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| | Wed Mar 31, 2004
Firestone Announces 2004 Exploration Plans
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| | VANCOUVER, March 31/CNW - Firestone Ventures Inc. (FV:TSX-VEN) is pleased to announce, subject to completion of sufficient funding, the 2004 exploration plans for its gold, silver, copper, molybdenum and emerald properties in the Yukon Territory and British Columbia. The 2004 field program, budgeted in total at $1.26 million, will commence in May. Compilation and re-interpretation of data sets and examination of drill core is currently ongoing with a view to identifying the best exploration targets on each of the properties.
Sonora Property -- Yukon Territory, Canada
Previous work on the Sonora property, conducted during the 1980s, outlined a one km-long gold-bismuth-tellurium vein system similar in mineralogy and geochemistry to the 5.5-million ounce Pogo gold vein deposit in Alaska. Initial fieldwork in early June will consist of line cutting, grid extension, geophysical and geochemical surveys, geological mapping and sampling. Follow-up work, consisting of additional ground surveys or drilling, is planned for August. The total estimated cost of 2004 exploration at Sonora, including drilling, is $500,000. Firestone has an option to earn an 80% interest in the property.
Straw/Lion Property -- Yukon Territory, Canada
Extensive exploration by Firestone in 2003 resulted in the identification of three zones of prospective emerald mineralization on the Straw/Lion property, located within four kilometers of the Regal Ridge emerald project owned by True North Gems Inc. Detailed prospecting of the three target zones, with an estimated $50,000 budget, is planned for August. Firestone has an option from True North Gems Inc. to earn a 60% interest in the property.
Louise Lake Property -- British Columbia, Canada.
Work on the Louise Lake copper-gold project has begun with re-logging and sampling of diamond drill core stored at Smithers, British Columbia. The objective is to identify targets for a 1700 m diamond drill program to start in mid-June. Firestone intends to upgrade the historical estimated resource of 50 million tonnes of 0.3% copper and 0.3 grams/tonne gold at Louise Lake to NI 43-101 standards. The company believes there is excellent potential to expand the core area of mineralization and discover higher-grade precious metal zones. In addition, there are geophysical and geochemical targets coincident with the projected strike of the known mineralization on the property. The total budget for the Louise Lake program is estimated at $300,000. Firestone has an option to earn 100% of the property.
Morris Property -- British Columbia, Canada
The focus of the 2004 program on the Morris property will be to confirm the high-grade nature of the gold-silver-arsenic-antimony vein system and to sample the stratabound copper zone. The bulk-tonnage gold and silver potential of the surrounding sedimentary and intrusive rocks will also be evaluated. Firestone believes that the Morris property has many similarities to the Donlin Creek gold deposit in southwestern Alaska, where a resource of over 10 million ounces of gold has been delineated. Fieldwork on Morris is scheduled to take place in late July at an estimated budget of $50,000. Firestone has an option to earn 100% of the property.
Bradshaw Hill Property -- British Columbia, Canada
Field work at Bradshaw Hill (formerly known as the Yuniman property), south of Penticton, will include grid establishment, mechanized trenching, soil sampling, bulk sampling, geological mapping and prospecting. The objective of the field program, scheduled to start in May, is to evaluate Bradshaw Hill's vein and bulk tonnage potential. The property is characterized by high-grade gold in narrow quartz veins; however Firestone believes there is potential for bulk tonnage gold mineralization within the siliceous alteration halo around the quartz veins. A follow-up drill program is planned for September. The total estimated 2004 budget for Bradshaw is $360,000. Firestone has an option to earn 100% of the property.
Said Ken Powell, President, "We are excited about our 2004 exploration program and confident in the quality of the projects. We are able to conduct initial stage exploration on several promising properties within the Company's current financial resources and expect to scale up our efforts as exploration results are announced and funds raised."
The 2004 field programs on the Sonora, Louise Lake, Morris and Bradshaw Hill properties are under the supervision of Carl Schulze of All-Terrane Mineral Exploration Services, a Qualified Person under NI 43-101. William Wengzynowski, P. Eng. of Archer, Cathro & Associates (1981) Limited, also a Qualified Person under NI 43-101, will supervise the emerald exploration program on the Straw/Lion property.
On behalf of the Board
"Kenneth W. Powell"
Chairman and President
Firestone Ventures Inc. is a public company listed on the TSX Venture Exchange and engaged in exploring a diverse and high-quality portfolio of gold, silver, copper, molybdenum and gemstone properties in Western Canada. For further information:
Toll free 1-888-221-5588 (to contact Investor Relations and Company officers)
www.firestoneventures.com
info@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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