🕐29.11.10 - 23:54 Uhr
Firestone Ventures Acquires Black Mountain Zinc-Lead-Silver Property, Nevada
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News Release - Monday, November 29, 2010
Firestone Ventures Acquires Black Mountain Zinc-Lead-Silver
Property, Nevada
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November 29, 2010 - Firestone Ventures Inc.
(FV:TSX-V; F5V:FSE) is
pleased to announce that it has signed a formal Purchase Agreement with
Kinross Gold Corp.
to earn a 100% interest in the 1,240-acre
(502-hectare) Black Mountain (also known as "Windermere Hills")
zinc-lead-silver property located 29 km northeast of Wells, Nevada,
U.S.A.
"We are pleased to add the Black Mountain property to our zinc property
portfolio in Nevada, U.S.A.
- one of the most mining-friendly
jurisdictions in the world," says Lori Walton, President of Firestone
Ventures Inc.
"Black Mountain is easily road-accessible and in close
proximity to power and railroad."
Kinross Gold Corp.
examined and staked (60 lode mineral claims) the
Black Mountain property for its gold potential during 2008 and 2009.
The main area of interest extends for 2.4 km by 4.8 km and covers the
crest of Black Mountain.
Gold results were low, but high-grade zinc and
lead mineralization was noted and sampled.
There are historical pits,
trenches and two short tunnels on the property, but no record of
mineral production.
Firestone collected a total of 17 rock chip samples from the historical
workings during a due diligence field visit.
Six contiguous 2 m rock
chip samples cut along the rib of one of the underground tunnels
contained 5.2% zinc and 1% lead across a width of 12 m.
A dump grab
sample from the same tunnel contained 17.8% zinc and 1.6% lead.
Samples
from shallow pits on the property contained up to 9.8% zinc.
The
highest silver value from rock samples was 7.5 grams/tonne.
Black Mountain is a north-trending anticline bounded by normal faults
on the east and west.
Zinc-leadsilver mineralization at Black Mountain
is hosted in Mississippian to Devonian carbonate rocks exposed along
the crest of Black Mountain.
Mineralized zones are adjacent to
north-trending, range-front normal faults.
Mineralization replaces
dolomite and consists of smithsonite, hemimorphite, and spotty remnant
galena typically oxidized to cerrusite.
The axis of the broad anticline
trends north along the crest of Black Mountain and provides an
extensional structural environment which increases permeability.
Terms of the Agreement
Under the terms of the Option Agreement, Firestone must complete USD $2
million in work expenditures over five years and complete 1,500 feet of
exploration drilling within 18 months of signing.
There is no yearly
work expenditure requirement.
At the end of five years Firestone will
issue up to a maximum of 1,000,000 common shares with a maximum
aggregate issuance price, based on the market price at the time of
issue, of CND $500,000.
A 1% Net Smelter Returns Royalty on base metals
and a 2% Net Smelter Returns Royalty on precious metals is reserved for
Kinross.
Firestone will analyze for gold in the normal course of
exploration.
If a gold resource of 500,000 ounces or greater, as
defined in NI-43-101 Standards of Disclosure for Mineral Projects, is
outlined by Firestone then Kinross has the option to enter into a Joint
Venture Agreement with Firestone and will contribute up to two times
the expenditures that Firestone has incurred to date for a 70% interest
in the joint venture.
The joint venture will not apply to zinc minerals
being developed by Firestone for its sole benefit.
All rock samples were analyzed by the Inspectorate Lab in Sparks,
Nevada using 30 element ICP, AA for Zn and Pb and FA/AA for gold and
silver.
John Cleary, (CPG), Firestones Vice President Exploration and
Qualified Person as defined by National Instrument 43-101 has reviewed
and approved the technical content of this news release.
Lori Walton, P.
Geol., President
Toll Free: 1-888-221-5588
Fax: (780) 428-3476
www.firestoneventures.com
Trading Symbol: FV:TSX-V;F5V: FSE
For Investor Relations please call: Contact Financial Inc.
at (604)
689-7422
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 Companys 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.
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.
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Copyright (c) 2010 FIRESTONE VENTURES INC.
(FV) All rights reserved.
For more information visit our website at
http://www.firestoneventures.com/ or send
mailto:
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