Orestone Mining Corp. (TSX Venture Exchange-Symbol: ORS) (the “Company”) is pleased to announce that drilling has commenced on the Company’s Captain gold/copper porphyry project.
The program is budgeted at $250,000 and will consist of 800 meters of HQ/NQ diameter diamond drilling in three holes. The program will test targets developed through a series of recent detailed magnetic surveys after drilling has shown a direct correlation between magnetic dike swarms and disseminated porphyry gold mineralization.
Diamond drill hole C12-05, intersected long intervals of 0.30-0.65 g/t gold and 0.06-0.07% copper over 119 meters and 165 meters, including 9 meters of 6.5 g/t gold and 0.27% copper as well as 6 meters of 4.4 g/t gold and 0.51% copper (News Release Jan 14, 2013). When plotted on the detailed magnetic map, C12-05 and drill hole C11-01 lie on the southern fringe of a large circular magnetic high known as the Admiral target. The Admiral target measures 1000m x 1500m and is similar in size and intensity to the magnetic high associated with the “MBX” and “66” ore bodies at the Mount Milligan Deposit located 30 kilometers to the north. This is the highest priority drill target on the Captain project.
Gary Nordin P. Geo., Vice-President of Exploration for Orestone Mining Corp., is a qualified person under the NI 43-101 guidelines and has reviewed the technical content of this news release.
The 100 percent owned Captain Project hosts a large gold-copper porphyry system measuring seven by fourteen kilometers located 41 kilometers north of Fort St. James, British Columbia and approximately 30 kilometers south of the Mt. Milligan gold-copper deposit. The Mt. Milligan deposit is currently under construction by Thompson Creek Metals Company Inc. as a large open pit mine and processing facility. The project features relatively flat terrain, moderate tree cover and an extensive network of logging and Forest Service roads suitable for exploration year around. The Company now has all permits in place from the B.C. Ministry of Energy and Mines to facilitate the next several phases of exploration; 75 line kilometers of geophysics and 58 sites approved for drilling.
ON BEHALF OF ORESTONE MINING CORP.
President and CEO
For further information contact: David Hottman, President & CEO E-mail: email@example.com
915-700 Pender Street West, Vancouver, BC V6C 1G8, Canada: Phone: 604-629-1929 Website: www.orestone.ca