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| | Mon Jan 26, 2004
Firestone Announces Acquisition of Southern B.C. Gold Property
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| | VANCOUVER, Jan 26/CNW - Firestone Ventures Inc. (FV:TSX-VEN) is pleased to announce the acquisition of an option to earn a 100% interest in the Bradshaw Hill property. The property consists of 40 mineral claims (1,000 hectares) located approximately 10 km southeast of Hedley, British Columbia and 30 km southwest of Penticton. The property is road accessible and adjacent to the historic Hedley gold camp, which has produced 2.5 million ounces of gold.
The Bradshaw Hill property (formerly known as the Yuniman) was initially explored as a gold vein deposit since its discovery in the early 1900s. Gold mineralization is found within several types of quartz veins. The last significant work done on the property took place in the mid 1980s when five drill holes, trenching, geochemical and geophysical surveys were completed. Several vein samples from underground and on surface returned values greater than 31 grams/tonne (1 oz/ton) gold. The most significant drill intersection from 1986 contained arsenopyrite and flakes of free gold, and returned 94.97 grams/tonne gold over a true width of 0.3 metres. Higher gold grades correlate with narrower, more discontinuous veins.
Firestone believes that there is excellent potential for the discovery of bulk tonnage gold mineralization within the alteration halo around the veins. Of particular significance is a quartz replacement zone containing pyrite, arsenopyrite and gold within sedimentary host rocks. Anomalous gold values up to 2.88 grams/tonne were reported from a 62 metre drill intersection through the silicified zone.
Under the terms of the agreement, Firestone will pay $84,000 cash and issue 400,000 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 intends to conduct a detailed validation, compilation and re-evaluation of the historical data and design a field program for Spring, 2004 that will conform to National Instrument 43-101 standards.
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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