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| | Wed Sep 15, 2004
Firestone Ventures Announces Drill Results from Louise Lake Copper-Gold Project, B.C.
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| | Sept. 15/2004 - Firestone Ventures Inc. (FV: TSX-V) is pleased to announce results from the diamond drilling program at Firestone's Louise Lake Project, 35 km west of Smithers, British Columbia, Canada. This six-hole, 1675-metre program targeted the "Main Zone" (see News Release dated July 29, 2004) and was designed to provide information needed to upgrade historical Main Zone resource estimates of 50 million tonnes grading 0.3% copper and 0.3 g/t gold to modern inferred resource standards under National Instrument 43-101.
Highlights:
• wide zones of copper-gold-molybdenum mineralization were intersected in all six drill holes
• results increase potential deposit size both laterally and at depth
• 158m intercept grading 0.408% copper , 0.014% molybdenum, 0.401 g/t gold and 1.13 g/t silver
• expansion of Main Zone beyond previously identified strike length of 450m and minimum downdip continuity of 200m
Specifically, the program involved two holes testing continuity of mineralization along strike in both directions, two holes testing down-dip continuity to the north, and two holes testing extent of mineralization in the central Main Zone area (see drill plan on www.firestoneventures.com). Copper occurs primarily as disseminated and fracture-controlled tetrahedrite-tennantite, an uncommon assemblage not always easily recognizable in core. Most of the mineralized intercepts listed are flanked by lower grade but still strongly anomalous copper-gold-molybdenum mineralization.
Hole LL-04-01, targeting potential western strike extension of the Main Zone, returned an intercept of 0.201% copper (Cu), 0.097% molybdenum (Mo), 0.139 g/t gold (Au) and 3.75 g/t silver (Ag) across 132m, including an intercept grading 0.212% Cu, 0.0096% Mo, 0.150 g/t Au and 4.7 g/t Ag across 102m (see Table 1).
Hole LL-04-02, targeting the down-dip extension of the western part of the Main Zone, returned an intercept of 0.337% Cu, 0.0181% Mo, 0.344 g/t Au and 1.1 g/t Ag across 150m. This includes a 104.1m sub-interval grading 0.418% Cu, 0.0198% Mo, 0.414 g/t Au and 1.4 g/t Ag. These results indicate down-dip widening and grade continuation with depth.
Hole LL-04-03, drilled in the west-central area of the Main Zone, returned an intercept grading 0.366% Cu, 0.0118% Mo, 0.354 g/t Au and 1.2 g/t Ag across 204m, open at a depth of 253.5m. This includes a sub-interval grading 0.408% Cu, 0.138% Mo, 0.401 g/t Au and 1.3 g/t Ag across 158m.
Hole LL-04-04, testing down-dip extension of the zone east of Hole LL-04-02, returned an interval grading 0.217% Cu, 0.0094 g/t Mo, 0.227 g/t Au and 0.5 g/t Ag across 26m, to a depth of 169.5m. A second interval was returned grading 0.229% Cu, 0.0084% Mo, 0.187 g/t Au and 0.8 g/t Ag across 62m, from 191.7-253.7m, open at depth. The unsampled interval from 169.5-191.7m will be sampled to test for continuity of mineralization.
Hole LL-04-05, testing the east-central portion of the Main Zone, returned a 32m interval extending from surface (6.1 to 38.1m) grading 0.183% Cu, 0.0047% Mo, 0.208 g/t Au and 0.5 g/t Ag. Two further intercepts were returned: the upper returned 0.277% Cu, 0.0038% Mo, 0.272 g/t Au and 0.8 g/t Ag across 12m, from 77.7 to 89.7m; the lower returned 0.214% Cu, 0.0044% Mo, 0.173 g/t Au and 1.5 g/t Ag across 62.1m from 121-183.1m. These are also separated by an unsampled interval targeted for sampling.
Hole LL-04-06, testing the eastern strike extension of the Main Zone, returned a 122m interval extending from casing (26.8m) to 148.8m. This intercept graded 0.254% Cu, 0.0094% Mo, 0.340 g/t Au and 1.2 g/t Ag; the zone is likely wider than indicated.
Table 1: Mineralized Intercepts from Louise Lake Diamond Drilling Program
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Hole Interval Width Copper Molybdenum Gold Silver
No. (m) (m) (%) (%) (g/tonne) (g/tonne)
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LL-04-01 105.7-237.7 132.0 0.201 0.0097 0.139 3.8
Includes:
113.7-215.7 102.0 0.212 0.0096 0.150 4.7
LL-04-02 147.0-297.0 150.0 0.337 0.0181 0.344 1.1
Includes:
188.9-293.0 104.1 0.418 0.0187 0.414 1.4
LL-04-03 49.5-253.5 204 0.366 0.0118 0.354 1.2
Includes
53.5-211.5 158 0.408 0.0138 0.401 1.3
Includes
227.5-245.5 18 0.377 0.0075 0.292 1.2
LL-04-04 143.5-169.5 26 0.217 0.0094 0.227 0.5
191.7-253.7 62 0.229 0.0084 0.187 0.8
LL-04-05 6.1-38.1 32 0.183 0.0047 0.208 0.5
77.7-89.7 12 0.277 0.0038 0.272 0.8
121.0-183.1 62.1 0.214 0.0044 0.173 1.5
LL-04-06 26.8-148.8 122 0.254 0.0094 0.340 1.2
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Limits of zones listed in Table 1 were based on a combination of copper, gold and molybdenum values, rather than a specific grade cut-off for a particular element. In most cases, zones reflect intervals with upper and lower limits of about 0.15% copper, although some limits are as low as 0.1% copper. Mineralization is continuous throughout these intervals, with fairly consistent grades. Recoveries approached 100% throughout the program, with low recoveries (30-40%) returned only from the uppermost 14m of Hole LL-04-04, an interval not included in the above list. At this point, true widths have not been determined, although the drill holes were designed to intersect mineralization as close as possible to a normal angle. All drill holes were of "NQ" size and were drilled at -60°. Drilling was performed by Britton Bros. Diamond Drilling Ltd. from Smithers. The property is road-accessible and located near excellent rail facilities in Smithers.
Lori Walton, VP Exploration for Firestone, states: "We are very pleased and encouraged by the results of our drill program. We accomplished our goal of defining the Main Zone and expanding the known area of mineralization, and feel that Louise Lake is an excellent asset in light of the tightening market for copper. An added bonus, besides the gold content, is the molybdenum content. Demand from China for molybdenum to use in steel-making has generated a steep price rise for this metal. Our next step for Louise Lake is to commission an independent inferred resource calculation and design a second drill program to further expand the Main Zone and explore untested parts of the property."
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 were provided to Firestone by ALS Chemex of North Vancouver, B.C. ALS Chemex has stringent internal controls with abundant "check" analyses and use of standards to ensure quality control
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 further information please contact:
Lori Walton, VP Exploration and Business Development
Toll Free: 1-888-221-5588, Fax: 1-780-428-3476
mailto:info@firestoneventures.com
http://www.firestoneventures.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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