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Orestone Acquires Assets, Strengthens Board and Has Drill Ready Targets - Company Update
Vancouver, British Columbia--(Newsfile Corp. - October 26, 2018) - Orestone Mining Corp. (T...
About this update from Orestone Mining Corp.
[{"type":"text","content":"Orestone Acquires Assets, Strengthens Board and Has Drill Ready Targets - Company UpdateVancouver, British Columbia--(Newsfile Corp. - October 26, 2018) - Orestone Mining Corp. (TSXV: ORS) (WKN: A2DWW7) (the \"Company\") Orestone Mining is pleased to provide a progress report of the Company's restructuring; management, capital structure, assets and exploration plans.Over the last year the Company's Board of Directors, capital structure and asset mix have been optimized to create shareowner wealth going forward. We have worked diligently to add depth and strength to the Board: Julia Aspillaga and Patrick Daniels bring large project exploration and development experience in Chile. We have completed a share consolidation of 5 old for 1 new and completed initial funding: resulting in a tight share structure with strong management and insider holdings. We have diversified and strengthened the asset base with the acquisition of the Resguardo (copper/gold) project in Chile. The Company now controls two large, well defined and drill ready porphyry targets, one in British Columbia, Canada (gold/copper) and one in Region III, Chile (copper/gold).Resguardo Copper-Gold Porphyry ProjectThe Resguardo project is located 90 kilometres NE of the City of Copiapo in Region III, Chile, covers 2,905 hectares of mining concessions and can be explored year around. The project geology is of the same Middle Tertiary porphyry copper belt as CODELCO's El Salvador and Potrerillos mines 80 kilometres to the north. The project is located along the north/south Domeyko Fault System which hosts some of the largest copper deposits in the world and the confluence of regional fault systems coming out of the Maricunga Gold Belt which host numerous multi-million ounce gold and gold-copper deposits containing up to 25 million ounces gold.Copper and gold mineralization (oxides and sulphides) have been discovered along two parallel 1000 metre structures featuring fracture-controlled chimney, manto and skarn style deposition. The structures are approximately 80 metres apart, up to 50 metres wide with grades from 0.40 to 7% copper and up to 0.60 g/t gold. Near-surface oxide copper grading 1% to 7% was mined intermittently from pits and tunnels and sold to ENAMI in Copiapo for processing.The surface mineralization at Resguardo is surrounded by a large hydrothermally alter...