Firestone Ventures Inc.

Firestone Ventures Inc.

February 01, 2010 06:30 ET

Firestone Ventures Announces Results From Quetzal Zinc-Lead-Silver Project

EDMONTON, ALBERTA--(Marketwire - Feb. 1, 2010) - Firestone Ventures Inc. (TSX VENTURE:FV)(FRANKFURT:F5V) is pleased to announce high-grade zinc, lead and silver results from 120 rock samples collected on the Company's "Quetzal" property located 100 kilometres northeast of Guatemala City, Guatemala. Grab rock samples from outcrops and historic mine dumps contained up to 32% zinc, 2.8% lead and 26 ppm silver. Six continuous horizontal chip samples were collected from a historic mine tunnel and stope. The chip samples ranged from 1.7 to 2.7 metres over 14.2 metres of tunnel walls and averaged 18.5% zinc, 2.4% lead and 57 ppm silver over a vertical mineralized zone varying in true width from 2 to 5 metres.

"Our goal for 2010 is to find more zinc. These excellent results from one of our new properties represent the first modern exploration work covering a historic zinc-lead-silver mining district in central Guatemala. The Quetzal property produced a small amount of zinc and lead in the 1960s but has been dormant since then," says Lori Walton, President of Firestone Ventures Inc.

During November and December field crews conducted geological mapping, surface and underground rock sampling and a soil survey in two areas of interest on the Quetzal property.

The first area of interest measures 300 x 400 metres and comprises a group of eight short tunnels and one shaft. Five surface rock samples in this area contained 0.19% to 19.8% zinc, 0.14% to 2.3% lead and <0.1 to 73 ppm silver. Firestone geologists were able to map and sample in six of the tunnels and in the one shaft with an adjacent stope.

Shaft and Stope #5 Results The shaft descended eight metres to a stope which extended 14 metres north exposing a north-trending vertical zone of replacement-type zinc-lead-silver mineralization. The mineralization, consisting mainly of smithsonite (zinc carbonate), iron oxides and galena varied in true width from 2 to 5 metres. Six continuous horizontal chip samples ranging from 1.7 to 2.7 metres were collected over 14.2 metres of tunnel walls and averaged 18.5% zinc, 2.4% lead and 57 ppm silver. Individual chip sample values ranged from 12% to 22% zinc, 2.4% to 2.5% lead and 14.2 to 110 ppm silver.

Tunnels 11 and 12 Results A mineralized zone 2 to 3 metres wide is exposed near the portal to the tunnels. The tunnels are caved 2 metres from the portal entrance. A one metre chip sample across the mineralized zone contained 15.3% zinc, 2.0% lead and 47.7 ppm silver. A second chip sample returned 9.7% zinc, 1.5% lead and 2.4 ppm silver across 2 metres. One grab rock sample from dump material contained 32% zinc, 2.8% lead and 26 ppm silver.

Tunnel #6 Results Ten chip samples were collected from a breccia and stockwork zone 6 to 8 metres in true width. Six chip samples contained greater than 1.0% zinc including two chip samples containing greater than 3.0% zinc. A chip sample across 1.4 metres contained 5.8% zinc, 0.7% lead and 0.8 ppm silver. A 2.1 metre chip sample contained 3.21% zinc, 0.3% lead and 1.1 ppm silver. A grab sample from an ore pile contained 24% zinc, 2.4% lead and 32 ppm silver.

The second area of interest on the Quetzal property is located 400 metres to the north. Three rock grab samples from outcrops and dumps in the second area of interest contained 20.7% to 31.4% zinc, 1.7% to 2.4% lead, and 4 to 67 ppm silver. None of the old workings in this area are accessible, but surface alteration indicates a north-south trending zone of zinc-lead mineralization about 20 metres wide.

The geological setting (Permian dolomite and limestone), style and grade of the mineralization at the Quetzal property are similar to the mineralization at Firestone's Torlon Hill zinc-lead-silver deposit in western Guatemala.

Results from an extensive soil geochemical grid on the Quetzal property are being compiled and drill targets will be identified in anticipation of a drilling program to establish the horizontal and vertical extent and grade of the zinc-lead-silver mineralization.

Rock samples were sent to the BSI Inspectorate facility in Guatemala City for preparation and then sent by courier to the International Plasma Labs Ltd. facility in Vancouver, British Columbia, Canada for analysis using 30 element ICP and 30g FA/AAS. The road-accessible Quetzal property (380 hectares) is 100% owned by Firestone subject to a 2% NSR.

This news release has been reviewed and approved by John Cleary, (CPG), Firestone's Vice President of Exploration and Qualified Person in accordance with National Instrument 43-101 and by Al Workman, P.Geo., Vice President of Watts, Griffis and McOuat Limited and Independent Qualified Person.

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 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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