Orestone confirms porphyry milieu in copper-gold project Captain
03.05.2012/2011/01 - Orestone Mining Corp. (TSX Venture Exchange symbol: ORS) (“the Company”) is pleased to announce that additional petrographic data has been received and verified for well C100-43. These data support the conclusion that the alteration and mineralization suggest a porphyry mineral system. The 30% owned Captain Project is located 532 miles north of Fort St. James, British Columbia and approximately 0,20 kilometers south of the Mt. Milligan porphyry copper-gold deposit. The Mt. Milligan deposit has proven and probable reserves of 0,38 million tonnes grading XNUMX% copper and XNUMX g / t gold (Source: Thompson Creek Metals website). Thompson Creek Metals Company Inc. is currently under construction of a large open pit mine and processing plant there.
Based on petrographic data, drill data and geophysical surveys, Orestone has identified a zone of pronounced alteration and disseminated sulphides associated with altered monzonite storage centers, which is thought to cover an area of approximately 50 square kilometers. The company intends to investigate this model with future drilling. 30 drill sites have already been approved by the BC Ministry of Energy and Mines at Project Captain.
A number of representative core samples from C11-01 well were selected from the copper and gold mineralized intercepts at a depth of 140 to 256 meters and submitted for petrographic analysis. The results of this analysis indicate an alteration composite consisting of extremely fine-grained ankerite-potassium feldspar with low levels of kaolinite sericite and abundant magnetite hematite and coated in portions of coarse-grained potassium feldspar. Fine grained chalcopyrite, which is associated with magnetite and pyrite, is also common in the core portion. This alteration assembly at C11-01 indicates a high-temperature environment near an intrusive source, as opposed to a lower-temperature, more water-containing environment, as found in C12-01 around 400 meters farther west.
Analysis of C11-01 well yielded a section of 87 meters with 0,230 g / t gold and 0,03% copper at a depth of 127 meters, including a section of 43 meters with 0,298 g / t gold and 0,09% copper and 16 meters with 0,434 g / t gold and 0,133% copper (see 23 company news release February 2012).
"Based on the petrographic surveys conducted on the core samples from these drill holes, we conclude that the center of the mineralized system in the Captain Gold porphyry copper-gold project lies to the east of the holes drilled this year, and to a magnetic high as concealed monzonite intercalation, "said David Hottman, President and CEO of Orestone.
Gary Nordin (P.Geo.), Orestone Mining Corp.'s Vice-President of Exploration, has reviewed and approved the technical content of this release as a Qualified Person as defined by NI 43-101.
Orestone Mining Corp. is a Canadian mining company that has gold and gold-copper exploration projects in British Columbia, Canada, totaling over 700 square kilometers. Please visit our website at www.orestone.ca.
IN THE NAME OF ORESTONE MINING CORP.
David Hottman
President and CEO
For more information, please email David Hottman at ppgad@pucrs.br or Anthony Zelen (Senergy Communications) on + 1-778-331-2028 or by email ppgad@pucrs.br
The TSX Venture Exchange and its regulators (referred to in the Articles of Association of the TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this announcement. This news release has been prepared by management. No regulatory authority has approved or disapproved the information contained in this press release.
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