🕐19.01.11 - 13:27 Uhr
Firestone Ventures Corporate Update and Exploration Plans
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Re: News Release - Wednesday, January 19, 2011
Firestone Ventures Corporate Update and Exploration Plans
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Jan.
19, 2011 - Firestone Ventures Inc.
("Firestone" or the "Company")
(FV:TSX-V; F5V:FSE) is pleased announce the appointment of Jamila
Abassi, M.A., of Klohn Crippen Berger Ltd.
as lead Corporate Social
Responsibility Advisor for all of Firestones Guatemala projects.
Jamila Abassi is a cultural anthropologist with mineral industry
experience in developing culturally appropriate stakeholder engagement
programs and producing ISO 26000 aligned corporate social
responsibility policies for both junior and senior mineral exploration
companies.
Jamila has led community relations and environment teams
in North, Central and South America, Europe, and Australasia.
She will
manage the programs and processes to meet host-country and
international benchmarks such as the Equator Principles and the IFC
Performance Standards and will also provide guidance for stakeholder
engagement and environmental management for Firestones exploration
activities.
Jamila is currently Manager of Socio-Environment and
Sustainability, Mining Environment Group at Klohn Crippen Berger Ltd.
in Brisbane, Australia.
In other corporate news, John Cleary has resigned as Vice President
Exploration.
Firestone wishes to thank him for his contribution to the
company and is pleased to announce that he will continue advancing the
companys Nevada projects as a consultant.
Exploration Update - Nevada, U.S.A.
Black Mountain Zinc-Lead Property
Firestone recently announced the acquisition of the Black Mountain
zinc-lead mineral claims, located 29 km northeast of Wells, Nevada,
U.S.A.
from Kinross Gold Corp.
(see news release Dec.
1, 2010).
Black
Mountain is a road-accessible zinc-lead property hosted in carbonate
rocks.
The Black Mountain property is permitted for drilling and the
company is in the process of planning a drill program to begin in
spring, 2011.
Antelope Zinc-Lead-Silver Property
Firestone has defined a 4 km zinc-lead-silver corridor on the Companys
road-accessible Antelope property located 75 km southwest of Eureka,
Nevada U.S.A.
(see news release Sept.
23, 2010).
Firestone has started
the permitting process for a drill program.
Timing will depend on the
rigorous permitting process required to drill in a National Forest.
Stratabound zinc-lead-silver mineralization is hosted in lower
Ordovician Hanson Creek Formation dolomite and is spatially related to
a north-south fault.
The mineralized horizon dips shallow to the west
where it is covered by younger Tertiary volcanic ash flows.
Exploration Update -- Guatemala, Central America
Geological field crews in Guatemala have been working throughout the
last six months of 2010 on a comprehensive zinc regional exploration
program focused on a 250 km belt of Cretaceous to Permian carbonate
hostrocks with oxide and sulphide zinc potential.
The first of several
compelling zinc-lead-silver targets, the Quetzal property in central
Guatemala, was drilled earlier in 2010 (see news release June 24, 2010)
and Firestone is having reconnaissance exploration success in targeting
prospective carbonate horizons favorable for hosting Mississippi-Valley
Type (MVT) zinc-lead-silver mineralization.
Regional exploration has resumed after the holiday break.
Fieldwork
will focus on property scale exploration work at one of the most
promising project areas where rock samples collected by field crews
returned up to 40.78% zinc, 6.21% lead and 42 g/t silver.
Fieldwork
will also continue on a regional basis.
At the Companys Torlon Hill zinc-lead-silver deposit in western
Guatemala, work is continuing on metallurgical testing, regional data
compilation and community relations initiatives.
About the Torlon Hill Zinc-Lead-Silver Deposit
The 100% owned road-accessible Torlon Hill zinc-lead-silver deposit is
22 km from the Pan-American Highway in western Guatemala.
Firestone
was the first company to drill the property.
Torlon Hill is an
intensely oxidized zinc-lead (plus silver) deposit hosted in Permian
dolostone breccia and limestone.
The carbonate unit has been
tectonically thrust over a serpentinized basement sequence at the
boundary between the North American Tectonic Plate and the Caribbean
Plate.
The "tectonic crush zone" is pervasively mineralized with thick
zones returning in excess of 10% zinc and locally up to 40%.
Smithsonite (ZnCO3) is the predominant ore mineral, occurring as a
replacement to limestone.
Throughout the deposit, silver-rich galena
veinlets cross-cut the pervasive zinc-replacement mineralization.
To date, a total of 8,400 metres in 101 holes has been drilled at the
Torlon Hill zinc-lead-silver deposit.
The combined measured and
indicated zinc-lead-silver oxide mineral resource totals 1,891,636
tonnes grading 7.32% zinc, 2.41% lead and 14.25 g/t silver (at a 3%
zinc-equivalent cutoff).
An additional 169,705 tonnes is classified as
inferred resources grading 4.42% zinc, 1.96% lead and 12.53 g/t silver.
The Torlon deposit also contains a basal zone of unoxidized sulphide
mineralization which is not yet well-defined by drilling.
This basal
zone includes a combined measured and indicated sulphide resource
totalling 76,054 tonnes averaging 3.23% zinc, 2.6% lead and 12.50 g/t
silver and a further 36,291 tonnes classified as inferred resources
averaging 2.79% zinc, 2.03% lead and 10.47 g/t silver (see news release
Nov.
18, 2008).
The deposit is open to expansion and high-grade zinc
mineralization defined by the mineral resource is on or near surface.
Rock samples from the regional zinc exploration program are sent to the
BSI Inspectorate facility in Guatemala City for preparation and then
sent by courier to the International Plasma Labs Ltd.
("IPL") facility
in Vancouver, British Columbia, Canada for analysis using 30 element
ICP and 30g FA/AAS.
Over limit zinc and lead analyses were further
analyzed by atomic absorption methods.
The upper limit for zinc is
20%, and samples containing more than this threshold were re-analyzed
using titration.
Soil and stream sediment samples are analyzed using
30 element ICP and 30 g FA/AAS.
Lori Walton, P.Geol., Firestones President, has reviewed and approved
the technical content of this news release.
Lori Walton, P.
Geol., President
Toll Free: 1-888-221-5588
Fax: (780) 428-3476
www.firestoneventures.com
Trading Symbol: FV:TSX-V;F5V: FSE
This news release may contain forward looking statements, being
statements which are not historical facts, including, without
limitation, statements regarding potential mineralization, exploration
results, resource or reserve estimates, anticipated production or
results, sales, revenues, costs, "best-efforts" financings or
discussions of future plans and objectives.
There can be no assurance
that such statements will prove accurate.
Such statements are
necessarily based upon a number of estimates and assumptions that are
subject to numerous risks and uncertainties that could cause actual
results and future events to differ materially from those anticipated
or projected.
Important factors that could cause actual results to
differ materially from the Companys expectations are in Company
documents filed from time to time with the TSX Venture Exchange and
provincial securities regulators, most of which are available at
www.sedar.com.
The Company disclaims any intention or obligation to
revise or update such statements.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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Copyright (c) 2011 FIRESTONE VENTURES INC.
(FV) All rights reserved.
For more information visit our website at
http://www.firestoneventures.com/ or send
mailto:
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