ORESTONE MINING IS OPERATED BY A SUCCESSFUL, EXPERIENCED MANAGEMENT TEAM. ORIGINAL MEMBERS OF BEMA GOLD (Barrick)AND CO -FOUNDERS OF ELDERADO GOLD AND NEVADA PACIFIC GOLD. (Now McEwen Mining). ORESTONE HAS A TIGHT SHARE STRUCTURE, LOW MARKET CAP AND WELL-DEFINED DRILL-READY TARGETS ON A GOLD/COPPER PORPHYRY PROJECT IN BRITISH COLUMBIA.
THE 100% OWNED CAPTAIN PROJECT IS LOCATED 150 KM NORTH OF PRINCE GEORGE, BRITISH COLUMBIA, IN THE PROLIFIC QUESNEL TROUGH TERRANE WHICH HOSTS A NUMBER OF COPPER-GOLD AND COPPER-MOLYBDENUM PORPHYRY DEPOSITS INCLUDING THE MT MILLIGAN COPPER-GOLD DEPOSIT LOCATED JUST 30 KM NORTH OF CAPTAIN. THE COMPANY CURRENTLY CONTROLS 3578 HECTARES (5273.22 HECTARES) IN THE POLITICALLY-SAFE JURISDICTION OF BRITISH COLUMBIA. THE AREA BOASTS YEAR-ROUND ROAD ACCESS AND EXCELLENT INFRASTRUCTURE.
Exploration in 2019 and 2020 was focused on locating the source of a high grade calc-alkalic kspar-sericite monzonite porphyry inclusion in drill hole C13-03. The intersection of copper –gold mineralization in kspar-sericite altered feldspar-biotite porphyry in hole C20-03 and re-logging of previous drill holes C12-03 and C19-03 have confirmed the presence of a large kspar-sericite altered calc-alkaline porphyry system to the east of the central magnetic high co-incident with a magnetic low area measuring 600m by 1300m. Drill holes C12-03, C19-03 and C20-03, show on the map figure following, have intersected a copper-gold mineralized kspar-sericite altered monzonite porphyry / feldspar-biotite porphyry at a depth of 250 metres under 30-100 m of overburden and a 100-150m thick phyllic altered envelop.
Previous exploration in 2011-2016 concentrated on exploring a magnetic high associated with a copper gold mineralized, alkaline dyke zone, along a 700 m strike (T1-T2 ) between holes C12-03 and C12-05. Mineralization here is similar to the Mt. Milligan copper-gold mine located 30 km to the north of the Captain Project. Exploration outward from the 150-200 m wide alkaline dyke system, in holes C12-03-C12-05, however intersected a thick envelop of phyllic alteration over an area of 1500m x 2000m more related to a calc-alkalic copper- gold system like the Red Chris than an alkaline system like Mt. Milligan.
The intersection of a high grade copper-gold calc-alkalic monzonite inclusion in hole C13-03 shifted the focus of exploration toward an area around hole C13-03 and resulted in the discovery of the gold porphyry in C19-03 and C20-03. Due to this discovery the Company in 2019 applied for and received an amended 2020 Notice of Work from the BC Ministry of Mines and Petroleum Resources for 11 additional drill locations south of hole C13-03-C19-03.
The Captain Project has similarities to other calc-alkaline porphyries in the BC Cordillera such as Red Chris where the bulk of the deposit was hidden until deep drilling outlined its potential.
During the recent drill program hole C20-03 was drilled to a depth of 473m. The total gold mineralized porphyry interval extends from 247m - 408m (161m), however it is disrupted by barren post mineral porphyry dykes emplaced along sub-vertical faults on the eastern margin of the system. Potassic-sericite altered porphyry was intersected at a depth of 247m with grades of 0.10-0.20 g/t gold from 247 to 329 m depth increasing with depth to 408 m in two zones: 20m grading 0.72 g/t gold equivalent (interval of 7.05 g/t gold cut to 1.80 g/t); and 14m grading 1.04 g/t gold equivalent. These intercept details are listed in the following table.
