Orestone Receives Initial Petrographic Study Data for Captain
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/08/12 -- Orestone Mining Corp. (TSX VENTURE: ORS) is pleased to report further advance in the ongoing development of 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.
A suite of representative core samples from the recently completed drill program have been selected and submitted for microscopic petrographic analysis. The petrographic analysis of samples from hole C12-01 have been received and show a pervasive alteration assemblage of sericite - pyrite - quartz - carbonate over approximately 250 meters from 100 meters to 350 meters down hole. This indicates that the hole intersected the pyritic halo in the outer phyllic shell around the margin of a porphyry system. The analysis of samples from hole C11-01, located 400 meters east of C12-01 are pending. Hole C11-01 encountered potassic-sericite-carbonate altered volcanics grading 0.230 g/t gold and 0.025% copper over 85 metres from 127metres to 214 metres (previously released ORS news release 2012-04, February 23, 2012. The presence of significant copper-gold mineralization along with increased potassic alteration in this hole is interpreted to indicate better potential to the east.
Based on drilling and geophysics completed to date the zone of intense alteration and disseminated suphides associated with altered monzonite intrusive is interpreted to cover an area measuring 7,000 metres by 7,000 metres and is indicative of a large porphyry system. The 50 metre thick overburden in this area however, makes target definition difficult with drilling the only tool to further define economic mineralization. Orestone's initial 1,150 metre drill program of four holes tested only a small section of a large 49 square kilometer IP anomaly target area.
'Although this first phase of drilling did not encounter economic copper and gold grades, the program was successful in demonstrating that the porphyry system is large and mineralized. This new data will help guide the next phase of drilling,' stated David Hottman, Orestone's CEO and President.
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.
The Company has 30 drill sites approved on the Captain Project by the B.C. Ministry of Energy and Mines.
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.
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