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| | Mon Jan 15, 2007
Firestone Ventures Reports High-Grade Intercept of 6.21 g/t Gold Across 15.3 Metres, Open at Depth, from Sonora Project, Yukon Territory
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January 15, 2007 - Firestone Ventures Inc. (FV:TSX-V, F5V:FSE), is pleased to announce extremely positive results, including a high-grade intercept in Hole SG-06-06, from the Autumn, 2006 diamond drilling program on its Sonora gold-silver-copper project. The Sonora property, located in the Dawson Range copper-gold mining district 110 km northwest of Carmacks, Yukon Territory, Canada, is situated 40 kilometres west of Sherwood Copper's Minto copper-gold project, currently in development. A seasonal access road extends to within 25 kilometres of the Sonora property.
"We are extremely excited by the results of this new gold-silver discovery intercept. This is the first exploration drilling to ever take place on the east side of the property," says Lori Walton, President of Firestone Ventures. "We are working hard to interpret the geological implications."
Highlights include:
Hole SG-06-06:
• 15.3 metres of 6.21 g/t gold and 3.0 g/t silver, including 5.0 metres of 12.19 g/t gold and 4.8 g/t silver
Hole SG-06-05:
• 4.5 metres of 3.60 g/t gold and 14.6 g/t silver including 0.5 metre of 28.80 g/t gold and 94.5 g/t silver
Hole SG-06-2A:
• 19.9 metres of 0.321 g/t gold and 50.1 g/t silver including 3.1 metres of 0.582 g/t gold and 118 g/t silver
A drill hole location map is available at www.firestoneventures.com. Significant intersections are listed in Table One in this news release. A total of 1,821.1 metres of "NTW" core in 12 holes was drilled. Drill targets were selected based on compilation of geological, geochemical and geophysical surveys completed by Firestone Ventures in 2005 and 2006 (see news release dated Sept. 26, 2006).
Hole SG-06-06 (Amadeus Zone), was drilled to the south and targeted the southeastern portion of the Amadeus Zone. The hole intersected several zones of low grade gold +/- silver mineralization above the 15.3 metre "Discovery Intercept" grading 6.21 g/t gold and 3.0 g/t silver. The Discovery Intercept includes a sub-interval of 5.0 metres grading 12.19 g/t gold and 4.8 g/t silver. At this point, insufficient data exists to determine the "true width" of the intercept. The deepest 0.8 metres of this interval, consisting of quartz vein stockwork, underwent duplicate sampling; both returned high gold values averaging 4.10 g/t gold with 7.0 g/t silver. Hole SG-06-06 was terminated due to lack of any further drill rods; thus the zone remains open at depth.
Pulps of the entire discovery intercept were re-analyzed, providing a value of 5.86 g/t gold with 3.3 g/t silver, indicating good repeatability of grade. Values from re-analysis include 11.01 g/t gold with 4.7 g/t silver from the above 5.0 metre high-grade sub-interval. The general area of the Amadeus Zone had undergone surface exploration by previous operators, but had never been drilled.
Hole SG-06-02A, located 135 metres to the northwest and also drilled to the south, returned a 19.9 metre intercept grading 50.1 g/t silver with 0.321 g/t gold and 771 ppm copper, including a 3.1 metre intercept grading 118 g/t silver with 0.582 g/t gold.
Hole SG-06-03 returned a 6.0 metre intercept grading 0.838 g/t gold with 18.0 g/t silver, including a 2.0-metre sub-intercept grading 1.960 g/t gold with 38.9 g/t silver. This hole was collared at the same location as DDH SG-06-02A, but drilled to the north, indicating mineralization occurs across a broad area.
