Orestone Mining Reports Drilling Results for the Captain Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/23/12 -- Orestone Mining Corp. (TSX VENTURE: ORS) is pleased to announce the results of diamond drill hole DDHC12-01 at the Captain copper-gold porphyry project. The 100% owned Captain project is located 43 kilometers north of Fort St. James, British Columbia and approximately 30 kilometers south of the Mt. Milligan copper-gold deposit. The Mt. Milligan copper-gold deposit has proven and probable reserves of 482 Mt grading 0.20% copper and 0.39 g/t gold outlined (Terrane Metals Corp. NI 43-101 Technical Report October 2009) and is currently being developed by Thompson Creek Metals Company Inc. as a large open pit mine.
Drill hole Hole C12-01 was drilled to test a large IP target on the eastern flank of a magnetic high, monzonite intrusive as a step from hole C11-01 which encountered potassic-sericite-carbonate altered volcanics grading 0.230 g/t gold and 0.025% copper over 85 metres from 127metres to 214 metres.
Hole C12-01 encountered strongly potassic-sericite-carbonate altered volcanics and monzonite intrusive dykes from beneath overburden at 60 metres to a 500 metre depth with 10-20% disseminated sulphides; copper and gold values however were low in this hole ranging from trace to 0.30 g/t gold and up to 0.03% copper indicating that this hole is located in the outer pyritic halo of a porphyry system.
The target area for further exploration on the East IP target is northeast and southeast of C12-01/C11-01 along the eastern portion of the IP anomaly along a strike of 5,000 metres and width of 1,000-1,500 metres.
A second untested large IP-porphyry target area is present on the western flank of the magnetic high, monzonite intrusive over a width of 1,000-3,000 metres and along a strike of 4,000 metres and requires follow up drilling.
The intensity of alteration and disseminated suphides encountered over an area measuring 7,000 metres by 7,000 metres associated with altered monzonite intrusive are indicative of a large porphyry system. The 50 metre thick glacial cover in this area however makes target definition in the area difficult and makes drilling the only tool to further define economic mineralization. Orestone's initial 1,150 metre drill program of four holes has tested the western portion of one IP anomaly, a small section of a large 49 square kilometer target area and further drilling is needed to vector in on economic mineralization.
The Company has 30 drill sites approved on the Captain Project by the B.C. Ministry of Energy and Mines.
'Although this first phase of drilling did not encounter the economic copper and gold grades we anticipated, the program was successful in demonstrating anomalous copper and gold within intense alteration that is consistent with known porphyry deposits within the region. Considering the Captain target area is masked by glacial overburden more drilling within the extensive geophysical anomalies will be required to discover economic mineralization within this very large system,' stated David Hottman, Orestone's CEO and President.
The core was transported from the project to a secure warehouse facility in Fort St. James where it was logged and selected intervals cut by diamond saw into 1-2 metre intervals. Half of the core was stored at the warehouse site and the other half shipped by secure transport to ACME Labs sample preparation facility located in Smithers, BC, for analysis in Vancouver, BC. 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.
Orestone Mining Corp. is a Canadian based company headquartered in Vancouver, B.C. and controls a portfolio of gold and gold-copper exploration projects totaling more than 700 square kilometers within British Columbia.
PDAC: The Company will be exhibiting at the upcoming Prospectors & Developers Association of Canada (PDAC) 2012 Mining Investment Show in Toronto, Canada, from March 4th to March 7th at booth number 2650.
ON BEHALF OF ORESTONE MINING CORP.
David Hottman, President and CEO
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.
Contacts:
Orestone Mining Corp.
David Hottman
President and CEO
604-629-1929
Orestone Mining Corp.
Mehran Bagherzadeh
Corp. Comm
604-629-1929
info@orestone.ca
www.orestone.ca
