| ||Mon Apr 26, 2004|
Update On 2004 Exploration Program, Firestone Ventures
| ||VANCOUVER, April 26/CNW - Firestone Ventures Inc. (FV:TSX-VEN) is pleased to announce results of compilation work and due diligence conducted or supervised by Mr. C. Schulze, P. Geol. of All-Terrane Mineral Exploration Services, Firestone Ventures' Qualified Person as required under NI 43-101. |
Louise Lake Copper-Gold Porphyry Property, British Columbia
Re-logging was done on NQ drill core obtained by Global Mineral and Chemical Ltd in 1996. Previous operators had reported an estimated resource of 50 million tonnes grading 0.3% copper and 0.3 g/tonne gold in the Main Zone.*
Mr. Schulze reports that re-sampling of DDH GM-4, from 18.3 - 73.4m returned a weighted average value of 0.29% copper and 0.459 g/tonne gold. In 1996, Global Minerals reported a value of 0.28% copper and 0.47 g/tonne gold across the same interval, indicating past sample results are reliable. Firestone also analyzed several samples for metallic screen fire assay to test for coarse gold content. Results indicate that almost all gold occurs as grains less than 100 microns across, and that the "coarse gold effect" is unlikely to be significant within the Main Zone, also improving reliability of past results. Firestone has designed a 1670m diamond drilling program focusing on the Main Zone to upgrade resource estimates for compliance with standards under National Instrument 43-101.
Bradshaw Hill Gold Property, British Columbia
Compilation and re-interpretation of the historical data set for the Bradshaw Hill property (formerly known as Yuniman) near Penticton, British Columbia is complete. Previous exploration outlined an east-northeast trending corridor at least 4.0 km long, hosting numerous gold prospects. Rock sampling of these returned abundant values exceeding 10.0 g/tonne gold, up to 230 g/tonne gold. Previous exploration also included detailed soil geochemical surveying, revealing numerous strong gold-in-soil anomalies with values commonly exceeding 225 ppb (the 95th percentile level), up to 3.92 g/tonne Au. Although several of these surround known prospects, numerous others of significant size have yet to be explained.
Mineralized zones discovered to date at Bradshaw Hill consist largely of high-grade gold-bearing quartz veins. However, analysis of historical data suggests veining occurs within widespread siliceous alteration zones in areas of well developed structural preparation. Firestone believes that the property has strong potential to host bulk-tonnage mineralization. A 2004 exploration program consisting of detailed geological mapping, geochemical sampling and trenching is designed to determine the extent of mineralized zones and the sources of the numerous strong geochemical anomalies.
Sonora Gulch Gold Property, Yukon Territory
A brief due-diligence property visit was conducted on Firestone's Sonora Gulch property in mid-April by Mr. Schulze. Sonora Gulch is host to two previously recognized kilometric-scale auriferous systems: a large area of copper-gold mineralization within a quartz-feldspar porphyritic intrusive with gold-in-soil values to 5,500 ppb; and a northwest trending zone of gold-tetradymite (a bismuth telluride) veins. The latter zone, returning values to 62.0 g/tonne gold across 1.25' from trench sampling and up to 25.0 g /tonne gold across 2.8' from drill core sampling, extends roughly along the regional-scale Big Creek Fault.
Gold values up to 0.413 g/tonne were returned from re-sampling by Mr. Schulze at several trenches within the porphyritic zone where high gold values were previously obtained. Mineralization, consisting of disseminated pyrite and minor chalcopyrite within altered intrusive rock, appears evenly distributed rather than confined to narrow vein or structural zones, although previous exploration also revealed higher grade structurally controlled zones. This increases considerably the potential for bulk-tonnage deposits.
The visit also resulted in sampling of the "K-467" Zone, an extensive mineralized gossanous area. Preliminary visual estimates, hampered by snow cover, indicate dimensions of at least 300 - 400 by 200 metres. Several samples were taken of strongly altered gneissic rock with disseminated pyrite, chalcopyrite and some malachite staining. These include samples of limonitic quartz stockwork and of strongly limonitic gouge zones. Rock samples returned values up to 0.162 g/tonne gold, 22.9 g/tonne silver and 0.37% copper.
Firestone's initial 2004 exploration program at Sonora Gulch will consist of line cutting, surface electromagnetic and "Induced Polarization" geophysical surveying, immediately followed by detailed geological mapping and geochemical sampling. These surveys will now be extended to cover the K-467 Zone.
Firestone Ventures Inc. is a public company listed on the TSX-Venture Exchange. The company's intent is to explore a diverse and high quality portfolio of precious metal, base metal and gemstone properties. For additional information, please see the company's website at www.firestoneventures.com.
*The estimated resource at Louise Lake is quoted from a 1992 Assessment Report by Equity Silver Mines Limited from historical information. The reader is cautioned that this resource calculation does not conform to current standards for reporting of reserves and resources under National Instrument 43-101, and has not been verified.
For further information contact:
Dr. Ken Powell, President and Chairman
THE TSX VENTURES EXCHANGE HAS IN NO WAY PASSED UPON THE MERITS OF THE CONTENTS AND HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENT OF THIS RELEASE. THE COMPANY RELIES ON LITIGATION PROTECTION FOR FORWARD-LOOKING STATEMENTS.
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