EDMONTON, ALBERTA--(Marketwire - March 22, 2012) - Firestone Ventures Inc. (TSX VENTURE:FV)(FRANKFURT:F5V) ("Firestone") is pleased to provide an exploration update on its property exploration program at the La Luna zinc-lead-silver project located in Central Guatemala.
"Guatemala has new political leadership and as a result Firestone is ramping up exploration efforts on a pipeline of new zinc discoveries in Central Guatemala," says Lori Walton, President of Firestone Ventures Inc. "The La Luna zinc-lead-silver project in the Central Guatemala zinc belt is particularly exciting due to the high silver content of the mineralization."
La Luna Zinc-Lead-Silver Project Update
Firestone has completed an extensive program of underground sampling and mapping of historical workings, surface mapping, prospecting and soil sampling at the La Luna zinc-lead-silver project. Five areas of interest for their zinc, lead and silver potential were identified (see news releases Sept. 13, Nov. 2, 2011). Results from 92 additional rock samples collected from the Titan, Juno and Delta zones have been received.
At the Juno Zone seven rock grab samples out of 18 collected returned greater than 10% zinc, with four of those samples returning greater than 20% zinc (up to 42.08% zinc). Four samples contained greater than 1% lead, including one sample containing 23.37% lead and 49.9 g/t silver. Shallow surface trenching in an area devoid of normal vegetation exposed mineralization highly reactive to "zinc zap" and further prospecting identified large boulders of mineralized material downslope.
A total of 26 rock grab samples were collected from the Titan Zone, located 300 m northeast of the Juno Zone. A total of ten samples collected returned values greater than 10% zinc, with five of those samples returning >20% zinc. The best sample contained 45.53% zinc, 5.50% lead and 28.8 g/t silver. Two other samples returned greater than 43% zinc. A total of five samples contained greater than 20.0 g/t silver including one sample that returned a value of 86.0 g/t silver.
At the Delta Zone a total of 11 out of 32 rock grab samples collected during prospecting contained greater than 10% zinc and five samples contained greater than 30% zinc (up to 38.83% zinc). Eight samples returned values between 1.74% to 6.37% lead and two samples returned values of 17.68% and 21.02% lead with corresponding silver values up to 88.1 g/t silver. The Delta Zone is located 700 m southeast of the Titan Zone.
Firestone's Presence in Guatemala
Firestone has been working in Guatemala since 2004. Firestone's main project is the road-accessible Torlon Hill zinc-lead-silver project in western Guatemala, 22 km from the Pan-American Highway. The combined Measured and Indicated Resource totals 1,891,636 tonnes grading 7.32% zinc, 2.41% lead and 14.25 g/t silver (at a 3% zinc-equivalent cut-off). An additional 169,705 tonnes is classified as Inferred resources grading 4.42% zinc, 1.96% lead and 12.53 g/t silver (see news release Nov. 18, 2008). In addition, there is a basal zone of unoxidized sulphide mineralization which is not yet well defined by the drilling to date. The deposit remains open to expansion and high-grade zinc oxide mineralization defined to date is on or near surface. Smithsonite (ZnCO3) is the prevalent zinc mineral at Torlon Hill, occurring as a replacement to limestone and resulting in high grade mineralization locally exceeding 40% zinc.
Samples from the La Luna property were 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.
The technical information in this news release has been reviewed and approved by Lori Walton, P.Geo., President of Firestone Ventures and a Qualified Person in accordance with NI-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 unless required by law.