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| | Fri Nov 19, 2004
Firestone Ventures Signs Letter of Intent for Zinc Project in Guatemala
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| | (Nov. 19, 2004) - Firestone Ventures Inc. (FV: TSX-V) is pleased to announce it has signed a letter of intent to acquire an option on the Torlon zinc property in western Guatemala, Central America. Torlon is located near the town of Chiantla, 20 km west-northwest of Huehuetenango and is well-situated in terms of access to Pacific Region zinc markets. The 16 hectare property is road accessible and has easy access to electrical power.
Redhawk Resources Inc. optioned the Torlon property from ZincOx Resources plc in 2000 and conducted the first modern exploration of Torlon in 2000 and 2001, completing a detailed program of underground and surface sampling, mapping, surveying, and geophysics. The presence of a large zinc oxide-style system was defined extending from surface to at least 50m below surface.
Zinc mineralization (smithsonite) on Torlon Hill extends over a 100m x 700m area known as the "Santa Rosa Corridor". In the central "Santa Rosa Corridor" area the corridor has a true width of 25 to 30m and is buttressed by two sheets of zinc mineralization (Zones N-1 and N-2). Mineralization is hosted by a block of Permian dolostone breccia. Zone N-1 has an average grade of 20.3% zinc over true widths of 1-9m, including a high-grade zone called the "Bulge" that grades 28.4% zinc over 9m. Zone N-2 grades 11.2% zinc over true widths of 2 to 4m. Additional lower grade zones and associated mineralized breccias provide excellent potential for expansion of the known area of zinc mineralization.
Zinc prices are rising due to an increasing supply gap. Sustained high rates of economic growth in China and other Asian countries together with a decline in zinc exports from China is fueling demand for zinc.
"Zinc mineralization at our new Torlon project may be suitable for new processing technologies, where a high-purity zinc product can be produced on-site at low cost without having to ship zinc concentrate to a smelter," says Lori Walton, VP Exploration for Firestone.
Firestone is examining past exploration data supplied by the property owner in preparation for an upcoming drill program. Redhawk's assay and exploration results, as quoted in this press release, were completed before the institution of National Instrument 43-101 standards and have not been verified for reliability; however, examination of Redhawk's program shows it to be conducted under stringent standards. In 2001, an independent consultant, SRK Consulting, completed a technical review of Redhawk's work at Torlon and concluded that the work to date has been well-directed and that Torlon has sufficient potential to justify a drill program.
Upon signing of a formal option agreement, Firestone will pay the owners of Torlon a total of US$385,000 cash over four years. Additional terms will be released upon signing of the option agreement. Firestone has also applied for a 134 hectare mineral concession covering the surrounding area.
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, V.P. Exploration and Business Development
Toll Free: 1-888-221-5588; Fax: 1-780-428-3476
info@firestoneventures.com 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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| | You can view the Next News Releases item: Wed Dec 8, 2004, Firestone Ventures Finalizes Agreement for Zinc Project in Guatemala
You can view the Previous News Releases item: Thu Nov 4, 2004, Firestone Announces Initial Results from Amazing Grace Property
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