Orestone Reports Progress on Drill Program Startup
Vancouver, July 7, 2020 - Orestone Mining Corp. (TSXV: ORS) (WKN: A2DWW7) (the "Company") is pleased to announce the following exploration update on the Company's Resguardo copper-gold porphyry/manto project located 75 kilometres NE of the City of Copiapo, Region III Northern Chile. Access is excellent along Highway 31 which is the main route to the La Coipa Mine and the northern Maricunga Gold Belt.
The contracting company Araya Hermanos S.A. of Copiapo has mobilized to the Resguardo property and to date completed improvements to the access roads and drill camp/staging site, drill pad preparation is well advanced. Perfo - Chile Ltda., an experienced and well-respected drill contractor has been authorized to mobilize to the site in preparation for drilling. Both contractors and the Company are coordinating with Sernageomin, the government agency controlling mining and exploration in Chile, to design and implement protocols to ensure the safety and health, especially with respect to COVID-19, for all the personnel of the Company and Contractors involved in the drilling program.
The drill program, consisting of a minimum of 1200 meters of reverse circulation drilling in up to five drill holes, will be the first drill test of a strong IP chargeability anomaly that has a strike length of 1400 metres, a width of 500-800 metres, and lies at a depth of 150-200 metres below the surface. This IP target is located immediately west of outcropping oxide copper mineralization grading 1 to 7% copper and 0.50 g/t gold that was mined historically in a series of pits and underground workings. Although this historic sampling is believed to have been competently carried out, it was not certified by a professional geologist, therefore the results are not NI43-101 compliant and cannot be relied upon.
The Resguardo project hosts copper-gold mineralization in mantos, skarns and breccia bodies (historic workings) accompanied by zones of strong hydrothermal alteration consisting of sericite-silica-clay with copper oxides at the junction of regional NNE trending low angle extensional faults with NW trending vertical faults in association with the large IP target.
Gary Nordin, P.Geo, a director of the Company, is a qualified person as defined by National Instrument 43-101, Mr. Nordin has reviewed and approved the technical information in this press release.
Resguardo in Chile, as well as Orestone's Captain project in BC, are located in structural corridors adjacent to large copper gold deposits. In Chile Orestone's Resguardo project is located in a NNE trending structural corridor 80 kilometres to the south of the El Salvador Mine and the past producing Potrerillos Mine, both large copper-gold porphyries. In Canada, the100% percent owned Captain project is located 30 km south of the Mt. Milligan Mine, a large copper-gold porphyry. On both projects copper and gold mineralization in association with extensive hydrothermal alteration demonstrate the potential for discovery of large copper-gold deposits. For more information please visit: www.orestone.ca
ON BEHALF OF Orestone Mining Corp.
David Hottman
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.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, currency rate fluctuations, actual results of exploration and development activities, environmental risks, future prices of copper, gold, silver and other metals, operating risks, accidents, labor issues, delays in obtaining governmental or regulatory approvals and permits, and other risks in the mining industry. In addition, there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company's operations, global supply chains and economic activity in general. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
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