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| | Thu Jun 12, 2003
Emerald Exploration Begins
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| | Firestone Ventures Inc. is pleased to announce that the emerald exploration program for the Finlayson Lake area properties in Yukon Territory, Canada has begun. The company has engaged the services of Archer, Cathro and Associates to conduct the fieldwork on the properties. Ken Powell, President of Firestone Ventures says, "We are excited about having Archer, Cathro explore the properties for emeralds and we will certainly benefit from their forty years of exploration experience in Yukon."
Fieldwork is underway on the Four Corners property, located 40 km southeast of the Regal Ridge emerald occurrence being developed by True North Gems Inc. The Four Corners property is underlain by similar rock units and shows a similar geochemical signature as at Regal Ridge. Firestone Ventures optioned the Four Corners property from Strategic Metals Ltd. by committing to spend $400,000 over two years to earn a 50% interest. A total of $150,000 will be spent on exploring the Four Corners property in 2003.
Work will begin in July on the Meg, Rusty, Lion and Straw claims. These four properties are within seven km of the Regal Ridge emerald occurrence and were optioned by Firestone Ventures from True North Gems. A reconnaissance program of prospecting and soil sampling carried out by True North Gems on the Meg claims in 2002 identified geochemical anomalies indicative of potential emerald mineralization. Firestone Ventures can earn a 60% interest in the claims from True North Gems by spending $750,000 over a five-year period and issuing 500,000 shares. A total of $150,000 will be spent on exploring the four properties in 2003.
"We believe that the geological setting of all the Firestone Ventures properties, their proximity to the Regal Ridge emerald occurrence, the initial results of soil geochemistry on the Meg claims and stream sediment geochemistry on the Four Corners property warrants closer examination. We are very excited to begin an association with True North Gems and Archer, Cathro and Associates. This association will further advance the potential of the Finlayson Lake area, Yukon as a significant gemstone district," says Lori Walton, Director of Firestone Ventures.
FIRESTONE VENTURES INC.
per: "Dr. Ken Powell"
Dr. Ken Powell, President
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| | You can view the Next News Releases item: Tue Jul 8, 2003, Emerald Exploration Program On Schedule
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