Dec 6 2011
Orestone Mining Corp. has announced that the Company has commenced a core drilling program on the 100% owned Captain copper-gold porphyry project located 65 kilometers north of Fort St. James, British Columbia and approximately 30 kilometers south of the Mt. Milligan copper-gold deposit.
The drill program will focus on drill testing a large IP chargeability target to the west of past drilling; where hole 09-05 intersected highly potassic and sericite altered volcanics, intrusive and mineralized breccias, grading 0.21% copper and 0.35 g/t gold at the bottom of the hole at 137 meters.
The large IP chargeability target outlined measures 1-2 kilometers in width by 6 kilometers in total strike and wraps around a central magnetic high interpreted to be a potassic altered intrusive dyke. Within the survey area there are three separate IP chargeability anomalies that are flanked by magnetic high anomalies having widths of 1,000 meters or more that have yet to be fully outlined.
A total of 1,000 to 1,200 meters of drilling are planned in four holes on either side of the inferred intrusive.
The geophysical target is similar to the MBX zone at the Mt. Milligan copper-gold deposit located 30 kilometers to the north where proven and probable reserves of 482 Mt grading 0.20% copper and 0.39 g/t gold have been outlined (Terrane Metals Corp. NI 43-101 Technical Report October 2009) and are currently being developed by Thompson Creek Metals Company Inc.
Orestone believes the regional geochemical data, geophysical data and previous drilling success indicate the potential for a sizeable copper/gold porphyry discovery at the Captain Project. The Company has 30 sites approved for drilling on the Captain Project by the British Colombia Ministry of Energy and Mines.
Source: www.orestone.ca