EDMONTON, ALBERTA--(Marketwire - Jan. 13, 2009) - Firestone Ventures Inc. (TSX VENTURE:FV)(FRANKFURT:F5V) is pleased to announce the filing on SEDAR of the NI 43-101 compliant Technical Report entitled "Report on Geology, Exploration and Mineral Resources of the Torlon Hill 'Oxide' Zinc-Lead-Silver Project, Chiantla District, Huehuetenango, Guatemala". The report dated December 29, 2008 is authored by Al Workman, P.Geo., and Kurt Breede, P.Eng. of Watts, Griffis and McOuat Limited ("WGM") and documents the work conducted by Firestone Ventures over the past three years. The report is available at www.sedar.com or on the Company's website at www.firestoneventures.com.
"We are extremely pleased with the initial resource estimate of the Torlon Hill zinc-lead deposit. The filing of the Technical Report, along with the 8,400 metres of drilling to date, initial metallurgical testing and additional land acquisitions are all key milestones for the company," says Lori Walton, President of Firestone Ventures Inc. "With the current market conditions we are concentrating initially this year on low cost, value-added surface exploration, environmental studies and further metallurgical work recommended in the report before proceeding with a drill program."
The Technical Report recommends an additional 50 to 70 holes of in-fill and expansion diamond drilling totalling 6,500 metres, geologic mapping and sampling, geochemical surveys, metallurgical testing and environmental studies. The report also describes the methods used to generate the resource estimates. The combined measured and indicated zinc-lead-silver oxide mineral resource totals 1,891,636 tonnes grading 7.32% zinc, 2.41% lead and 14.3 g/t silver (at a 3% zinc-equivalent cutoff). An additional 170,000 tonnes is classified as inferred resources grading 4.42% zinc, 1.96% lead and 12.5 g/t silver. WGM is of the view that, with additional drilling, this could be up-graded to indicated resources.
The Torlon deposit also contains a basal zone of unoxidized sulphide mineralization which is not yet well defined by the drilling to date. This includes a combined measured and indicated sulphide resource totalling 76,000 tonnes averaging 3.23% zinc, 2.6% lead and 12.5 g/t silver and a further 36,000 tonnes classified as inferred resources averaging 2.79% zinc, 2.03% lead and 10.5 g/t silver (see news release Nov. 18, 2008).
The 100% owned Torlon Hill deposit is road-accessible and open to expansion.
This news release has been reviewed and approved by John Cleary, CPG and by Al Workman, P.Geo., Vice President of Watts, Griffis and McOuat Limited.
|
