Orestone Submits Application For Permits To Drill Captain Project
Orestone Mining Corp. (TSX Venture Exchange–Symbol: ORS) (the “Company”) is pleased to announce that it has filed an amended Notice of Work (NOW) application with the BC Ministry of Energy Mines and Petroleum Resources for an additional 26 drill hole sites at its Captain gold-copper porphyry property located in north central British Columbia. The additional drill hole sites will target 18 magnetic anomalies located on the east and west flanks of a central magnetic diorite intrusive; 16 holes are planned to test 11 anomalies on the west and 10 holes to test 7 anomalies on the east.
Previous drilling on two of the eastern anomalies in 2012 and 2019 intersected three intervals of 90 to 164 metres in length of highly altered volcanics and alkaline porphyry dykes with values averaging 0.30 g/t gold and 0.06 % copper. In Hole C12-05 intervals of 6.1 and 9.1 metres adjacent to the porphyry dykes encountered higher grades of 4.45 and 6.46 g/t gold with 0.51 and 0.27% copper respectively.
The alteration and alkaline intrusives encountered in drilling are very similar to alteration and mineralization at the Mt. Milligan Mine 30 km to the North. The Mt. Milligan mine hosts 1.8 Billion pounds of copper and 4.7 Million ounces of gold in proven and probable reserves of 447,562,000t grading 0.3g/t gold and 0.186% copper*. One of the western magnetic high anomalies on the Captain property measures up to 2000-2500 metres in strike length and 500 metres in width and is similar in areal extent to the Mt. Milligan Mine and will be the first priority for drilling.
There are nine target areas with strong magnetic anomalies outlined at the Captain project with only two drill tested to date (see website for maps). These magnetic anomalies are also associated with moderate IP chargeability anomalies from 10-15mV/v and are potentially related to mineralized monzonite porphyries.
The 100% owned Captain project hosts a gold-copper porphyry system measuring 5 x 9 kilometres which encompasses a cluster of targets 41 kilometres north of Fort St. James, B.C. and 30 kms 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. The drill area is covered by 20-100 metres of glacial till overburden. The Company currently has permits in place for 21 drill hole sites and 17 kilometres of Induced Polarization survey lines.
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Gary Nordin PGeo, BC, a director of the Company has reviewed the technical information contained in this news release and has visited the project.
Orestone Mining Corp. is a Canadian based company that owns a 100% percent interest in the Captain gold-copper project located approximately 30 kilometres south of the Mt. Milligan Mine in British Columbia and has an option to purchase a 100% interest in the Resguardo copper project in Region III Chile. 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.
*As per the Centerra Gold website 2020.