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| | Wed Sep 9, 2009
Firestone Ventures Announces Exploration Plans for Zinc Properties in Guatemala
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| | September 9, 2009 - Firestone Ventures Inc. (FV:TSX-V; F5V:FSE) is pleased to announce that the workplan for the 2009/2010 exploration season at Firestone's zinc-lead-silver properties in Guatemala is finalized and preparations are underway for the start of a regional exploration program in early October, 2009 followed by a drilling program in early 2010.
"This past year we concentrated on low-cost surface exploration at Torlon Hill, initial field visits to new property holdings, data compilation and re-interpretation of historical data," says Lori Walton, President of Firestone Ventures Inc. "This valuable work strengthened our view that the carbonate belt extending across Guatemala has the potential to host a globally significant zinc-lead district."
Initial work will focus on broad-based regional exploration on Firestone's land holdings in the carbonate hosted zinc-lead-silver belt in western Guatemala, including mapping and sampling of known zinc occurrences. Areas of interest identified during the program will be prioritized for further work.
Details for a drill program to begin in early 2010 will be finalized at a later date, but initial plans are to conduct drilling at the Torlon Hill deposit in addition to drilling additional zinc targets in the district. Environmental baseline studies and metallurgical work is ongoing.
Zinc Potential in Guatemala
Guatemala has three main historic zinc-lead-silver districts hosted in Permian to Cretaceous carbonate rocks in a 250 km long zone extending east-west across central Guatemala. The districts are virtually unexplored using modern exploration methods despite the historic mining of surface deposits of oxide and sulphide zinc. On a global scale, comparison of style and geological setting shows striking similarities of the zinc-lead districts in Guatemala to economically significant zinc districts in Yemen, Iran and China.
Independent consultants Watts, Griffis and McOuat Limited state that it is likely that additional non-sulphide zinc will be found through on-going exploration of Firestone's large land package totalling over 500 square kilometers in key areas of the historic zinc districts. In addition, the regional setting has considerable potential for conventional Mississippi Valley-Type (MVT) zinc-lead sulphide mineralization. MVT deposits typically occur in clusters or districts with multiple deposits over hundreds of square kilometers having similar geological settings.
About the Torlon Hill Deposit
Torlon Hill is an intensely oxidized zinc-lead (plus silver) deposit hosted in Permian dolostone breccia and limestone. The carbonate unit has been tectonically thrust over a serpentinized basement sequence at the boundary between the North American Tectonic Plate and the Caribbean Plate. The "tectonic crush zone" is pervasively mineralized with thick zones returning in excess of 10% zinc and up to 40% locally. Smithsonite (ZnCO3) is the prevalent ore mineral, occurring as a replacement to limestone. Throughout the deposit, silver-rich galena veinlets cross-cut the pervasive zinc-replacement mineralization.
A total of 8,400 metres in 101 holes has been drilled to date at the Torlon Hill zinc-lead deposit. The combined measured and indicated zinc-lead-silver oxide mineral resource totals 1,891,636 tonnes grading 7.32% zinc, 2.41% lead and 14.25 g/t silver (at a 3% zinc-equivalent cutoff). An additional 169,705 tonnes is classified as inferred resources grading 4.42% zinc, 1.96% lead and 12.53 g/t silver.
The Torlon deposit also contains a basal zone of unoxidized sulphide mineralization which is not yet well defined by the drilling to date. This basal zone includes a combined measured and indicated sulphide resource totalling 76,054 tonnes averaging 3.23% zinc, 2.6% lead and 12.50 g/t silver and a further 36,291 tonnes classified as inferred resources averaging 2.79% zinc, 2.03% lead and 10.47 g/t silver (see news release Nov. 18, 2008). The deposit is open to expansion and high-grade zinc mineralization defined to date is on or near surface.
The Company is continuing its collaborative work with local communities on social-economic initiatives, upgrading existing access roads and stream crossings and the coordination of local supplies and services. The 100% owned road-accessible Torlon Hill zinc-lead-silver deposit is 22 km from the Pan-American Highway in western Guatemala.
The news release has been reviewed and approved by John Cleary, (CPG), Qualified Person for the Torlon Hill project and by Al Workman, P.Geo., Vice President of Watts, Griffis and McOuat Limited and the Independent Qualified Person for the project in accordance with regulations under National Instrument 43-101.
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
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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| | You can view the Next News Releases item: Tue Nov 10, 2009, Firestone Ventures Provides Update on Zinc-Lead Exploration Program
You can view the Previous News Releases item: Thu Jul 16, 2009, Firestone Ventures Defines new Zinc-Lead-Silver Soil Anomaly at Torlon Hill
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