Tue Jan 13, 2009 Firestone Ventures Files NI 43-101 Technical Report on Torlon Hill Zinc-Lead Project
Jan. 13, 2009 - Firestone Ventures Inc. (FV:TSX-V; F5V:FSE) is pleased to announce the filing on SEDAR of the NI 43-101 compliant Technical Report entitled "Report on Geology, Exploration and Mineral Resources of the Torlon Hill "Oxide" Zinc-Lead-Silver Project, Chiantla District, Huehuetenango, Guatemala". The report dated December 29, 2008 is authored by Al Workman, P.Geo., and Kurt Breede, P.Eng. of Watts, Griffis and McOuat Limited ("WGM") and documents the work conducted by Firestone Ventures over the past three years. The report is available at www.sedar.com or on the Company's website at www.firestoneventures.com.
"We are extremely pleased with the initial resource estimate of the Torlon Hill zinc-lead deposit. The filing of the Technical Report, along with the 8,400 metres of drilling to date, initial metallurgical testing and additional land acquisitions are all key milestones for the company." says Lori Walton, President of Firestone Ventures Inc. "With the current market conditions we are concentrating initially this year on low cost, value-added surface exploration, environmental studies and further metallurgical work recommended in the report before proceeding with a drill program."
The Technical Report recommends an additional 50 to 70 holes of in-fill and expansion diamond drilling totalling 6,500 metres, geologic mapping and sampling, geochemical surveys, metallurgical testing and environmental studies. The report also describes the methods used to generate the resource estimates. The combined measured and indicated zinc-lead-silver oxide mineral resource totals 1,891,636 tonnes grading 7.32% zinc, 2.41% lead and 14.3 g/t silver (at a 3% zinc-equivalent cutoff). An additional 170,000 tonnes is classified as inferred resources grading 4.42% zinc, 1.96% lead and 12.5 g/t silver. WGM is of the view that, with additional drilling, this could be up-graded to indicated resources.
The Torlon deposit also contains a basal zone of unoxidized sulphide mineralization which is not yet well defined by the drilling to date. This includes a combined measured and indicated sulphide resource totalling 76,000 tonnes averaging 3.23% zinc, 2.6% lead and 12.5 g/t silver and a further 36,000 tonnes classified as inferred resources averaging 2.79% zinc, 2.03% lead and 10.5 g/t silver (see news release Nov. 18, 2008).
The 100% owned Torlon Hill deposit is road-accessible and open to expansion.
This news release has been reviewed and approved by John Cleary, CPG and by Al Workman, P.Geo., Vice President of Watts, Griffis and McOuat Limited.
For Investor Relations please call: Contact Financial Inc. at (604) 689-7422
This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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