Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Orestone Mining (ORS) to drill Captain Gold-Copper Porphyry Target
  • Equipment mobilization is underway, with drilling estimated to start on or about April 10, 2021
  • The drill program will consist of 1,000 to 2,000 meters of core drilling in 2 – 3 holes and is budgeted at C$300,000 to C$600,000
  • The Captain Project features relatively flat terrain, moderate tree cover and an extensive network of logging
  • Orestone Mining Corp. (ORS) is down 13.64 per cent and is trading at $0.095 at 11:08 am ET

Orestone Mining Corp. (ORS) contractors have been selected and retained to carry out the 2021 Phase I drill program at the Captain project.

Equipment mobilization is underway, with drilling estimated to start on or about April 10, 2021.

The exploration model at Captain is a large-scale potassic-sericite altered calc-alkaline gold-copper porphyry target.

The drill program will consist of 1,000 to 2,000 meters of core drilling in 2 – 3 holes and is budgeted at C$300,000 to C$600,000 designed to follow up and test for porphyry mineralization intersected in holes C13-03 and C19-03.

Hole C13-03 intersected a 3-meter sulphide rich mineralized xenolith which assayed 1.9 g/t gold, 11 g/t silver and 0.23 per cent copper within an otherwise unaltered and barren post mineral dyke.

Hole C19-03, located 250m south of C13-03, intersected visually identical porphyry at 271m with the bottom 24m of the hole (271m – 295m) grading 0.27 g/t gold, 3.26 g/t silver and 0.09 per cent copper.

The hole ended in 0.49 g/t gold, 3.0 g/t silver and 0.11 per cent copper at 295m and remains open to depth.

The porphyry system is associated with a distinctive magnetic low measuring 600m x 1300m surrounded by a crescent-shaped magnetic high associated with propylitically altered diorite/monzonite.

Induced Polarization geophysical data from the western portion of the target are consistent with the model of a sulphide-rich porphyry body beneath a 30 to 100m layer of glacial till and a 100-150m thick phyllic altered cap.

Logistics for the drill program are excellent as all of the drill locations are on existing roads with easy access one hour’s drive north of Fort St. James in north central BC.

The Captain Project features relatively flat terrain, moderate tree cover and an extensive network of logging and Forest Service roads suitable for exploration year-round.

All permits are in place for 24 drill locations.

“The focus of this drill program is an exciting calc-alkaline porphyry target. This type of deposit can be quite large, gold rich and in some cases with a higher-grade core such as the Red Chris Deposit in BC and the Cadia-Ridgeway Deposits in New South Wales, Australia,” stated David Hottman, CEO and Director of Orestone Mining Corp.

“In terms of size, the outer phyllic alteration halo has been intersected in drilling over an area of 1.5 by 2 kilometres indicating the presence of a large hydrothermal fluid-rich system. Drilling will be underway shortly,” added Hottman.

Orestone Mining Corp. (ORS) is down 13.64 per cent and is trading at $0.095 at 11:08 am ET.

More From The Market Herald

" Osino Resources (TSXV:OSI) upsizes private placement

Osino Resources (OSI) has increased the size of its private placement due to strong investor demand.

" South Star Battery Metals (TSXV:STS) increases non-brokered private placement

South Star Battery Metals (STS) has announced an increase to its non-brokered private placement of units to raise approximately $2,300,000.

" EMX (TSXV:EMX) closes royalty portfolio acquisition from SSR Mining

EMX Royalty Corp. (EMX) closed its acquisition of royalty interest and deferred payments from SSR Mining Inc. and certain subsidiaries.

" Omai Gold (TSXV:OMG) continues outlining gold mineralization

Omai Gold Mines (OMG) is reporting additional results from the drilling program currently underway at the Omai Gold Project in Guyana.