Firestone extends Torlon zinc high-grade zone (July 10, 2006)

Vancouver — A stepout hole by Firestone Ventures (FV-V, fsvef-o) has boosted the size potential of its Torlon Hill zinc project in western Guatemala.

Hole TH06-16 cut three mineralized intersections including a 3-metre section grading 13.4% zinc and 5.4% lead, 3 metres running 8.2% zinc and 1.6% lead and a 7.6-metre section of 10.7% zinc and 1.3% lead, all within an 18-metre interval. The hole extends the main mineralized zone at Torlon Hill by about 75 metres to the south, almost doubling its area.

Recent drilling encountered very high-grade mineralization including hole TH06-2, which cored 33 metres (from surface) running 22% zinc and 1.4% lead with an initial 17.1-metre interval of 31.9% zinc and 1.8% lead. The program has returned significant zinc grades across a northwest-southeast distance of about 200 metres.

Zinc mineralization at Torlon Hill occurs primarily as smithsonite, a zinc carbonate (ZnCO3), over an area of about 100 by 700 metres (the Santa Rosa corridor). The zone occurs as a mineralized Permian dolostone breccia faulted onto a large serpentinite complex. Supergene weathering has oxidized the carbonate zone to depths of at least 50 metres.

Processing of zinc oxide ores requires different treatment than the more commonly mined sulphide ores. Oxide mineralization requires a solvent extraction reagent process to liberate the zinc, similar to that used at many of the world’s oxide copper operations. Typically, the oxide zinc ore is leached by an acid solution, then mixed with an organic extraction solution to pull the metal out of the acid leach. An electrolytic solution completes the extraction, resulting in the production of cathode zinc.

The company plans a second-phase drill program geared to further expansion of the high-grade mineralized zone, which remains open to the west and north, and some infill holes, which will aid in a resource estimate. Additionally, extraction of a mini-bulk sample will be used in metallurgical testing of the oxide material.

Small-scale historic mining at Torlon exploited the lead mineralization since the 1500s, but the zinc deposits were never evaluated until recently. Firestone’s drilling is the first the property has seen.

The company holds an option to purchase a 100% interest in the project, including surface rights, from a local co-operative for payments totalling US$385,000 over four years. The project is situated 12 km northwest of the western Guatemalan city of Huehuetenango, located on the Pan-American Highway.

With 34.4 million shares outstanding and a recent 45 trading level, the company posts a $15-million market capitalization. Firestone Ventures shares have a 52-week price range of 10.5-85.