Firestone Ventures Announces New “La Luna” Zinc-Lead-Silver Project in Guatemala

press release

Sept. 13, 2011, 6:31 a.m. EDT

Firestone Ventures Announces New “La Luna” Zinc-Lead-Silver Project in Guatemala

EDMONTON, ALBERTA, Sep 13, 2011 (MARKETWIRE via COMTEX) — Firestone Ventures Inc. (“Firestone” or the “Company”) CA:FV 0.00% (frankfurt:F5V) is pleased to announce high-grade zinc-lead-silver results from its new “La Luna” project located 80 km north of Guatemala City, Guatemala. Selected highlights from extensive underground chip sampling in historical workings on the property include:

        
        Tunnel #1  2 metre chip sample - 29.70% zinc, 2.45% lead and 18.1 ppm (0.52
                   opt) silver
        Tunnel #2  2 metre chip sample - 36.12% zinc, 11.26% lead and 79.5 ppm (2.31
                   opt) silver
                   2 metre chip sample - 2.92% zinc, 25.22 % lead and 163.9 ppm
                   silver (4.75 opt) silver
        Tunnel #3  2 metre chip sample - 3.72% zinc, 38.89% lead and 500.3 ppm
                   silver (14.51 opt) silver
        Tunnel #11 2 metre chip sample - 34.42% zinc, 4.56% lead and 23.5 ppm (0.68
                   opt) silver

“We are very excited about the initial results of our regional exploration program targeting zinc mineralization in central Guatemala. In addition to our new La Luna project we have multiple other zinc showings we are evaluating throughout the region,” says Lori Walton, President of Firestone Ventures Inc. “It is interesting to note that, similar to our Torlon Hill deposit in western Guatemala, there are silver-rich zones at La Luna.”

Zinc-lead-silver mineralization at La Luna is hosted in brecciated dolomite within the lowest stratigraphic unit in a sequence of Jurassic to Cretaceous carbonate rocks. Mineralization consisting of smithsonite (a zinc carbonate mineral) and galena is exposed in rare surface outcrops and in old mine workings. The main mineralized zone trends east-southeast for 3 km.

The La Luna property has historically been worked, on a small scale, for lead and silver, but its zinc potential has never been investigated prior to this field program. A total of 1,282 soil samples were collected on a 100 m by 25 m grid, in addition to 127 rock samples and 11 silt samples. Firestone field crews were able to access, map and sample eleven tunnels on the property. The relationship between the mineralized zones is being investigated; however, initial observations suggest there is a strong north-trending structural control on the stratabound mineralization. A schematic map of the areas of interest is available at http://www.firestoneventures.com .

TITAN ZONE

The Titan Zone contains six historical tunnels in association with a zinc, lead and silver soil anomaly covering a 400 m by 400 m area. Forty of the soil samples returned zinc values greater than 500 ppm (up to 3.74% zinc) and 46 soil samples contained over 500 ppm lead with the highest value at 3.54% lead and up to 7.7 ppm silver.

Tunnel #1

A total of 14 chip rock samples were collected from Tunnel #1. Five continuous chip samples across 10 m along the south wall of the tunnel averaged 14.1% zinc, 0.7% lead and 4.62 ppm silver. A second high-grade interval near the end of the 28 m tunnel returned an average of 25.8% zinc, 1.15% lead and 14.6 ppm silver over 6 m. The two zones are separated by 8 m of lower grade material containing 3 to 4% zinc. The true width of the zone is indeterminate.

Tunnel #2

A total of 41 rock chip samples were collected from Tunnel #2, located 5 m upslope of Tunnel #1. High grade mineralization was intersected 24 metres from the portal entrance before the tunnel split into three separate drifts. Eight continuous chip samples collected from a meandering southeast trending drift returned an average of 19.5% zinc, 3.92% lead and 22.1 ppm silver over 16 m. The orientation of the mineralized zone is uncertain. The highest individual interval from this section returned 36.12% zinc, 11.26% lead and 79.5 ppm silver over 2 m. A north-trending drift extending from the tunnel is silver rich; a total of three continuous chip samples from a moderately north dipping zone exposed in a stope averaged 5.23% zinc, 11.8% lead and 138.73 ppm silver over 6 m. The chip samples from a third drift, extending 10 m northwest from the tunnel returned lower grades, with the highest sample containing 11.46% zinc, 2.1% lead and 7.1 ppm silver over 2 m.

