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| | Thu Jul 29, 2004
Diamond Drilling Program Commences at Firestone Venture's Louise Lake Project
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| | Firestone Ventures Inc. (FV: TSX-V) is pleased to announce the commencement of its diamond drilling program at the Louise Lake Project, 35 km west of Smithers, British Columbia, Canada. Drilling is ongoing at the second of six scheduled holes for a total of 5,500 feet (1675m), expected to be completed by mid-August. Excellent road accessibility, proximity to top-level highway and rail services, and access to a sizable work force and service sector based at Smithers improve potential economic viability of the Louise Lake Project.
The diamond drilling is targeting a previously delineated copper-gold porphyry zone first discovered in the late 1960s. The "Main Zone", consisting of strongly altered and mineralized andesitic volcanics, is a tabular, east-west trending, gently north dipping zone roughly 50m thick with a minimum strike length of 450m. Lower-grade copper and gold mineralization occurs peripheral to this slab-like zone. The presence of disseminated and fracture-controlled tetrahedrite-tennantite mineralization, multiple episodes of quartz-pyrite veins and intense alteration suggests that the Louise Lake property hosts upper-level porphyry style copper-gold mineralization , with potential for higher-grade precious metal mineralization.
The program is designed to upgrade historical Main Zone resource estimates of 50 million tonnes grading 0.3% copper and 0.3 g/tonne gold to modern inferred resource standards under National Instrument 43-101. The most recent previous drill program targeting the Main Zone was conducted by Global Mineral and Chemical Ltd. in 1996. Recent re-sampling of a 55.1m interval of Hole GM-4, from 18.3 - 73.4m, returned a weighted average of 0.29% copper and 0.459 g/tonne gold, comparing well with Global Mineral's value of 0.28% copper and 0.47 g/tonne gold across the same interval.
Specifically, one "step-out" hole will test for strike extension of the Main Zone to the west, two will test for down-dip extension to the north, and two will be "in-fill" holes to improve continuity of mineralization within the zone. The sixth hole, now completed, was designed to test for both strike extension to the east and down-dip extension to the north. Results are pending.
This News Release was reviewed and approved by Carl Schulze, PGeo, Qualified Person for the project, in accordance with regulations under National Instrument 43-101. All assay and analytical results will be provided to Firestone by ALS Chemex of North Vancouver, B.C.
Firestone Ventures Inc. is a public company listed on the TSX-Venture Exchange. The company's mandate is the acquisition and exploration of a diverse portfolio of high quality precious metal, base metal and gemstone properties. For additional information on the Louise Lake project and other projects please see the Company's website at: www.firestoneventures.com
For further information, contact:
Lori Walton, Vice President Exploration
Tel: 1-888-221-5588
info@firestoneventures.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. |
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