TSX-V: ORS April 30, 2008 - Analytical results for 6 diamond drill holes completed in the northern part of Orestone’s 27,000 hectare Captain property, located near Terrane Metals’ Mt. Milligan property in north-central B.C., have been received. Four holes (08-01, 08-04 to 08-06) tested a linear magnetic anomaly for structurally-controlled mineralization and two holes (08-02 and 08-03) tested a small portion of a large geophysical chargeability anomaly for Cu-Au porphyry mineralization.
Numerous geophysical and geochemical targets remain to be tested on the largely overburden-covered Captain property, including a promising target area located about 2 km to the northeast of Hole 08-03, where a cluster of chargeability anomalies at the head of a 1.5 km-long boulder train with reported grades of 0.1-1.5 g/t Au, 0.1-1.0% Mo, 0.17-2.4% Cu and 9-34 g/t Ag has associated with it anomalous gold-in-silt values in the 200-500 ppb range and down-ice placer gold-bearing streams.
Two of the four holes which tested structurally-controlled mineralization returned several intervals of anomalous to strongly anomalous copper-gold values as summarized in the following table:
|Hole No.||From (m)||To (m)||Interval (m)||% Cu*||g/t Au **|
*copper grades were equated from results reported in ppm (1% Cu = 10,000 ppm Cu)
**gold grades were equated from results reported in ppb (1 g/t Au = 1,000 ppb Au)
Step-down holes 08-04 and 08-06, which were drilled beneath Holes 08-01 and 08-05 respectively, returned no significant results.
These two hole pairs were spaced about 1 km apart along a 3-km long ground magnetic anomaly thought to represent a major fault zone controlling copper-gold mineralization. There remains considerable room along this magnetic feature to explore for higher grade copper-gold mineralization such as that seen in massive sulphide float boulders grading up to 27.4 g/t (27,389 ppb) Au and 2.93% Cu in the vicinity of Holes 08-05 and -06. The source of the mineralized boulders has not been located.
Copper-Gold Porhyry Mineralization
Holes 08-02 and -03 tested a small portion of a 2 x 3 km chargeability anomaly centered about 3 km northeast of the magnetic feature described above. Hole 08-02 intersected volcanic sediments which contain minor copper (chalcopyrite) mineralization in a few short intervals. Hole 08-03 intersected, from near surface to a depth of 185 m, andesitic volcanics rocks cut by several diorite dikes or intrusive bodies. These rocks are variably chlorite-epidote altered and contain several 8-20 metre-long intervals of chalcopyrite mineralization averaging 0.03% (313 ppm) Cu and grading up to 0.05% (463 ppm) Cu over a core length of 20 m. Hole 08-03 alteration and mineralization could be fringing a large zone of alkalic porphyry copper-gold mineralization. This potential will be further explored .
Plans for 2008
Orestone plans to conduct additional IP, magnetic, geochemical and geological surveys in several higher-priority target areas during June-July/08, to be followed by additional diamond drilling in October-November/08. The June-July surveys are budgeted at $150,000 and the fall drilling at $650,000. Completion of planned drilling is subject to raising additional funds.
Orestone is presently exploring two large claim blocks in northern B.C. within Quesnel Terrane, which extends from the US border to northern B.C. Quesnel Terrane hosts numerous mines and many developing bulk tonnage porphyry Cu-Au prospects such as those on the Mt Milligan property mentioned above and on the Kwanika property of Serengeti Resources, 110 km northwest, with many recent drill holes at Kwanika containing some of the best copper-gold grades for this type of deposit in B.C.
For further information contact Gordon Richards, the President of Orestone, at (604) 940-6466 or Jim Mitchell, a director of Orestone, at 1-604-796-9893.
ON BEHALF OF THE BOARD OF DIRECTORS OF ORESTONE MINING CORP.
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