Tunnel #3

Tunnel #3 is located within 10 m of Tunnel #1. A total of seven continuous chip samples from the portal entrance along the south stope wall to the end of the tunnel averaged 12.75% zinc, 10.84% lead and 120.28 ppm silver over 21 m. An individual chip sample at the end of the tunnel returned 3.72% zinc, 38.89% lead and 500.3 ppm (14.51 opt) silver over 2 m.

Tunnel #4

Tunnel #4 is located 12 m upslope from Tunnel #2. Five continuous chip samples from the south wall of Tunnel #4 contained over 15% zinc. The highest individual chip sample returned 34.50% zinc, 7.18% lead and 41.5 ppm silver over 2 m. The orientation of the mineralization is unknown.

Tunnels #6 and #7

These two tunnels are 20 m and 30 m southeast from Tunnel #1. Tunnel #6 contained low metal values. Tunnel #7 extends north into the slope for 50 m and is one of the largest historical workings on the property. A total of 17 rock chip samples were collected every 2 m. Values of 9.05% zinc, 4.9% lead and 22.8 ppm silver were returned over 8 m from continuous chip samples at the end of the tunnel. The orientation of the mineralization is unknown.

DELTA ZONE

A total of 40 soil samples over a 300 m by 200 m area contained greater than 500 ppm zinc with coincident elevated lead and silver values.

Tunnels #5,8,9,10

Tunnels #5 and #8 returned low zinc values (less than 3%). Tunnel #9 extends 9 m west along strike of the host carbonate unit; the highest of three 2 m chip samples returned 28.35% zinc, 4.51% lead and 27.5 ppm silver. Tunnel #10 is 5 m upslope of Tunnel #9 and is only 4 m long. The highest chip sample returned 6.52% zinc, 3.27% lead and 8.1 ppm silver over 2 m.

Tunnel #11

The workings in Tunnel #11 are the most extensive on the property. The portal is located 12 m west of Tunnel #8 and follows the strike of the stratabound mineralization for 50 m. There are two additional drifts to the south. A total of 30 chip samples were collected every 2 m. High grade mineralization up to 34.42% zinc over 2 m was intersected close to the portal entrance and several additional high-grade mineralized zones were intersected along strike. Individual chip samples returned up to 31.88% zinc, 5.96% lead and 44.5 ppm silver over 2 m.

APEX ANOMALY

The Apex soil anomaly covers a 400 m by 150 m area and includes 16 soil samples containing higher than 500 ppm zinc. A total of eleven samples returned greater than 500 ppm lead.

JUNO ANOMALY

The Juno soil anomaly covers a 200 m by 50 m area and includes 29 soil samples with zinc values over 500 ppm, with the highest at 4.12% zinc. Thirteen samples returned lead values over 500 ppm.

APOLLO ANOMALY

The Apollo soil anomaly covers 100 m by 100 m and may define a parallel mineralized zone at a higher elevation. A total of 14 soil samples contain zinc values greater than 500 ppm zinc. Eight samples contain lead values higher than 500 ppm with the highest soil sample returning 13% lead. Silver values in soil were up to 126.5 ppm.

The objective of Firestone’s regional program in Guatemala is to identify and delineate non-sulphide and sulphide Mississippi-Valley type zinc-lead-silver mineralization. Stratigraphic information determined from drilling the Quetzal property in central Guatemala (see news release June 24, 2010) was used to define favorable strata in the regional carbonate sequences. As a result, Firestone has applied for several new mineral concessions that are pending approval from the Guatemalan government, including the La Luna property.

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.

In other news, the Company terminated the drill program at its Black Mountain zinc-lead-silver project in Nevada due to low initial results.

The technical information in this document has been reviewed and approved by Lori Walton, P. Geo., President of Firestone 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 http://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.

        
        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            

http://www.marketwatch.com/story/firestone-ventures-announces-new-la-luna-zinc-lead-silver-project-in-guatemala-2011-09-13-631210?reflink=MW_news_stmp

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