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| | Tue Mar 1, 2005
New Exploration Targets Identified on Firestone Ventures Amazing Grace Property
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| | March 1/2005 - Firestone Ventures Inc. (FV: TSX-V) is pleased to announce completion of its data set analysis for the Amazing Grace property in southern British Columbia. Several new exploration targets were identified in addition to the existing gold-silver vein systems and the "Cordierite Showing" copper-gold-cobalt prospect described in Firestone's November 4th press release.
The Amazing Grace property is 15 km southeast of Castlegar, British Columbia, Canada and only 35 km from the TeckCominco smelter at Trail. The property has excellent access to road, rail and electrical facilities. During the period 1936 to 1941, a total of 330 oz (10,265 grams) gold was produced from narrow quartz veins containing visible gold (B.C. Minfile, 2004). Amazing Grace is situated between the Rossland gold mining camp which produced 86 million grams gold and the Nelson mining camp, which produced more than 16,000 kilograms of gold (B.C. Minfile, 2004).
Field work by Firestone Ventures in 2004 resulted in verification of the high-grade nature of the gold vein system, and confirmed the existence of at least two styles of mineralization; native gold in quartz veins ("High Grade and Maud S. prospects") and polymetallic mineralization at the "Cordierite Showing" (Nov. 4, 2005 press release).
Of particular interest to Firestone is a 700 m by 300 m gold-in-soil anomaly centered 500 m west of the High Grade gold prospect, with values ranging from background to 621 ppb gold, including abundant values exceeding 100 ppb gold. A 2004 rock grab sample of float within this area returned 54.5 g/t gold with 28 g/t silver; ice directions indicate a separate source from the High Grade prospect.
The expanded Amazing Grace property now hosts a third style of mineralization, massive pyrrhotite skarn, previously identified by the vendor. At the "Scheelite Zone", 2.5 km northwest of the High Grade prospect two rock samples previously collected of skarn material returned values of 0.115% and 0.86% tungsten respectively. A third sample returned 0.162% tungsten with 0.142% molybdenum. Two grab samples of quartz veins in the Scheelite Zone area returned values of 0.162 opt and 0.234 opt gold respectively.
This News Release has been reviewed by Carl Schulze, BSc, PGeo, Qualified Person for the property, in accordance with regulations under National Instrument 43-101. Analysis of all 2004 samples was performed by ALS Chemex Laboratories of North Vancouver, B.C. The historic production figures have not been audited or verified by Firestone Ventures, and should not be relied upon. A Technical Report on the Amazing Grace property, written by Carl Schulze in compliance with regulations under National Instrument 43-101, is complete and will be submitted shortly to the British Columbia Securities Commission.
Firestone Ventures Inc. is a public company listed on the TSX-Venture Exchange. The company's mandate is the acquisition and exploration of a diverse portfolio of high quality precious metal, base metal and gemstone properties.
For further information, please contact:
Lori Walton, V.P. Exploration and Business Development
Toll Free: 1-800-221-5588; Fax: 1-780-428-3476
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. |
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