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| | Wed Jan 14, 2004
Firestone Announces Acquisition of B.C. Gold Property
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| | VANCOUVER, Jan. 14 /CNW/ - Firestone Ventures Inc. (FV:TSX-VEN) is pleased to announce the acquisition of an option to earn a 100% interest in the Morris property, consisting of six claim units, 6 km south of the southern end of Tatlayoko Lake, west central British Columbia. Auriferous quartz- stibnite veins on the Morris property have been explored intermittently since their discovery in 1907. At least four veins on the Morris property have been explored underground.
The Morris property is underlain by Cretaceous interbedded sedimentary and volcanic rocks intruded by numerous quartz-feldspar porphyry dykes with associated argillic and limonitic alteration. Two styles of mineralization have been identified to date: a gold and silver-bearing quartz-calcite- stibnite-arsenopyrite-pyrite vein system and a copper zone in altered andesite consisting of disseminated and fracture-filled bornite and chalcopyrite.
It is reported that the sedimentary rocks contain disseminated and fracture-controlled sulphides (pyrite and arsenopyrite) accompanied by silicification and clay alteration; however the bulk-tonnage gold and silver potential of the property has not yet been tested. The last significant work done in 1981 included diamond drilling (about 500 m total in eight holes), bulk sampling and metallurgical testing mainly of the quartz vein system.
The Morris property is road accessible. The property has many similarities to the Donlin Creek gold deposit in southwestern Alaska where a resource of over ten million ounces has been delineated. Donlin Creek is a sediment-hosted siliceous epithermal gold system associated with arsenopyrite and stibnite and related to late Cretaceous or Early Tertiary porphyritic rhyodacite rocks.
Firestone can earn a 100% interest in the Morris property by paying between $63,000 to $143,000 in cash and issuing 200,000 to 320,000 common shares over four years to the vendors. A 2% Net Smelter Returns Royalty is reserved for the vendors, half of which may be purchased at any time for $1,000,000.
Firestone plans to compile and reinterpret existing data sets with a view to evaluating the bulk tonnage gold potential of the property. A field program will be designed after the review is complete.
On behalf of the Board
"Dr. Ken Powell"
Chairman and President
THE TSX VENTURE EXCHANGE HAS IN NO WAY PASSED UPON THE MERITS OF THE CONTENTS AND HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENT OF THIS RELEASE. THE COMPANY RELIES ON LITIGATION PROTECTION FOR FORWARD-LOOKING STATEMENTS. |
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