VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2013) - Orestone Mining Corp. (TSX VENTURE:ORS) (the "Company") is pleased to report assay results for the recently completed 912 metre diamond drill program on the Company's 100% owned Captain Project. Vertical hole C12-05 was drilled to a depth of 550.2 metres and is the most significant of the seven holes completed on the property. The hole intersected mineralized bedrock at 63 meters and throughout the hole mineralization is associated with biotite-magnetite alteration within monzonite porphyry dykes overprinted by potassic flooding. 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.
|*High Gold Values Cut to 1.6 g/t
The orientation of the mineralization is interpreted to be sub-vertical in association with a 300 to 400 meter wide magnetic sheeted monzonite dyke system. The magnetic anomalies are interpreted to trend north-south representing important geological and mineralizing controls to outline this robust gold target.
Hole C12-04 was located outside of the primary target area and returned no significant values. Hole C12-03 located 500 meters east of C12-05 was drilled to depth of 246.5 metres and is the most easterly hole on the property to date. Of interest is that the bottom 70 meters of this hole intersected a potassic altered monzonite dyke complex with similar associated alteration to that encountered in hole C12-05 with gold grades of 0.13 g/t gold and 0.05% copper which could indicate another mineralized porphyry system to the east.
"We are very pleased with intersecting long intervals of gold and copper mineralization and in fact, although intervals of the hole are low grade, the entire hole is mineralized from the bedrock contact at 63 meters to the bottom of the hole at 550 meters. With higher grade sections of two to ten grams per tonne gold, we have demonstrated the strongly gold enriched nature of this large porphyry system and have learned a great deal about how to follow it. Additionally hole C12-03 demonstrates that another mineralized porphyry system may lay to the east," stated David Hottman, Orestone's CEO and President.
Prior to the next phase of drilling Orestone will complete a high resolution magnetic survey of the property to further outline the alteration and associated mineralization which are correlated to several interpreted sub-vertical magnetic monzonite dykes zones that have a north-south trend.
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 copper-gold 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.
The drill core was transported from the project to a secure warehouse facility in Fort St. James where it was logged and cut by diamond saw into three metre intervals. Half of the core is stored at the warehouse site and the other half shipped by secure transport to Acme Labs sample preparation facility located in Smithers, B.C., for analysis in Vancouver, B.C. 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.
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 plan and geological cross section maps please visit www.orestone.ca.
ON BEHALF OF ORESTONE MINING CORP.
David Hottman, President and CEO
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