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| | Thu Mar 15, 2007
Firestone Ventures Reports Latest Drill Results from the Torlon Hill High-Grade Zinc Project
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| | March 15/2007 - Firestone Ventures Inc. (FV:TSX-V, F5V:FSE) is pleased to announce results from an additional seven drill holes from the Company's Torlon Hill zinc project. These latest step-out intersections extend the known footprint of zinc mineralization an additional 100 metres southwest beyond the previous boundary.
Highlights of the most recent results are as follows:
- Hole TH07-46 intersected 13.7 metres of 2.4% zinc, including 1.8 metres of 7.2% zinc.
- Hole TH07-48 intersected 5.0 metres of 5.0% zinc.
- Hole TH07-49 intersected 4.3 metres of 11.6% zinc.
Results from drill holes TH07-48 and 49 are significant, as they are 100 metres southwest of previous drilling. Geological evidence indicates that the intersections in these holes are situated in a down-faulted block with respect to the main Torlon mineralization. They are located west of a northerly trending fault, in an area not previously known to contain mineralization. The potential for additional mineralization, both "oxide-type" and sulphide, is enhanced by the presence of previously unknown block faulting in this area.
Lead values within the mineralized intervals for the seven drill holes ranged from 0.5 to 4.7% and silver values ranged from 1 to 45 ppm. Results from drill holes TH07-45 and 47, both drilled on the southern margin of the main zone of high-grade zinc mineralization, returned predictable but generally low values. Results from drill holes TH07-50 and 51, both step-out holes to the west were generally low.
The current 2006/2007 Torlon Hill drill campaign has three priority objectives: further expansion of the mineralized zone, detailed in-fill drilling, and improved delineation of deposit geometry. In-fill drilling of the area of high-grade zinc (smithsonite) mineralization defined last year is now complete; the current drill holes are expansion holes testing for additional areas of zinc mineralization at Torlon Hill. A total of 2,502 metres has been drilled to date of a total of 3,600 metres planned in the current drilling program which is expected to finish at the end of March, 2007. The Company previously drilled an additional 1,442 metres in 22 holes in early 2006.
In related news, Firestone Ventures is pleased to announce that it has signed a formal option agreement with Goldcorp Inc. to earn a 100% interest in the Saturno and Saturno II concessions. The concessions surround the Company's Torlon project and cover an area of 12,226 acres (4947.9 hectares or 49.5 sq km). The properties cover Permian carbonate formations which are considered to have excellent exploration potential for zinc and lead mineralization.
Under the terms of the option agreement, Firestone Ventures must make a cash payment to Goldcorp Inc. (the Vendor) of USD $5,000 and incur USD $250,000 in exploration expenditures over three years. A total of USD$35,000 must be spent by the end of the first year. A 1.5% NSR is reserved for the Vendor, of which 0.5% may be purchased by Firestone at any time for $1,000,000. An additional 2% NSR is reserved for the underlying vendor.
The road-accessible Torlon Hill project is located 18 road kilometres northwest of the city of Huehuetenango, near the Pan-American Highway in western Guatemala. Drill hole location maps, assay results, technical report, a longitudinal section sketch, FAQ sheet and photos are available at www.firestoneventures.com.
This news release has been reviewed and approved by John Cleary, (CPG), Qualified Person for the Torlon Hill project in accordance with regulations under National Instrument 43-101, and by Al Workman, P.Geo., Vice President of Watts, Griffis and McOuat Limited. Sample preparation, quality control and analytical techniques have been described previously (see January 11, 2007 news release). All samples were analyzed by ALS Chemex in Vancouver, Canada.
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 TSX 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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