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| | Tue May 10, 2005
Firestone Ventures Reports Drill Results from Louise Lake Copper-Gold-Molybdenum-Silver Project
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| | EDMONTON, ALBERTA - May 10, 2005 - Firestone Ventures Inc. (TSX VENTURE:FV) is pleased to announce that North American Gem Inc. (TSX VENTURE:NAG) has reported on the final results of the diamond drilling program completed in April, 2005 at the Louise Lake Project, 35 km west of Smithers, British Columbia, Canada. The seven-hole, 2404.6 metre program was designed to expand the known extent of copper, gold, silver and molybdenum mineralization in the "Main Zone". The road-accessible Louise Lake property is close to major highway, rail and electrical power infrastructure.
Major highlights from the drill program include:
- The mineralized Main Zone now has an established strike length of 755 m and remains open to the east, west and at depth.
- Step-out hole LL-05-02 (100 m west of previous drilling by Firestone Ventures) intersected 101.9 m grading 0.382% copper, 0.372 g/t gold, 0.030% molybdenum, and 1.2 g/t silver, including a 78.7 m interval grading 0.448% copper, 0.440 g/t gold, 0.037% molybdenum and 1.4 g/t silver.
- Hole LL-05-05 intersected 170.5 m grading 0.253% copper, 0.011% molybdenum, 0.251 g/t gold and 0.9 g/t silver including 21.7 m grading 0.541% copper, 0.501 g/t gold, 0.025% molybdenum and 1.4 g/t silver.
- Hole LL-05-04 returned 192.1 m grading 0.271% copper, 0.255 g/t gold, 0.011% molybdenum and 1.0 g/t silver.
- Hole LL-05-03 returned 170.7 m grading 0.250% copper, 0.194 g/t gold 0.012% molybdenum, and 1.1 g/t silver, including a 68.2 m section grading 0.330% copper, 0.260 g/t gold, 0.013% molybdenum and 1.1 g/t silver.
Detailed drill results from 2004 (Firestone News Release September 15, 2004) and drill plans are available at www.firestoneventures.com. Major intercepts from the 2005 program are given in Table 1.
"These latest results show that the extent of mineralization at Louise Lake has been significantly expanded and we are starting to define higher grade "sub-zones" within the Main Zone," says Lori Walton, President of Firestone Ventures.
Louise Lake is a porphyry system containing copper, gold, silver and molybdenum (the current price of molybdenum is US $34.00/lb). Porphyry deposits contain the largest reserves of copper, significant reserves of molybdenum and close to 50% of gold reserves in British Columbia. Copper-gold-molybdenum porphyry mines and advanced projects in British Columbia include Huckleberry, Kemess South, Kemess North and Mt. Polley.
Firestone Ventures Inc. and North American Gem Inc. are planning a Phase II program to commence by July, 2005. The program will further expand the Main Zone and test other targets on the property.
In 1992, former operator Equity Silver Mines Ltd. released a geological resource estimate for the Main Zone of 50 Million tonnes grading 0.3% copper and 0.3 g/t gold. This estimate was produced prior to implementation of modern resource standards contained within National Instrument 43-101, does not distinguish between resource categories, and should not be relied on to necessarily represent accurate estimates under modern standards. No subsequent resource estimates have been made. Firestone is not treating this estimate as an NI 43-101 defined resource verified by a Qualified Person and has not done the work necessary to verify the classification of the resource.
Table 1 lists major intercepts from the Phase 1 program (see NAG News Release dated May 2, 2005 for details).
Table 1: Major Intercepts, Phase 1 2005 Louise Lake program
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Molyb- Gold Silver Copper
Hole Interval Length Copper denum (g/ (g/ Equiv
No. (m) (m) (%) (%) tonne) tonne) (%)(i)
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LL-05-01 276.3- 49.4 0.305 0.017 0.221 1.1 0.671
325.7
(EOH;
abandoned)
--------------------------------------------------------------------
LL-05-02 203.5- 101.9 0.382 0.030 0.372 1.2 1.020
305.4
--------------------------------------------------------------------
LL-05-02A 264.7- 22.7 0.159 0.014 0.150 0.5 0.446
287.4
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LL-05-03 134.8- 170.7 0.250 0.012 0.194 1.1 0.530
305.5
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LL-05-04 103.0- 192.1 0.271 0.011 0.255 1.0 0.563
295.1
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LL-05-05 7.7 102.4 0.100 0.004 0.141 0.5 0.229
(Surface)-
110.1
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140.8- 170.5 0.253 0.011 0.251 0.9 0.542
311.3
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LL-05-06 15.5- 20.2 0.111 0.004 0.156 0.4 0.244
35.7
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40.8- 170.1 0.190 0.010 0.220 0.8 0.449
210.9
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(i) Assumes prices of $1.30/lb Cu, $20.00/lb Mo, $400/oz Au and
$7.00/oz Ag (US dollars)
Holes LL-05-01 and LL-05-02 were step-out holes testing down-dip mineralization 200 and 100 metres west respectively of DDH LL-04-02 drilled by Firestone in 2004 (see FV News Release dated Sept 15, 2004). Hole LL-05-01 was abandoned within mineralization due to bad ground conditions, suggesting continuation of mineralization beyond the termination. Hole LL-05-02A, the only vertical hole, was collared at the site of LL-05-02. Despite the narrow intercept, results indicate mineralization extends roughly 140 m down-dip from the intercept in DDH LL-05-02. Hole LL-05-06 was collared about 100 m NNW of Firestone's Hole LL-04-06, indicating down-dip extension of Main Zone mineralization throughout its entire strike length.
This News Release was reviewed and approved by Carl Schulze, BSc, PGeo, Qualified Person for the project, in accordance with regulations under National Instrument 43-101. All sample analyses were done by ALS Chemex of North Vancouver, British Columbia, Canada. North American Gem may earn a 75% interest through issuance of 1 million common shares to Firestone Ventures and work commitments of $2 million over five years.
Firestone Ventures Inc. is a public company with a diverse portfolio of high-quality uranium, gold, copper, zinc, molybdenum and gemstone properties.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Firestone Ventures Inc.
Lori Walton
President
(780) 428-3465 or Toll Free: 1-888-221-5588
(780) 428-3476 (FAX)
info@firestoneventures.com
www.firestoneventures.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release |
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