Orestone Intersects an Altered Monzonite Porphyry over 91 Metres Grading 0.26 G/t Gold and 0.065% Copper Including 24 Metres Grading 0.56 G/t Gold and 0.112 % Copper
Vancouver, British Columbia--(Newsfile Corp. - November 20, 2019) - (TSXV: ORS) (the "Company") announces that assays have been received from the Company's 2019 drilling program at the Captain gold - copper project in north central B.C. A total of 1900 metres of drilling in 7 holes was completed in the Admiral Target and target T2, one of 9 large strong magnetic anomalies outlined at the Captain project.
Hole C19-07 located two kilometres southeast of the Admiral Target was drilled into the western portion of target T2 intersecting a monzonite porphyry with very fine-grained disseminated pyrite - chalcopyrite mineralization over 91 metres grading 0.26 g/t gold and 0.065% copper from 112 m - 203.3 m including 24 metres grading 0.56g/t gold and 0.112 % copper from 178.9 m - 203.3 m. Hole 19-07 was drilled to undercut hole 13-02 located 200 m to the south which intersected 48.8 metres grading 0.35 g/t gold and 0.055% copper at the end of the hole (open to depth). Total thickness of the mineralized monzonite porphyry and altered volcanics is estimated at 140 metres with a combined average grade of 0.29 g/t gold and 0.062% copper. The T2 magnetic high target measures 200 m x 700 m.
The gold - copper mineralized intercept encountered in hole C19-07 is the first long drill interval of a magnetic strongly potassic - chlorite - hematite altered monzonite porphyry with quartz - hematite stock works and very fine grained sulphides with copper - gold mineralization similar in nature to the Mt. Milligan mine mineralization. The 24 m intercept grading 0.56 g/t gold and 0.112% copper indicates that higher grade gold - copper mineralization is present within the system.
Targets T1 - T9
There are 9 large strong magnetic anomalies outlined at Captain flanking a central large magnetic diorite intrusive and only two have been drill tested to date (see website for maps). The magnetic highs strike northwesterly and vary in width from 200 - 1000 m with strike lengths of 500 - 3000 m and are potentially related to mineralized monzonite porphyries. These magnetic anomalies are associated with moderate IP chargeability anomalies from 10-15mV/v.
Orestone will be permitting 27 additional drill holes to test these targets.
Figure 1: Orestone Proposed Magnetic Target Map
To view an enhanced version of Figure 1, please visit:
The Admiral Target
Drilling in the Admiral Target was unsuccessful at locating the source of the mineralized zenolith (IP high target) within the post mineral dyke (PMD) intersected in hole C13-03. Drill holes C19-02 and C19-05 intersected chlorite altered volcanics on the north and west side of the PMD and holes C19-03, C19-04 and C19-06 on the northern and southern margin of the PMD intersected sericite altered monzonite with fine disseminated pyrite. Hole 19-03 immediately south of the PMD did intersect a sericite altered monzonite sill and andesite from 265.6 m to 295 m (30 metres) grading 0.24 g/t Au and 818 ppm copper, which remains open to depth.
"We are encouraged by the long interval of gold and copper mineralization in hole C19-07 and although it is lower in grade, we see similarities to hole C12-05 mineralized from the bedrock contact at 63 metres to the bottom of the hole at 550 metres. Drilling continues to demonstrate the gold enriched nature of this large porphyry system and we have learned a great deal about how to follow it. There are an additional seven targets to test with the largest being T9 measuring 1x3 km", stated David Hottman, Orestone's CEO.
The Captain Project
The 100 percent owned Captain project hosts a large gold-copper porphyry system measuring five by nine kilometres which encompasses a cluster of porphyry targets (T1-T9) located 41 kilometres north of Fort St. James, British Columbia and approximately 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. The Company currently has all permits in place to facilitate 21 diamond drill hole sites and 17 km of Induced Polarization geophysical survey lines.
The Mt. Milligan Mine has proven and probable reserves of 447 Mt grading 0.30 g/t gold and 0.186% copper (Centerra Gold website).
Additional information will be released as it becomes available.
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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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49903