Hole C19-03, located 100m west of C20-03, intersected potassic-sericite altered hypabyssal monzonite porphyry at 271m with the bottom 24m grading 0.27 g/t gold, 3.26 g/t silver and 0.09 % copper. The hole ended in 0.49 g/t gold, 3.0 g/t silver and 0.11 % copper at 295m.
Hole C12-03 located 800m south of C19-03 and C20-03 intersected a potassic-sericite altered monzonite porphyry at depth of 176m which averaged 0.14 g/t gold and 0.05% copper over 70m at the bottom of the hole with values up to 0.14% copper and 0.27 g/t gold.
The porphyry system is open to the west, north, south and depth under glacial till measuring 30-100m thick and an outer phyllic alteration shell of 100 to 150m thick. The intersected mineralized porphyry is coincident with a magnetic low measuring 600m by 1300m indicating the potential size of the mineralized system.
HISTORY OF EXPLORATION
The Captain area has been the focus of modern exploration since the discovery of Mt. Milligan in the mid-1980’s. Prospecting in the Captain area in the late 80’s identified copper mineralization which led to numerous work programs by Placer Dome, Noranda and several juniors through to 1996. The Captain claims were staked in stages starting in 2003 by Barney Bowen and Gordon Richards. Orestone bought the claims from Bowen and Richards in 2007.
The Captain Project area is covered by an extensive thick glacial till cover varying from 25 metres to 150 metres thick with only one small outcrop of silicified pyritic diorite in
the centre of the claim area. Initial interest in the present drill area was due to an induced polarization anomaly outlined over 7km in a road survey 2009 along the McCleod-Tsilcoh forest service road.
During the period 2011-2013 geophysical surveys consisting of 35 km of induced polarization surveys and 135 km detailed ground mag were completed over an area of 6 km by 8 km centered on the IP road anomaly. These surveys outlined a large central NW trending magnetic high measuring 2000 metres in width and 4000 metres in length flanked smaller magnetic highs on the east and west (T1 – T10). The entire area is covered by moderate to high IP chargeability highs. Exploration focused on the east side of the large magnetic high where drill hole C09-05 had intersected copper – gold mineralization in highly altered volcanics and alkaline porphyry dykes
The geological interpretation in 2013 was that the geophysical surveys that the flanked the east magnetic highs near hole C09-05 are related to altered magnetic alkaline porphyry intrusives and potassic- carbonate-chlorite-magnetite altered volcanics and hydrothermal breccias with associated disseminated gold-copper mineralization. Drilling in 2011-2019 intersected significant copper – gold.
Exploration in 2011-2016 concentrated on exploring a magnetic high associated with a copper gold mineralized, alkaline dyke zone, along a 700 m strike (T1-T2) between holes C12-03 and C12-05. Mineralization here is similar to the Mt. Milligan copper-gold mine located 30 km to the north of the Captain Project. Exploration outward from the 150-200 m wide alkaline dyke system , in holes C12-03-C12-05, however intersected a thick envelop of phyllic alteration over an area of 1500m x 2000m more related to a calc-alkalic copper- gold system like the Red Chris than an alkaline system like Mt. Milligan.
The intersection of a high grade copper-gold calc-alkalic monzonite inclusion in hole C13-03 shifted the focus of exploration toward an area around hole C13-03 and resulted in the discovery of the gold porphyry in C19-03 and C20-03. A calc-alkaline intrusive porphyry system is inferred between holes C19-03, C20-03 and C12-03 co-incident within a large, 600m by 1300m magnetic low.
To further define the newly outlined calc-alkaline porphyry, Orestone intends to drill a series of holes on a 200m spacing to test the large magnetic low located to the west of drill hole C-19-03. The holes will be 600 to 800m in long to test the depth potential of the porphyry system below the cover of 30 to 100m layer of glacial till and 100 to 150m thick altered cap.
LOCATION AND ACCESS
The Captain Project is situated in central British Columbia about 150 kilometres north of the City of Prince George. The two nearest communities are Fort St. James and Mackenzie. Recent clear-cut logging in the main Captain target area has greatly facilitated access.Access is via Hwy 93 (North Road ) 45 km to the north then 20 km east along the McCleod – Tsilcoh FSR.
