Firestone Provides Update on Zinc-Lead-Silver Reconnaissance Program
EDMONTON, ALBERTA -- (Marketwire) -- 05/15/12 -- Firestone Ventures Inc. ("Firestone") (TSX VENTURE: FV)(FRANKFURT: F5V) is pleased to announce further results from its ongoing zinc exploration reconnaissance program in the Central Guatemala Zinc District. Chip samples from zinc-lead-silver surface mineralization contained values up to 51.96% zinc, 3.05% lead and 29.1 ppm silver over 2.4 m.
"The new zinc-lead-silver prospects identified as a result of our reconnaissance program are at an early stage but preliminary results are very encouraging," says Pamela Strand, President of Firestone Ventures Inc. "Firestone has completed over 20 initial property examinations of high-grade zinc-lead-silver occurrences in the Central Guatemala Zinc District and several prospects are targeted for follow-up property-scale fieldwork."
Rome Project
Firestone's new Rome Project is located in Central Guatemala near the city of Coban and is easily road-accessible. Zinc-lead-silver mineralization is hosted in Cretaceous dolomite, brecciated limestone and phyllite and was historically worked on a small scale for lead. A 2.4 m rock chip sample across mineralized outcrop contained 51.96% zinc, 3.05% lead and 29.1 ppm silver. A second 2.4 m chip sample several meters from the first sample contained 49.44% zinc, 2.17% lead and 31.6 ppm silver. A grab sample with visible galena contained 17.78% zinc, 3.28% lead, and 39.8 ppm silver. The orientation of the mineralization is undetermined.
Field crews completed an initial program of geological mapping, prospecting and soil sampling. A total of 118 soil samples were collected on a 50 m by 50 m grid covering an 800 m by 400 m area. A broad 200 m wide east-west trending zinc-lead-silver in-soil anomaly was defined extending to the edges of the grid and is open in three directions. A total of 51 of the soil samples yielded values above 500 ppm zinc up to a maximum value of 9199 ppm zinc (0.92%). Coincident with the anomalous zinc values were anomalous lead values. A total of 46 soil samples yielded values above 500 ppm lead to a maximum value of 4344 ppm lead (0.43%). Six soil samples contained values greater than 4.0 ppm silver, up to a maximum value of 19.9 ppm silver (19.9 g/t). Field crews are currently extending the soil grid.
In addition, a second zone of interest on the Rome Project area was identified 2.4 km southeast of the initial soil grid. Field crews collected 10 rock samples and 13 soil samples over a 1 km x 1 km area. Results are pending.
Athens Project
The Athens Project Area is road accessible and is located 30 km from the city of Coban. The property features iron-rich gossanous material and is also underlain by Cretaceous dolomite and brecciated limestone. Three rock grab samples were collected and the best sample contained 2.44% zinc, 3707 ppm lead and 43.4 ppm silver. Field crews will begin a surface exploration program to follow up on these highly encouraging results.
Central Guatemala Zinc District
Firestone has first mover status in the new Central Guatemala Zinc District and has assembled a 900 square km land package within a 250 km long carbonate-hosted zinc-lead-silver belt that has seen little modern exploration despite the small scale historical mining of numerous oxide and sulphide zinc occurrences. Firestone's extensive land package consists of both pending concession exploration license applications and approved exploration licenses. Firestone has applied for exploration concession licenses over both the Rome and Athens Project areas and approval is pending at the Ministry of Energy and Mines.
Samples are sent to the Inspectorate Guatemala sample preparation facility in Guatemala City for preparation and then the pulps are 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 samples are analyzed using 30 element ICP and 30 g FA/AAS.
Lori Walton, P.Geol., Firestone's Qualified Person as defined by National Instrument 43-101 has reviewed and approved the technical content of this news release.
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 unless 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.
Pamela Strand, P. Geol.
President
Toll Free: 1-888-221-5588
(780) 428-3476 (FAX)
info@firestoneventures.com
www.firestoneventures.com
