Firestone Ventures Expands Antelope Zinc-Lead-Silver Property and Starts Fieldwork in Nevada
EDMONTON, ALBERTA -- (Marketwire) -- 07/21/10 -- Firestone Ventures Inc. ('Firestone' or the 'Company') (TSX VENTURE: FV)(FRANKFURT: F5V) is pleased to announce the expansion of the Antelope project by 250 acres through staking following the first week of prospecting and fieldwork on the property. Firestone has staked an additional 13 mineral claims, bringing the total Antelope land package up to 250 hectares (621 acres). The road-accessible Antelope zinc-lead-silver oxide project is located 75 km southwest of Eureka, Nevada, U.S.A. Firestone has an option to earn 100% interest in the project through Lease Option Agreements signed with two underlying vendors.
'Firestone was attracted to the Antelope property due to its geological setting, mining-friendly jurisdiction, easy access and historic work focused on zinc oxide mineralization,' says Lori Walton, President of Firestone Ventures Inc. 'Our exploration expertise in zinc oxide will be key in defining potential zinc resources on the Antelope property.'
The Company's field crew has commenced its Phase 1 surface exploration program consisting of mapping, prospecting, grid establishment and soil and rock sampling. Fieldwork is expected to be completed by August 15. By integrating the results from Phase 1 with compiled historical data, Firestone will identify potential targets for a Phase 2 diamond drilling program. Timing of a potential drill program is contingent on permitting timelines with the US Forest Service.
Zinc mineralization hosted in lower Ordovician Hanson Creek Formation was discovered on the Antelope property in the 1980's. Reverse circulation drilling took place between 1985 and 1990. Since then, intermittent geologic mapping and geochemical sampling was carried out by various parties. Zinc mineralization (smithsonite with minor sphalerite and galena) is exposed in a 15 metre long trench trending east-west and in a series of prospect pits and hydrothermal alteration over a 3.5 kilometre window of outcropping Paleozoic limestone.
During a due diligence visit by Firestone in August, 2009, five continuous chip samples were collected from smithsonite exposed at the bottom of the 15 metre long trench. The five chip samples (each sample taken over 3 metres) contained from 22.3% to 32% zinc and from 1.51% to 3% lead over 15 metres. The orientation of the smithsonite exposed in the trench is unknown. The highest silver value was 2.6 grams/tonne (see news release dated Jan. 12, 2010).
Eight additional rock chip samples were collected on the property. Six of the eight chip samples ranging from 1.0 metre to 3.0 metres returned zinc values of over 5.5% up to a maximum value of 20.7%. Seven of the eight chip samples returned lead values over 1,000 ppm (0.10%) up to a maximum value of 2.4% lead. Silver values were generally low (less than 1.4 grams/tonne).
Zinc mineralization at Antelope is a replacement of carbonate rocks, similar to the Company's Torlon Hill zinc-lead-silver deposit in Guatemala.
The technical information contained in this document has been reviewed and approved by John Cleary, (CPG), Firestone's Vice President Exploration and Qualified Person as defined by National Instrument 43-101.
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 Company's 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, except as required by law.
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.
Contacts:
Firestone Ventures Inc.
Lori Walton, P. Geol.
President
Toll Free: 1-888-221-5588
(780) 428-3476 (FAX)
info@firestoneventures.com
www.firestoneventures.com
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(604) 689-7422