong through next year. The price of zinc has increased from US $0.50 per pound in Dec. 2008 to the current price of over US $0.90 per pound."
Zinc Potential in Guatemala
Guatemala has three historic zinc-lead-silver districts hosted in Permian to Cretaceous carbonate rocks in a 250 km long zone extending east-west across central Guatemala. The districts are virtually unexplored using modern exploration methods despite the historic mining of surface deposits of oxide and sulphide zinc. On a global scale, comparison of style and geological setting shows striking similarities of the zinc-lead districts in Guatemala to economically significant zinc districts in Yemen, Iran and China.
Independent consultants Watts, Griffis and McOuat Limited state that it is likely that additional non-sulphide zinc will be found through on-going systematic exploration of Firestone's large land package totalling over 500 square kilometres in key areas of the historic zinc districts. In addition, the regional setting has considerable potential for conventional Mississippi Valley-Type (MVT) zinc-lead sulphide mineralization. MVT deposits typically occur in clusters or districts with multiple deposits over hundreds of square kilometers having similar geological settings.
About the Torlon Hill Deposit
The 100% owned road-accessible Torlon Hill zinc-lead-silver deposit is 22 km from the Pan-American Highway in western Guatemala. Firestone was the first company to drill the property. Torlon Hill is an intensely oxidized zinc-lead (plus silver) deposit hosted in Permian dolostone breccia and limestone. The carbonate unit has been tectonically thrust over a serpentinized basement sequence at the boundary between the North American Tectonic Plate and the Caribbean Plate. The "tectonic crush zone" is pervasively mineralized with thick zones returning in excess of 10% zinc and locally up to 40%. Smithsonite (ZnCO3) is the predominant ore mineral, occurring as a replacement to limestone. Throughout the deposit, silver-rich galena veinlets cross-cut the pervasive zinc-replacement mineralization.
To date, a total of 8,400 metres in 101 holes has been drilled at the Torlon Hill zinc-lead deposit. The combined measured and indicated zinc-lead-silver oxide mineral resource totals 1,891,636 tonnes grading 7.32% zinc, 2.41% lead and 14.25 g/t silver (at a 3% zinc-equivalent cutoff). An additional 169,705 tonnes is classified as inferred resources grading 4.42% zinc, 1.96% lead and 12.53 g/t silver.
The Torlon deposit also contains a basal zone of unoxidized sulphide mineralization which is not yet well-defined by drilling. This basal zone includes a combined measured and indicated sulphide resource totalling 76,054 tonnes averaging 3.23% zinc, 2.6% lead and 12.50 g/t silver and a further 36,291 tonnes classified as inferred resources averaging 2.79% zinc, 2.03% lead and 10.47 g/t silver (see news release Nov. 18, 2008). The deposit is open to expansion and high-grade zinc mineralization defined by the mineral resource is on or near surface.
The Company is continuing collaborative work with local communities on social-economic initiatives, upgrading existing access roads and stream crossings along with the coordination of local supplies and services.
In related news, Firestone Ventures is pleased to announce that the earn-in period stipulated in a formal option agreement to earn 100% interest in the Selegua and Saturno II concessions (12,226 acres or 49.5 sq km) has been extended by one year. These concessions surround the Company's Torlon Hill zinc-lead-silver project and cover Permian carbonate formations which are considered to have excellent potential for zinc and lead mineralization. Under the original terms of the option agreement Firestone Ventures was to make a cash payment to the vendor of USD $5,000 and incur USD $250,000 in exploration expenditures by March 5, 2010, of which a total of USD $35,000 was to be spent by the end of the first year. The agreement has been amended so Firestone will pay an additional USD $5,000 on March 5, 2010 and has until March 5, 2011 to incur a total of USD $275,000 in exploration expenditures. A 1.5% NSR is reserved for the vendor, of which 0.5% may be purchased anytime by Firestone for $1,000,000. An additional 2% NSR is reserved for an underlying vendor.
Zinc is essential in the human body for the immune system, fertility, healthy skin and is vital for healthy growth in children. Zinc is used in everyday household objects such as pails, shovels, door handles, and batteries. Zinc's most important industrial use is to protect steel from corrosion (through alloying or galvanizing) to make it last longer. The average automobile contains over 40 pounds of zinc.
The news release has been reviewed and approved by John Cleary, (CPG), Qualified Person for the Torlon Hill project and by Al Workman, P.Geo., Vice President of Watts, Griffis and McOuat Limited and the Independent Qualified Person for the project in accordance with regulations under National Instrument 43-101.
Lori Walton, P. Geol., President
Toll Free: 1-888-221-5588
Fax: (780) 428-3476
Trading Symbol: FV:TSX-V;F5V: FSE
For Investor Relations please call: Contact Financial Inc. at (604) 689-7422
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.
You can view the Next News Releases item: Fri Jan 8, 2010, Firestone Ventures Completes Phase One Exploration Program for Zinc-Lead in Guatemala
You can view the Previous News Releases item: Wed Sep 9, 2009, Firestone Ventures Announces Exploration Plans for Zinc Properties in Guatemala
You can return to the main News Releases page, or press the Back button on your browser.