Business
Orestone Provides Corporate and Resguardo Copper-Gold Porphyry Exploration Update
Vancouver, British Columbia--(Newsfile Corp. - May 7, 2020) - Orestone Mining Corp. (TSXV: OR...
About this update from Orestone Mining Corp.
[{"type":"text","content":"Orestone Provides Corporate and Resguardo Copper-Gold Porphyry Exploration UpdateVancouver, British Columbia--(Newsfile Corp. - May 7, 2020) - Orestone Mining Corp. (TSXV: ORS) (FSE: O2R1) (WKN: A2DWW7) (the \"Company\") is pleased to provide this update on recent corporate and operational activities as well as an overview of 2020 planned exploration activities on the Resguardo copper-gold porphyry/manto project, Chile.COVID-19 ResponseDuring these extraordinary times of travel restrictions, the closing of non-essential businesses and stay at home orders around the globe due to the COVID-19 viral Pandemic, your management team continues to advance its two primary assets, albeit at a more modest pace. Orestone would like to thank its shareholders, contractors and all stakeholders for their patience and support. The Company is encouraging staff and contractors to work from home, where possible, to practice correct social distancing and is using this time to focus on initiatives that can be achieved efficiently.FinancingIn February prior to the global turmoil, Orestone announced a non-brokered private placement consisting of up to 5,000,000 units (\"Units\") at a price of $0.10 per Unit for aggregate gross proceeds of up to $500,000 (the \"Offering\"). Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant. Each whole Warrant will be exercisable for one common share of the Company at a price of $0.15 for one year from the date of issuance. The financing is advancing under the same terms and we will have a further update in the coming weeks.Resguardo Copper-Gold Porphyry/Manto Project, ChileAt the Resguardo Project located 75 kilometres northeast of Copiapo, Region III Northern Chile, the Company is actively engaged in property visits by contractors from three drill companies and two road construction contractors. Final bids will be evaluated for selection shortly. Once a selection is made Orestone will be in a position to drill test the Resguardo target as government acceptance of the Company's exploration plan is currently in place. We expect to release further progress in the near future.Historically near-surface oxide copper grading 1% to 7% and approximately 0.50 g/t gold was mined intermittently from pits and tunnels. Mineralization is hosted in mantos, skarn and breccias bo...