Orestone Mining presents current company information and exploration milestones in the Gold Copper Project Captain
Orestone Mining Corp. (TSX Venture Exchange Symbol: ORS) ("the company") is pleased to provide up-to-date information to present the company and the plans for the next project period on site.
As part of the restructuring of the management team in June 2011 Orestone changed its direction and created one Strategic plan for prioritization of exploration activities for the 100% proprietary project Captain 43 Kilometers north of Fort St. James (British Columbia). We have taken this step because we believe that Project has potential to host a large copper / gold system similar to the neighboring Mt. Milligan Mine. The mine Mt. Milligan is located about 30 kilometers farther north and is accessed by Thomson Creek Metals Inc.
The 532-ton deposit at Mt. Milligan contains proven and probable reserves that contain 6,0 million ounces of gold and 2,1 billion pounds of copper. A large above-ground mining operation including processing plant is currently being built in the deposit. The cost of this is $ 1,4-1,5 billion.
In support of these activities, the company set up an advisory council and appointed Mr. Rob Pease, the former founder, CEO, and director of Terrane Metals Corp., who owns the Mt. Milligan and Mt. Milligan project from development to sale to Thompson Creek Metals each year 2010 headed for 700 Million $.
To provide evidence of a similar mineralization system, we performed a series of geophysical surveys over 31 line kilometers to size the system out of the air. It was the magnetic field, the
Chargeability (IP) and resistance measured. The data obtained suggest an altered / mineralized porphyry system of more than 50 km² in size that extends beyond the measurement flight boundaries. These are three large, well defined drill targets with dimensions of 1 x 2,5 kilometers, 1 x 3 kilometers and 1 x 4,5 kilometers.
In December 2011, the company raised proceeds of 7.365.000 $ as part of a financing transaction by issuing 0,10 shares at a price of 736.500 $ per share.
The next target was targeted for drill discovery as the area is overlaid by a thin layer of 20 to 40 meter thick boulder clay. In December 2011, the company launched a four-hole and 1.240 meter diamond drill program (a HQ sized drill core was obtained).
Hole C11-02 was drilled to the depth of 185 meters on the eastern edge of a highly magnetic zone intersected by low-pyra monzonite intrusive rock. Hole C12-01 was drilled 400 meters east of hole C11-02 to a depth of 499 meters. A sericite-pyrite-quartz-carbonate mineralization was intersected over a range of 250 meters of the pyrite shell, the outer phyllitic shell around the porphyry rock. Hole C11-01 was drilled 400 meters east of hole C12-01 to a depth of 255 meters; Altered volcanic rocks with pronounced potassium-sericite carbonate, porphyritic and hydrothermal breccias were intersected with gold / copper mineralization.
The results of the analysis in hole C11-01 yielded 127 meters with an ore content of 87 g / t gold and 0,230% copper within a 0,03 meter section. It also includes 43 meters with an ore content of 0,298 g / t gold and 0,09% copper
and 16 meters containing ore grade 0,434 g / t gold and 0,133% copper; these results confirm that this is a target range (see 23 Company News Release, February 2012).
Subsequently, core samples from hole C11-01 were examined petrographically by microscope. The results show an alteration consisting of very fine-grained ankerite-potassium feldspar with lower kaolinite and sericite inclusions or pronounced magnetite and hematite mineralization. Partly, the rock is superimposed by coarse-grained potassium feldspar. Fine grained chalcopyrite associated with magnetite and pyrite is distributed throughout the core section. This gold- / copper-mineralized alteration, in conjunction with the corresponding geophysical signature, indicates a high-temperature environment in the vicinity of an intrusive source that is open for several kilometers to the east, northeast, and southeast.
The company plans to explore the size and grade of this porphyry system as part of its 2012 exploration activities and is initially planning to drill 2.000-4.000 meters. The company has all the licenses to run the planned program. To date, 30 drill sites have been approved by the British Columbia Department of Energy and Mines.
The Captain project is located in relatively flat terrain that is moderately overgrown with trees and has numerous forest roads and logging routes.
"2012 will be an exciting year for Orestone Mining. We have planned a multi-phase program in the upcoming drilling season in the Captain Gold / Copper project and are currently beginning to explore the potential of this project, "said David Hottman.
President and CEO of Orestone.
Orestone Mining Corp. is a Canadian company with a portfolio of gold and gold-copper exploration projects spanning over 700 km² in British Columbia, Canada.
FOR ORESTONE MINING CORP.
David Hottman
President and CEO
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.
More information about:
David Hottman, President & CEO
Email: ppgad@pucrs.br
Anthony Zelen, Senergy Communications
Tel: 778-331-2028
Email: ppgad@pucrs.br
750 - 625 Howe Street
Vancouver, BC
V6C 2T6 Canada
Tel: 604-629-1929
Fax: 604-629-1930
Website: www.orestone.ca
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