Orestone Begins Drilling on Captain Copper-Gold Porphyry Project
Orestone Mining Corp. (TSX Venture Exchange–Symbol: ORS) is pleased to announce that the Company has commenced a core drilling program on the 100% owned Captain Project. As of this date the first drill hole in this program, four hundred meters to the east of the discovery hole C11-01, is well advanced and is intersecting sulfide-bearing material in altered volcanic rocks.
The drill program, budgeted at $325,000, will consist of 1,000 meters of core drilling in three holes on the target area known as the “East Target”. Drill holes in the current program will be spaced approximately 400 meters east, southeast and northeast of C11-01.
Previous drilling in the East Target Area intercepted gold- copper similar in grade to that of the Mt. Milligan deposit: drill hole C11-01 intercepted 87 metres grading 0.23 g/t gold and 0.03 % copper; including 43 metres grading 0.298 g/t gold and 0.09 % copper; as well as 16 metres grading 0.434 g/t gold and 0.133% copper (See Company news release dated February 23, 2012).
The project area features relatively flat terrain, moderate tree cover and an extensive network of logging and Forest Service roads suitable for exploration year round.
The Company has all permits in place to facilitate the next several phases of exploration; 30 line kilometers of geophysics and 38 sites approved for drilling by the B.C. Ministry of Energy and Mines.
The 100% owned Captain project is located 43 kilometers north of Fort St. James, British Columbia and approximately 30 kilometers south of the Mt. Milligan copper-gold deposit. The Mt. Milligan deposit has proven and probable reserves of 532 Mt grading 0.20% copper and 0.38 g/t gold (Thompson Creek Metals website) and is currently under construction by Thompson Creek Metals Company Inc. as a large open pit mine and processing facility.
Orestone is well financed, has recently discovered the above described large copper/gold porphyry system on the 100% owned Captain Project and is seeing increased interest in the Stewart Mining Camp where the Company’s 50 square kilometer Todd Creek (51%) asset is located. For additional information please visit www.orestone.ca
ON BEHALF OF ORESTONE MINING CORP.
President and CEO