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| | Wed Jan 21, 2004
Firestone Announces Acquisition of B.C. Copper-Gold Property
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| | VANCOUVER, Jan 21/CNW - Firestone Ventures Inc. (FV:TSX-VEN) is pleased to announce the acquisition of an option to earn a 100% interest in the Louise Lake property, consisting of thirty mineral claims located approximately 33 km west of Smithers, British Columbia. The property is road accessible and well situated with respect to infrastructure required for mining projects such as roads, rail lines and port facilities.
The Louise Lake property was initially explored as a bulk tonnage porphyry deposit since its discovery in 1968. Copper and molybdenum mineralization, with associated gold, is found within an intensely altered porphyry intrusion surrounded by sedimentary rocks. A 1992 report by Equity Silver Mines Limited provides "an estimated resource of 50 million tonnes of 0.3% copper and 0.3 grams per tonne gold with some payable molybdenum". The mineralized Main Zone measures from 40 to 80 m thick, is at least 850 m long and is open down-dip and along strike. A coincident induced polarization geophysical anomaly along the strike indicates excellent potential for extension of the Main Zone. Previous drill data also indicate that mineralization continues at depth.
Firestone believes that the Louise Lake property has distinct merit as it may cover a transition zone between deeper porphyry-type mineralization and shallower sub-volcanic epithermal gold-tetrahedrite/tennantite-enargite mineralization. On this basis, there is excellent potential for the discovery of high-grade zones within the mineralized zones already documented by relatively wide-spaced drilling.
Firestone can earn a 100% interest in the Louise Lake property by paying between $83,000 to $203,000 in cash and issuing 200,000 to 500,000 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 by Firestone at any time for $1,000,000.
Firestone will conduct a detailed validation, compilation and re-interpretation of the historical data and will ensure that the technical data presented, including resource and reserve estimates, conforms to National Instrument 43-101 standards. This compilation work will start immediately, leading to an exploration program for 2004.
On behalf of the Board
"Dr. Ken Powell"
Chairman and President
For further information please contact Jim Porter, Chief Financial Officer and Director at (604) 681-6638 or jporter@firestoneventures.com. Also see http://www.firestoneventures.com
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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