Table 1: Significant Intercepts, Autumn 2006 Drilling Program,
Sonora Property
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Total
Depth Width Gold Silver
Hole Zone (m) Intercept (m) (g/t) (g/t)
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SG-06-01 Figaro 22.2(i) No significant intercepts
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SG-06-01A Figaro 251.5 37.1 - 38.1m 1.0 0.654 17.0
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SG-06-02 Amadeus 47.2(i) 13.7 - 15.0m 1.3 0.925 22.2
33.5 - 35.0m 1.5 0.604 14.0
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SG-06-02A Amadeus 213.4 12.2 - 13.7m 1.5 0.538 10.3
41.2 - 47.8m 7.6 0.361 16.2
Includes:
47.2 - 48.8m 1.6 1.03 35.9
86.8 - 106.7m 19.9 0.321 50.1
Includes:
91.4 - 94.5m 3.1 0.582 118
172.2 - 173.8m 1.6 0.617 1.7
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SG-06-03 Amadeus 189.0 38.0 - 42.6m 4.6 0.584 26.8
56.4 - 57.9m 1.5 0.741 1.9
130.0 - 136.0m 6.0 0.838 18.9
Includes:
134.0 - 136.0m 2.0 1.960 38.9
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SG-06-04 Wolfgang 218.8 29.7 - 33.1 3.4 1.132 45.5
Anomaly Includes:
31.8 - 33.1m 1.3 2.410 117
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SG-06-05 Amadeus 176.8 11.5 - 14.8m 3.3 0.505 3.4
18.8 - 23.3m 4.5 3.60 14.6
Includes:
18.8 - 19.3m 0.5 28.80 94.5
67.2 - 69.6m 2.4 1.133 91.2
88.9 - 90.5m 1.6 0.298 199
107.2 - 109.1m 1.9 0.598 2.5
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SG-05-06 Amadeus 219.4 5.2 - 7.2m 2.0 0.602 20.3
61.7 - 67.7m 6.0 0.667 5.0
113.3 - 124.1m 10.8 0.550 2.0
134.1 - 144.3m 10.2 0.315 3.7
151.6 - 181.4m 29.8 0.294 13.0
193.3 - 204.1m 10.8 0.333 15.3
204.1 - 219.4m 15.3 6.21 3.0
Includes:
210.1 - 215.1m 5.0 12.19 4.8
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SG-06-07 Amadeus 227.1m 31.6 - 34.8m 3.2 0.531 0.9
49.2 - 62.5m 13.3 0.334 4.7
208.2 - 210.3m 2.1 0.587 0.7
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SG-06-08 Giovanni 158.5m No significant intercepts
Anomaly
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SG-06-09 Jupiter 44.8m(i) 29.4 - 31.2m 1.8 1.24 0.4
Anomaly
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SG-06-10 Jupiter 50.9m(i) 32.0 - 35.9m 3.9 0.239 3.4
Anomaly
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(i) Hole abandoned due to poor rock conditions
Hole SG-06-04, collared about 250 metres to the east and drilled to the north targeting the Wolfgang Anomaly, returned a 3.4 metre intercept grading 1.132 g/t gold with 45.5 g/t silver, including a 1.3 metre subinterval grading 2.410 g/t gold with 117 g/t silver. The strongest portion of the Wolfgang Anomaly remains unexplained.
Hole SG-06-05, collared at the same location as DDH SG-06-04 but drilled to the south, returned a 4.5 metre interval grading 3.60 g/t gold with 14.6 g/t silver. This includes a 0.5 metre subinterval grading 28.8 g/t gold and 94.5 g/t silver, with very high bismuth values, suggesting vein mineralogy similar to the Tetradymite Zone three kilometers to the west. This hole also returned a 2.4 metre intercept grading 1.133 g/t gold with 91.2 g/t silver just outside of the intrusion, and a 1.6 metre intercept grading 0.298 g/t gold with 199 g/t silver just within it. Two individual samples from SG-06-05 each returned 2,100 ppm copper.
Hole SG-06-01A, targeting the Figaro Zone, returned a 1.0 metre interval grading 0.654 g/t gold and 17.0 g/t silver. This hole intersected strongly developed quartz veining throughout much of its length. Most samples returned anomalous to strongly anomalous gold, silver, copper and molybdenum values, although no economic-grade intervals were returned.
Holes SG-06-08 - No significant values were returned from the Giovanni Anomaly, although strongly altered host rock similar to that underlying the Wolfgang Anomaly was intersected.
Hole SG-06-09, targeting the Jupiter Anomaly, returned a 1.8 metre intercept grading 1.24 g/t gold from 29.4 to 31.2 metres. Sporadic anomalous gold values were returned elsewhere, together with consistently anomalous molybdenum values ranging from 5 to 166 ppm.
Hole SG-06-10, collared at the same location and azimuth as SG-06-09, but at a steeper dip, returned a 3.9 metre interval grading 0.239 g/t gold and 3.4 g/t silver. The depth of this interval is roughly consistent with the anomalous interval in drill hole SG-06-09.
All samples were analyzed by 50 gram fire assay and 34-element ICP analysis by ALS Chemex Laboratories of North Vancouver, British Columbia, Canada. Firestone incorporated numerous "standard" samples having known gold content, as well as "blanks", to test for accuracy of analytical results. Firestone also submitted numerous duplicate samples to test for uniformity of grade and for "coarse gold effect". Copper values in general were anomalous, but sub-economic.
Firestone will perform studies on the setting of the high grade gold and silver mineralization in order to determine a model for mineralization and to identify future drill sites.
This News Release has been reviewed and approved by Carl Schulze, BSc, PGeo, Qualified Person for the property, in accordance with regulations under National Instrument 43-101. Firestone Ventures is earning an 80% interest in the Sonora property. A fact sheet on the Sonora property, photos, a regional location map, and drill hole location map are available at www.firestoneventures.com.
Firestone Ventures Inc. is a well-financed Canadian-based resource exploration and development company with zinc, gold and uranium projects in Western Canada and Central America. The common shares of the Company are currently listed on the Toronto Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V). 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; F5V: FSE
For Investor Relations please call:
Contact Financial Inc. at (604) 689-7422
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release
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