The project is 30 kilometres south of the Mt. Milligan gold-copper deposit owned by Centerra Gold: Has Proven and Probable reserves of 191.0 Mt grading 0.39 g/t Au and 0.23% Cu (Centerra website news release dated Jul 31, 2020)
For the quarter ending Jun 30, 2020 the operation mined 4,140,000Mt (45,369 tpd) at a grade of 0.39 g/t Au and 0.26% Cu producing 35,656 oz Au and 19.1M lbs Cu at an ASIC cost on a by-product basis of US$679/oz Au ( Any discoveries at Captain will benefit greatly from the proximity to established infrastructure at Mt. Milligan.
The Captain Project lies within the geological terrane of the Quesnel Trough which stretches from the US border to the Yukon border. The Quesnel Trough is a 1,500 kilometer-long, Mesozoic-aged island arc sequence. Age of mineralization in the belt is 150-230 million years. Captain sits in a back arc sequence where mineralization and porphyry intrusions are covered by volcanic and sedimentary rocks and later glacial cover making exploration difficult. This belt has been described as one of the most prospective geological areas for gold and copper within Canada.
The Quesnel Trough is important from an economic perspective due to its rich endowment of gold/copper (molybdenum) porphyry deposits. These large-tonnage deposits are sought after by major mining companies because of their open pit, low cost operating features and long mine life. The style of mineralization at the Captain Project conforms to the porphyry deposits found in the Quesnel Trough.
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Topographic relief in the Captain Project is flat and swampy being at the headwater of the Tsilcoh Creek. Outcrop is rare with overburden thickness typically ranging from 20 to 150 meters. Geologically, the property falls within the Quesnel Terrane, which is characterized by a Late Triassic to Early Jurassic magmatic arc complex that formed along or near the western North
American continental margin in contact to the east with Proterozoic and Paleozoic carbonates.
Because of the lack of outcrop at Captain Project, the geology is based on interpretation of a magnetic survey and widely spaced drill holes. The claims are underlain by basalts and andesites of the Takla Group and multiple intrusive bodies. Limited drilling suggests the large (4 km by 2 km) magnetic feature in the centre of the property is a fresh silicified magnetic diorite intrusive. The numerous smaller, flanking high and low magnetic features on the eastern flank of the central magnetic high represent alkaline and calc- alkaline intrusive dyke swarms and plugs and are the main exploration targets at Captain.
The gold-copper mineralization intersected in diamond drilling in holes C11-01, 12-03, C12-05 and C19-07 at Captain is classic alkali porphyry mineralization and alteration. The alkaline porphyry mineralization in the T1-T2 zone is associated with kspar-magnetite-carbonate-actinolite-chlorite altered volcanics and alkaline porphyry dikes
and very fine grained pyrite and chalcopyrite. The presence of magnetite generates strong magnetic responses which guide exploration.
In the cal-alkaline porphyry system seen in hole C12-03, C13-03, C19-03 and C20-03 alteration and mineralization consists respectively of intense sericite-carbonate-kspar alteration with copper-gold associated with fine grained pyrite chalcopyrite sulphides. The calc- alkali NW trending magnetic low measuring 600 m x 1300m.Two mineralized intrusives have been identified: 1) hypabyssal monzonite in the centre of the magnetic low with intense sericite-kspar alteration and 20% disseminated sulphides intersected in hole C19-03 and the inclusion in C13-03 and 2) a feldspar-biotite porphyry on the eastern flank of the mag low intersected in C20-03 with strong sericite alteration and kspar overprint with 2-5 % disseminated sulphides.
During 2007 and 2010 Orestone collected Mobile Metal Ion (MMI) and Ah soil samples across the Captain Project. This work defined a strong gold and copper anomaly proximal to the zones of known mineralization. In addition, BC government regional geochemical stream sediment and glacial till samples indicate that strong copper-gold anomalies are present immediately down ice to the northeast from the present Captain drill area.
Gary Nordin P. Geo., Director of Orestone Mining Corp. and Bruce Winfield, P. Geo., Manager of Exploration for Orestone Mining Corp., are qualified persons under the NI 43-101 guidelines and have written and reviewed the technical content on this webpage.
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