🕐10.11.09 - 12:31 Uhr
Firestone Ventures Provides Update on Zinc-Lead Exploration Program
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Re: News Release - Tuesday, November 10, 2009
Firestone Ventures Provides Update on Zinc-Lead Exploration
Program
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November 10, 2009 - Firestone Ventures Inc.
("Firestone" or the
"Company") (FV:TSX-V; F5V:FSE) is pleased to provide an update on its
2009/2010 zinc-lead exploration program in Guatemala, Central America.
Field crews are conducting regional exploration targeted on known base
metal occurrences and old mines in the three major carbonate hosted
zinc-lead-silver districts in Guatemala.
Work includes the mapping,
sampling and evaluation of several known zinc occurrences.
Rock, soil
and silt samples have been delivered for analysis and regional
fieldwork will continue through to mid-December.
Areas of interest
identified during the program will be prioritized for further work and
evaluated as potential drill targets for early 2010.
"As far as the Company knows, the three historic zinc districts of
Guatemala have never been explored in a systematic manner using modern
methods," says Lori Walton, President of Firestone Ventures.
"Firestone has first-mover status in one of the worlds most unexplored
and unrecognized zinc belts.
As the world economies continue their
recovery we expect the demand for zinc and the price for zinc to remain
strong through next year.
The price of zinc has increased from US
$0.50 per pound in Dec.
2008 to the current price of over US $0.90 per
pound."
Zinc Potential in Guatemala
Guatemala has three historic zinc-lead-silver districts hosted in
Permian to Cretaceous carbonate rocks in a 250 km long zone extending
east-west across central Guatemala.
The districts are virtually
unexplored using modern exploration methods despite the historic mining
of surface deposits of oxide and sulphide zinc.
On a global scale,
comparison of style and geological setting shows striking similarities
of the zinc-lead districts in Guatemala to economically significant
zinc districts in Yemen, Iran and China.
Independent consultants Watts, Griffis and McOuat Limited state that it
is likely that additional non-sulphide zinc will be found through
on-going systematic exploration of Firestones large land package
totalling over 500 square kilometres in key areas of the historic zinc
districts.
In addition, the regional setting has considerable
potential for conventional Mississippi Valley-Type (MVT) zinc-lead
sulphide mineralization.
MVT deposits typically occur in clusters or
districts with multiple deposits over hundreds of square kilometers
having similar geological settings.
About the Torlon Hill 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 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.
The Company is continuing collaborative work with local communities on
social-economic initiatives, upgrading existing access roads and stream
crossings along with the coordination of local supplies and services.
In related news, Firestone Ventures is pleased to announce that the
earn-in period stipulated in a formal option agreement to earn 100%
interest in the Selegua and Saturno II concessions (12,226 acres or
49.5 sq km) has been extended by one year.
These concessions surround
the Companys Torlon Hill zinc-lead-silver project and cover Permian
carbonate formations which are considered to have excellent potential
for zinc and lead mineralization.
Under the original terms of the
option agreement Firestone Ventures was to make a cash payment to the
vendor of USD $5,000 and incur USD $250,000 in exploration expenditures
by March 5, 2010, of which a total of USD $35,000 was to be spent by
the end of the first year.
The agreement has been amended so Firestone
will pay an additional USD $5,000 on March 5, 2010 and has until March
5, 2011 to incur a total of USD $275,000 in exploration expenditures.
A 1.5% NSR is reserved for the vendor, of which 0.5% may be purchased
anytime by Firestone for $1,000,000.
An additional 2% NSR is reserved
for an underlying vendor.
About Zinc
Zinc is essential in the human body for the immune system, fertility,
healthy skin and is vital for healthy growth in children.
Zinc is
used in everyday household objects such as pails, shovels, door
handles, and batteries.
Zincs most important industrial use is to
protect steel from corrosion (through alloying or galvanizing) to make
it last longer.
The average automobile contains over 40 pounds of zinc.
The news release has been reviewed and approved by John Cleary, (CPG),
Qualified Person for the Torlon Hill project and by Al Workman, P.Geo.,
Vice President of Watts, Griffis and McOuat Limited and the Independent
Qualified Person for the project in accordance with regulations under
National Instrument 43-101.
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
For Investor Relations please call: Contact Financial Inc.
at (604)
689-7422
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) 2009 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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