Areas for Optimization
The PEA has been successful in achieving the target set by Firestone to provide a low Capex fast track to market operation. A series of recommendations have been outlined in the PEA to meet a potential 18-24 month Project execution timeline. The budget for this work is $1.2 Million. These areas include:
-- Resource optimization to identify additional mineral resources including remodeling for a total metal content to include low grade ore,-- Remodel the resource using a new block and geological model,-- Quantification and design of the upgrades to the existing road access route,-- Continue environmental baseline studies, socioeconomic studies and completion of an EIA,-- Additional metallurgical analysis to quantify the key design criteria to include but not limited to crushing work, milling liberation, screening performance, flotation tests and upgrade testwork on the zinc concentrates,-- Geotechnical studies, and-- Finalize formal off take agreements.
PEA Report
The PEA was prepared in accordance with the guidelines of National Instrument 43-101 by the independent engineering firm ProMet Dadi Africa (Pty) Ltd. ("ProMet") located in Cape Town, South Africa. ProMet is a leading full-service engineering firm and has experience in the sector that includes the design and construction supervision of mining projects in Africa. The complete PEA report will be filed on SEDAR and Firestone's website within 45 days of this news release.
Qualified Persons
The PEA was prepared under the supervision of Mr. Kevin Van Wouw, FSAIMM and Mr. Alan Minnaar, Pr. Eng., both independent Qualified Persons as defined by NI 43-101 and independent of Firestone. Mr. Van Wouw has reviewed and is responsible for the technical information contained in this news release. The geological block model and resource estimate are derived from the NI 43-101 compliant mineral resource estimate dated December 2008 (www.sedar.com), authored by Al Workman, P.Geo. and Kurt Breede., P.Eng., of Watts Griffis McOuat Limited, Toronto. ProMet has reviewed the 2008 estimate, and confirms that there is no material change to the resource since its initial publication and accepts the estimate as its own for use in the PEA. On behalf of the Company, the technical information in this news release has also been reviewed and approved by Pamela Strand, P.Geol., President of Firestone and a Qualified Person in accordance with NI 43-101.
About Firestone Ventures Inc.
Firestone is a Canadian-based exploration and development company with zinc-lead-silver and copper projects in Central America and has been working in Guatemala since 2004. Our main project is the Torlon Hill Zinc-Lead-Silver Project in Guatemala. The current NI 43-101 oxide resource (see news release 18 November 2008 on www.sedar.com) is summarized in the following table and the deposit remains open to expansion. The NI 43-101 resource used a 3% zinc equivalent cut-off grade and a 35.5% zinc top-cut.
Torlon Deposit Oxide Mineral Resource - as at March 6, 2013--------------------------------------------------------------------------- Zinc Zinc Lead Lead Silver Silver Tonnes % (lbs)(i) % (lbs)(i) (g/t) (oz)(i)---------------------------------------------------------------------------Measured and Indicated 1,891,636 7.32 304,905,997 2.41 100,294,541 14.25 866,663---------------------------------------------------------------------------Inferred 169,705 4.42 16,502,114 1.96 7,317,680 12.53 68,367---------------------------------------------------------------------------(i)The total contained metal assumes 100% metal recovery and does not indicate economic viability
Smithsonite (ZnCO3) is the prevalent zinc mineral at Torlon, occurring as a replacement to limestone and resulting in high grade mineralization locally exceeding 40% zinc. Other non-sulphide zinc minerals are relatively rare and there is no evidence of deleterious zinc-clay minerals.
In addition to Torlon, Firestone also has a large land position covering a significant portion of the Central Guatemala Zinc District with four drill ready targets and over fifty zinc mineral occurrences. The land position has excellent exploration potential and with systematic exploration could develop as the world's next major zinc district. The common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).
Additional information about the Project can be found in the technical report filed on SEDAR at www.sedar.com entitled "Report on the Geology, Exploration and Mineral Resources of the Torlon Hill 'Oxide' Zn-Pb-Ag Project District, Huehuetenango, Guatemala" dated December, 2008.
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
