VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec 11, 2012) - Orestone Mining Corp. (TSX VENTURE:ORS) (the "Company") is pleased to report the completion of drilling at the Captain Project. The 100% owned Captain project is 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 diamond drill program consisted of 912.8 metres in three holes with the following visual observations from core logging. For location purposes all current drill holes are referenced to Hole C11-01 drilled in December 2011. As previously reported C11-01 intersected potassically altered volcanics and minor monzonite porphyry dykes with finely disseminated pyrite-chalcopyrite from 127m-214m (87m) grading 0.03% copper and 0.23 g/t gold.
Vertical Hole C12-05 located 100 meters west of C11-01 was drilled to depth of 550.17 metres. The hole intersected bedrock at 63.7m; from 63.7m-150m sericite-carbonate altered volcanic rocks with 1-5% pyrite and minor chalcopyrite (copper mineral) were intersected; from 150m-550m moderate to strong potassic feldspar-biotite and sericite-carbonate altered volcanics and monzonite porphyry dykes with finely disseminated magnetite-pyrite-chalcopyrite and blebby chalcopyrite and finely disseminated chalcopyrite in potassic feldspar altered veins and flooded zones. Magnetite is disseminated throughout and is associated with zones of pervasive, felted secondary biotite. The above described four hundred meter mineralized intercept of finely disseminated and locally coarse blebby chalcopyrite increases in intensity down hole and remains open at depth.
Two additional vertical holes, C12-03 (246.48m) and C12-04 (116.05m) were located 400m east and 250m south respectively from Hole C11-01. These holes intersected intensely phyllically altered volcanic rocks and minor monzonite porphyry dykes with 5-10 % disseminated pyrite. The phyllic alteration and high pyrite content of these two holes are indicative of the outer margin of a porphyry system.
"We are pleased to have identified an intense potassically altered zone with associated copper mineralization in Hole C12-05. Based on the current exploration model, drill data and detailed ground magnetic surveys the target is associated with numerous monzonite porphyry dykes along a north-south trend. The mineralization is thought to be sub-vertical and remains open to depth and in all other directions," stated David Hottman, Orestone''s CEO and President.
The 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 will be stored at the warehouse site and the other half shipped by secure transport to ACME labs located in Smithers, BC, for sample preparation and analysis in Vancouver, BC. Assays are expected by the second week of January and will be reported when received. 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 Captain Project hosts a large copper/gold porphyry system measuring seven by seven kilometers that remains open to the east and west. The project area 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 is well financed, has recently discovered the above described large copper/gold porphyry system on the 100% owned Captain Project. The Company also holds a 51% interest in the 50 square kilometer Todd Creek Property within the increasingly important Stewart Mining Camp. In addition, the Company has initiated a global project search focused on the acquisition of high potential assets to compliment the Company''s current portfolio. For additional information please visit www.orestone.ca.
ON BEHALF OF ORESTONE MINING CORP.
David Hottman, President and CEO