Orestone Mining Corp. (TSX Venture Exchange–Symbol: ORS) (Frankfurt: WKN: A2DWW7) (the “Company”) is pleased to provide this update on operational activities in preparation for drilling on the Captain gold-copper porphyry project, in British Columbia this fall.
- The Company has received an approved 2020 Notice of Work from the BC Ministry of Mines and Petroleum Resources for 24 drill locations to test the 10 large magnetic high targets located on the east and west flanks of a central magnetic diorite intrusive.
- An Assessment Report covering the 2019 drilling has been filed with a portion of the exploration expenditures applied to extend the expiry dates of key mineral claims until 2030.
- A Reclamation Report has been filed on previous exploration and drilling programs which has reduced the bonding requirement resulting in a return of funds.
- Management continues to engage in introducing the property to potential joint venture partners to advance the discovery process.
“Previous drilling at Captain has demonstrated that we are dealing with a cluster of gold enriched porphyry targets highlighted by several drill intervals of 90 to 164 metres in length with values averaging 0.30 g/t gold and 0.06% copper; higher grades in hole C12-05 with intervals of 6.1 and 9.1 metres of 4.45 and 6.46 g/t gold and 0.51% and 0.27% copper respectively are further evidence of a strong mineralizing system. Of the 10 targets outlined on the Captain project only two have been drill tested to date and we look forward to additional drilling this fall,” stated David Hottman, CEO of Orestone Mining Corp.
The 100% owned Captain project hosts a gold-copper porphyry system measuring 5 x 9 kilometres which encompasses a cluster of porphyry targets (map link) located approx. 41 kilometres north of Fort St. James, B.C. and 30 kilometres south of the Mt. Milligan copper-gold mine. The project features relatively flat terrain, moderate tree cover and an extensive network of logging and Forest Service roads suitable for exploration year around.
Gary Nordin, P.Geo, a director of the Company, is a qualified person as defined by National Instrument 43-101, Mr. Nordin has reviewed and approved the technical information in this press release.
The Captain project as well as Orestone’s Resguardo project in Chile, are located in structural corridors adjacent to large copper-gold deposits. In Canada, the 100% percent owned Captain project is located 30 km south of the Mt. Milligan Mine, a large copper-gold porphyry. In Chile Orestone’s Resguardo project is located in a NNE trending structural corridor 80 kilometres to the south of the El Salvador Mine and the past producing Potrerillos Mine, both large copper-gold porphyries. On both projects copper and gold mineralization, in association with extensive hydrothermal alteration demonstrate the potential for discovery of large copper-gold or gold-copper deposits. For more information please visit: www.orestone.ca
ON BEHALF OF ORESTONE MINING CORP.
Neither the 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 News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, currency rate fluctuations, actual results of exploration and development activities, environmental risks, future prices of copper, gold, silver and other metals, operating risks, accidents, labor issues, delays in obtaining governmental or regulatory approvals and permits, and other risks in the mining industry. In addition, there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company’s operations, global supply chains and economic activity in general. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.