2013-01-25 15:06:51 -
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/25/13 -- Orestone Mining Corp. (TSX VENTURE:ORS) is pleased to report the commencement of a detailed ground magnetic survey at the 100%-owned Captain Project. The survey will define the magnetic anomaly within the area of a recent drill discovery of significant gold/copper mineralization (news release January 14, 2013).
The high resolution ground magnetic survey will entail a minimum of 45 line-kilometres over the Admiral Target and the Southeast Aeromagnetic anomaly. The work commenced this week and is being carried out by Peter Walcott & Associates Ltd., a leading provider of geophysical services in British Columbia.
The Admiral Target as it is currently understood is a minimum one by one kilometer magnetic anomaly. Recently reported drill hole C12-05, at the southern flank of the anomaly, intersected long intervals of disseminated gold and copper mineralization with the additional aspect of shorter intervals of high grade gold of two to ten grams per tonne. As previously released: Hole C12-05 returned two significant intervals of strong gold mineralization; the upper zone grading 0.65 g/t gold and 0.06% copper (on an uncut basis) over 118.8 meters and the lower zone grading 0.41 g/t gold and 0.07% copper (on an uncut basis) over 164.6 meters. The mineralization in hole C12-05 remains open to depth.
Gary Nordin, Vice President-Exploration of Orestone commented, "Our recent successful drill campaign has enabled us to recognize a strong correlation between gold/copper mineralization and specific magnetic responses. This relationship has been recognized at the nearby Mt. Milligan Deposit (Thompson Creek Metals) and the Woodjam Deposit (Goldfields Ltd.). This survey will enable us to explore more efficiently and expedite our step-out drilling."
The Captain Project hosts a large gold-copper porphyry system measuring seven by fourteen kilometers located 41 kilometers north of Fort St. James, British Columbia and approximately 30 kilometers south of the Mt. Milligan gold-copper deposit. The Mt. Milligan deposit has proven and probable reserves of 532 Mt grading 0.20% copper and 0.38 g/t gold (Thompson Creek Metals website) and is currently under construction by Thompson Creek Metals Company Inc. as a large open pit mine and processing facility. The Captain 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 has all permits in place to facilitate the next several phases of exploration; 30 line kilometers of geophysics and 38 sites approved for drilling by the B.C. Ministry of Energy and Mines.
Orestone Mining Corp. owns 100% of the Captain gold and copper project near Fort St. James, B.C. and is well financed to pursue further exploration during 2013. The Company also holds a 51% interest in the 50 square kilometer Todd Creek Property within the increasingly important Stewart Mining Camp, B.C. For additional information including, drill hole plans, cross sections and geophysical maps, please visit www.orestone.ca.
ON BEHALF OF ORESTONE MINING CORP.
David Hottman, President and CEO
This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
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.
Orestone Mining Corp.
President & CEO