Thu Feb 28, 2008 Firestone Ventures Reports New Uranium Targets at Alberta Sun Project
Feb 28, 2008- Firestone Ventures Inc. (FV:TSX-V, F5V:FSE) is pleased to announce that sophisticated geophysical modeling of the initial dataset from the Company's airborne geophysical survey was successful in identifying buried stream channels on four priority areas at the Alberta Sun uranium project, southwestern Alberta.
'We are very pleased to show results from a non-invasive exploration tool that identifies the location of buried stream channels. These channels may be suitable hosts for sandstone-hosted (roll-front) uranium deposits," says Lori Walton, President of Firestone Ventures Inc. "We are especially excited to note conductive trends on two of the properties and signs of an oxidation-reduction front, critical for roll-front style uranium deposit formation."
The objective of the airborne geophysical survey was to identify pre-glacial paleovalleys (buried stream channels) on four priority areas covering favorable stratigraphic, hydrological and structural settings. A 2,384 line kilometer electromagnetic and magnetic survey was completed last spring by Fugro Airborne Surveys (see News Release dated April 18, 2007). TerraNotes Ltd. of Edmonton, Alberta then carried out "Radarsat Imaging Analysis" and interpretation of preliminary data, followed by sophisticated modeling of the airborne survey dataset (maps are available at www.firestoneventures.com).
The Alberta Sun uranium property (covering over 115,000 acres) is underlain by Cretaceous to Tertiary marine and non-marine sandstones and tuffs. The geological target is sandstone-hosted "roll-front" uranium similar to deposits in Wyoming and northern Texas. Results of initial fieldwork at the Company's project include scintillometer readings of up to 1,250 cps (counts per second), visible alteration, shale beds and abundant hematite and carbonaceous material within the sandstone unit. Composite grab samples of isolated organic debris material returned up to 7,640 ppm uranium (0.901% U3O8). Grab samples of sandstone from a separate area 40 km southeast returned 57 to 150 ppm uranium. Elevated vanadium, molybdenum, arsenic, and lead values, important indicators of sandstone-hosted uranium, occur at both areas (see previous News Releases available at www.firestoneventures.com).
This news release has been reviewed by Carl Schulze, B.Sc., PGeo., Qualified Person for the project in accordance with regulations under National Instrument 43-101. Black Hawk Exploration is the operator of the Alberta Sun project, under the terms of formal option agreement whereby Black Hawk may earn up to a 75% interest in Firestone's Alberta Sun project (see News Release dated July 15, 2007).
Firestone Ventures Inc. is a well-financed Canadian-based resource exploration and development company with zinc, gold and uranium projects in Western Canada and Central America. The common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V). For further information please contact: