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| | Mon Jan 16, 2006
Firestone Ventures Begins 2006 exploration at Torlon Hill Zinc Project
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| | Jan. 16/2006 - Firestone Ventures Inc. (FV: TSX-V) is pleased to announce that the 2006 winter exploration program has commenced as scheduled at the Company's Torlon Hill zinc project, western Guatemala. The road-accessible Torlon Hill project is located 12 km northwest of the city of Huehuetenango, situated on the Pan-American Highway in western Guatemala.
Recommendations based upon a recently completed independent project review by consultants Watts, Griffis and McOuat Limited ("WGM") have been integrated into the exploration program and drill plan for the property. A total of CDN $500,000 has been allocated for the winter 2006 Torlon Hill program.
The surface exploration program, currently underway, focuses on further expansion of the known zinc-bearing zones and includes mapping and prospecting, soil sampling, preliminary environmental baseline surveying, and collection of bulk samples of mineralized materials.
Diamond drilling will commence by mid-February, 2006. The objective of the drill program is to evaluate the areas of known zinc mineralization towards preparation of a NI 43-101 compliant resource estimate. A total of 20 diamond drill holes 50 to 100 m in depth and spaced at 15 to 40 m intervals are planned to delineate the high-grade zinc mineralization within the central "Santa Rosa Corridor". In addition, Firestone is planning two deep exploratory holes at the historical "La Canada Adits", 150 m west of the main Santa Rosa Workings. The intersection of new mineralization in this area would represent a considerable expansion of zinc potential at Torlon Hill.
"Market conditions for zinc have improved considerably since the acquisition of Torlon Hill by Firestone Ventures Inc.," says Lori Walton, President of Firestone Ventures. "Sustained high rates of economic growth in China and other Asian countries and a 39% decline in zinc stockpiles over the past year are fueling the demand for zinc. The price of zinc has increased from US$0.35/lb four years ago to over US$0.90/lb today."
For a fact sheet on the Torlon Hill project, a NI 43-101 compliant Technical Report and a new FAQ sheet on the uses, supply and demand for zinc, please visit www.firestoneventures.com.
BACKGROUND
The Torlon Hill area is a drill-ready high grade zinc prospect with excellent exploration potential. Zinc mineralization (zinc carbonate) on Torlon Hill extends over a 100 m x 700 m area known as the "Santa Rosa Corridor". In 2000 and 2001 Redhawk Resources Inc., working with ZincOx Resources plc, conducted the first modern exploration of Torlon, defining a large zinc oxide-style system hosted in Permian dolostone breccia extending to at least 50 m below surface. The central area of the "Santa Rosa Corridor" has a true width of 25 to 30 m, and is buttressed by two sheets of zinc mineralization (Zones N-1 and N-2). The original zinc-lead sulphide phases (plus silver) have been intensely oxidized and little of the original sphalerite is preserved.
Zone N-1 has an average grade of 20.3% zinc over true widths of 1-9 m, including a high-grade zone called the "Bulge" that grades 28.4% zinc over 9 m. Zone N-2 has an average grade of 11.2% zinc over true widths of 2 to 4 m. Additional zones and associated mineralized breccias provide excellent potential for expansion of known mineralization.
The lead Qualified Person for the Torlon Hill project is J. Cleary, CPG who will be working closely with consultants Watts, Griffis and McOuat Limited based in Toronto. Firestone Ventures has an option to purchase a 100% interest in the 16-hectare (39.5 acres) Torlon Hill property from the owners and has also acquired the surrounding 134-hectare (331.1 acres) Orbita exploration concession.
This news release has been reviewed and approved by J. Cleary, CPG, and Qualified Person for the Torlon Hill project and by Watts, Griffis and McOuat Limited. Additional information on the Torlon Hill project, including press releases and a fact sheet, is available at www.firestoneventures.com.
Firestone Ventures Inc. has a portfolio of high quality zinc, uranium, gold and copper properties. 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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