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| | Thu Jan 26, 2006
Firestone Ventures Announces Drilling to Commence Feb 1st on the Louise Lake Property
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| | Jan 26, 2006: Firestone Ventures Inc.(FV: TSX-V) is pleased to announce the commencement of a 2006 diamond drilling program by joint venture partner North American Gem Inc. targeting the "Main Zone" of the Louise Lake property, 35 km west of Smithers, British Columbia, Canada. The property is road-accessible from Smithers, a full service community with an available work force and excellent highway, rail, and power infrastructure.
In January 2005 North American Gem finalized its agreement with vendor Firestone Ventures Inc. to earn a 75% interest in the property by incurring CDN$2 million in work commitments and issuing 1 million common shares to Firestone over five years. This followed positive results of Firestone's 2004 diamond drilling program, focusing on expanding known dimensions of the Main Zone, an east-west trending, gently north-dipping, thick tabular zone of copper-gold-molybdenum-silver porphyry-style mineralization. Copper occurs almost exclusively as "tennantite", an unusual mineral found in upper levels of porphyry systems. All six holes drilled by Firestone in 2004 returned long mineralized intercepts, including a 204-metre interval in DDH LL-04-03 grading 0.360% copper, 0.012% molybdenum, 0.354 g/t gold and 1.2 g/t silver.
In April 2005 North American Gem completed a 2512.3-metre diamond drilling program in seven holes, successfully identifying extension of the Main Zone both to the west and east, to a minimum strike length of 750 meters. The Main Zone is still open in both directions. Compilation of results also indicated this zone consistently extends to a depth of 250 to 270 meters, where it is truncated by a flat-lying fault. Six of seven holes returned long mineralized intercepts, including: a 101.9-metre intercept grading 0.382% copper, 0.030% molybdenum, 0.372 g/t gold and 1.2 g/t silver in DDH LL-05-02; and a 192.1-metre intercept grading 0.271% copper, 0.011% molybdenum, 0.255 g/t gold and 1.0 g/t silver in DDH LL-05-04 (see NAG News Releases dated April 20 and May 2, 2005).
Detailed analysis of cross sections of all past drilling on the Main Zone suggests the zone may be a relatively small upper segment of a larger mineralized system, offset by the flat-lying fault.
This 2006 program will consist of 3,750 meters in 12 holes, with mobilization to begin on February 1st. This program will again target potential western and eastern extensions of the zone, and will also focus on the southern, "footwall" contact, as well as some infill drilling. Select holes will target potential mineralization underlying the flat-lying fault. Results will be incorporated into a scoping study, to upgrade resource estimates to standards compatible with National Instrument 43-101.
In 1992, previous operator Equity Silver provided a resource estimate of 50 million tonnes grading 0.3% copper and 0.3 g/t gold with "some payable molybdenum"; this was released prior to establishment of current resource estimate standards under National Instrument 43-101, has not been substantiated by North American Gem Inc, and should not be relied upon.
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 analysis will be done by ALS Chemex of North Vancouver, British Columbia, Canada.
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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| | You can view the Next News Releases item: Fri Feb 17, 2006, Firestone Ventures Begins Drilling at Torlon Hill High-Grade Zinc Project
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