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| | Wed Jul 30, 2003
Firestone Receives Positive Results From Initial Exploration On Emerald Projects
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| | Four Corners Emerald Project
Firestone Ventures Inc. is pleased to announce that, based upon positive results from Phase I, it has commenced the Phase II exploration program on the Four Corners Emerald Project located in the Finlayson Lake area, Yukon Territory, Canada. The Four Corners property consists of 445 mineral claims located 40 kilometres southeast of True North Gems Inc.'s Regal Ridge emerald occurrence. The Company has the option to earn a 50% interest in the project.
Archer, Cathro and Associates conducted the Phase I field work consisting of soil, stream sediment, heavy mineral and rock sampling, prospecting and geological between June 9 and June 28, 2003. They identified two significant areas of interest for follow-up Phase II exploration. Area 1 is in the eastern part of the West claim block where elevated beryllium and chromium values were returned from stream sediment samples and heavy mineral samples. Area 2 is in the south-central part of the West claim block. Elevated beryllium and chromium values were returned from soil samples collected in this area, which is underlain by a package of rocks similar to the rock units on the Regal Ridge property.
In addition to favorable geology and geochemistry, several visual indicators of potential emerald mineralization were noted, including tourmaline and quartz veining. Areas 1 and 2 will be the focus of more detailed sampling and prospecting during Phase II.
Findlayson Emerald Project
Firestone Ventures also reports that Phase One fieldwork is complete on the Meg, Rusty, Lion and Straw claims. These four properties are within 7 kilometres of the Regal Ridge emerald occurrence. Pursuant to an agreement with True North Gems Inc., Firestone may earn a 60% interest in the project.
Geochemical results from soil, stream sediment, heavy mineral and rock samples are pending; however several areas of interest on the properties have been identified for follow-up exploration during Phase Two, which will take place in mid-August. Of particular interest is a zone of tourmaline within chlorite schist on the Straw claims. The zone has a strike length of 350 metres and an apparent thickness of 150 metres. It contains three discrete subzones where tourmaline, "golden" weathering schist, pegmatite and minor quartz veins were noted.
"The geological setting of these properties and the analytical results to date from geochemical sampling and prospecting has resulted in the identification of several excellent targets for follow-up work during Phase Two. The identification of these areas and confirmation of favorable geochemistry for potential emerald mineralization is very encouraging," says Ken Powell, President of Firestone Ventures Inc.
FIRESTONE VENTURES INC.
per: "Dr. Ken Powell"
Dr. Ken Powell, President
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| | You can view the Next News Releases item: Fri Aug 22, 2003, Blue Beryl Found On Four Corners Property, Yukon
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