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| | Thu Dec 8, 2005
Firestone Ventures Announces Winter Drill Program for Louise Lake Copper-Gold-Molybdenum-Silver Project
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| | December 8, 2005 - Firestone Ventures Inc. (FV:TSX-V) is pleased to announce that joint venture partner North American Gem Inc. (NAG) plans a January, 2006 diamond drill program at the Louise Lake copper-gold-molybdenum-silver project pending receipt of the drill permit. The Louise Lake project is located 35 km west of Smithers, British Columbia, Canada and has excellent road access to major highway, rail and electrical power infrastructure.
"The continued high demand for these metals makes the announcement of this drill program timely," stated Lori Walton, President of Firestone Ventures. "Our winter exploration program is shaping up to be very productive. We are also planning an early 2006 drill program on our Torlon high-grade zinc property in Guatemala and we are designing a drill program for our Alberta Sun uranium project in southern Alberta."
The January, 2006 drill program at Louise Lake proposes to test the extension of the "Main Zone" copper-gold-molybdenum-silver porphyry system. Diamond drill programs by Firestone Ventures in 2004 and North American Gem in 2005 significantly expanded the known extent of mineralization in the Main Zone, which remains open to the east and west.
Results from Firestone's 2004 program include a 204 m intercept grading 0.366% Cu, 0.0118% Mo, 0.354 g/t Au and 1.2 g/t Ag from DDH LL-04-03 (see Firestone News Release dated Sept 15, 2004). Results from North American Gem's drill program in 2005 were also very positive and include a 78 m intercept grading 0.448% Cu, 0.037% Mo, 0.440 g/t Au and 1.4 g/t Ag from DHH LL-05-02 (see NAG News Release dated May 5, 2005).
The historic geological resource estimate on the Louise Lake project was provided by Equity Silver Mines Ltd. in 1992. The 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 Ventures Inc. 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.
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.
This News Release has been reviewed by Carl Schulze, BSc, PGeo, Qualified Person for the Louise Lake project, in accordance with regulations under National Instrument 43-101. North American Gem Inc. may earn up to a 75% interest in the Louise Lake project through issuance of 1 million common shares to Firestone Ventures Inc. and a work commitment of $2 million over five years.
For further information, please contact:
Lori Walton, P. Geol., President
Toll Free: 1-888-221-5588
Fax: (780) 428-3476
info@firestoneventures.com
www.firestoneventures.com
Trading Symbol: FV: TSX-V
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release |
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| | You can view the Next News Releases item: Thu Jan 5, 2006, Firestone Ventures Receives Positive Independent Review of Torlon Hill Zinc Project
You can view the Previous News Releases item: Thu Nov 17, 2005, Firestone Ventures Advances Alberta Sun Uranium Project
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