The 100%-owned Captain Project is Orestone's flagship project and was acquired in 2007. The Company currently controls 20,000 hectares (200 sq. kilometers) of prime mineral rights in the politically-safe jurisdiction of British Columbia.
Location and Access
The Captain property is situated in central British Columbia about 150 kilometers north of the City of Prince George. The two nearest communities are Fort St. James and Mackenzie. The area boasts year-round road access and excellent infrastructure. Recent clear cut logging in the main Captain target area has greatly facilitated access.
The project is 30 kilometers south of the Mt. Milligan gold/copper deposit owned by Thomson Creek Metals Company. The Mt. Milligan Mine is currently under construction as a large open pit mine and processing facility and is expected to be operating in the latter part of 2013 with full commercial production scheduled for 2014. The Captain Project geology and mineralization is very analogous to Mt. Milligan and any discoveries at Captain will benefit greatly from the proximity to established infrastructure at Mt. Milligan.
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 host of juniors through 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 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. 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.
Topographic relief in the Captain area is minimal and outcrop is rare with overburden thickness typically ranging from 20 to 60 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 paucity of outcrop at Captain, the project geology is based on interpretation of drill core in conjunction with geophysical responses. The claims are underlain by basalts and andesites of the Takla Group and multiple intrusive bodies. Limited drilling suggests the large (3 km by 2 km) magnetic feature in the centre of the property is a fresh monzonitic intrusive. The numerous smaller, flanking magnetic features are felt to represent monzonite dyke swarms and plugs and are the main exploration targets at Captain.
The gold-copper mineralization intersected in diamond drilling at Captain is classic alkali porphyry mineralization and alteration. The mineralized zones are associated with highly altered porphyry dikes, sills and small plugs with disseminated gold, chalcopyrite and pyrite.
The alteration varies from intense phyllic (gold/copper-poor) to intense potassic (gold/copper enriched). The potassic alteration is manifested by potassic feldspar, biotite and importantly, magnetite. The magnetite present generates strong magnetic responses which guide exploration.
The Company has completed several phases of induced polarization and ground magnetic surveys during 2007-2008 and 2010-2013. In 2013, a total of 130 line-km of detailed ground magnetics was completed and has proved to be very useful in defining drill targets.
During 2007 and 2010 Orestone collected Mobile Metal Ion (MMI) and Ah soil samples across the Captain Property. 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 Cu/Au anomalies are present immediately down ice from the Captain South drill area.
Between 2008 and 2013 the Company completed two programs of percussion drilling and three programs of diamond drilling. Drilling in 2013 consisted of three diamond drill holes totaling 642 metres. Holes C13-01 and C13-02 were drilled 400 metres respectively NW and SE of significant potassic alteration and copper gold mineralization intersected in previous holes C12-05 and C11-01. Hole C13-03 was drilled in the center of the Admiral target, a large magnetic high measuring 1000 metres by 1500 metres located 800 metres north of holes C12-05 and C11-01.
Hole C13-03 intersected an unaltered and un-mineralized post mineral alkali gabbro dyke from the bedrock contact at 78.9m to 280.0m. At a depth of 204.9m to 207.9m a xenolith fragment of highly potassic-sericite altered monzonite porphyry was intersected which assays 0.226% copper and 1.90 g/t gold over three metres. The post mineral dyke is interpreted to measure 50 metres in thickness and 1000 meters in strike length and the xenolith fragment or rafted block is thought to have been transported from immediate adjacent rocks.
Hole 13-02 was drilled at an Azimuth of -70 NE across a strong magnetic anomaly and intersected two sections of potassic-sericite altered volcanic and monzonite dykes separated by a section of post mineral andesite dykes. The first mineralized dyke was intersected from 32.4m to 66.4m for an interval of 34m with an average grade of 0.073% copper and 0.20 g/t gold while the second mineralized dyke was intersected from 121.3m to 170.1m for an interval of 48.8m with an average grade of 0.055% copper and 0.35 g/t gold.
Hole C13-01 intersected intensely quartz-sericite-pyrite altered volcanics on the south margin of the Admiral target averaging 183 ppm Cu and 52 ppb Au.
The highlight of the 2013 drill program was the intersection of the monzonite porphyry xenolith fragment within a post mineral dyke near the center of the Admiral magnetic target. A large IP target surrounding the dyke is interpreted to be the source of the xenolith; future drilling south and north of the dyke is recommended.
Diamond drilling in 2011-2012 resulted in the discovery of gold/copper mineralization and strong potassic-magnetite-biotite alteration in holes C11-01 and C12-05. This area is surrounded by a broad (1,000 m + wide) envelope of non-magnetic quartz-sericite-pyrite (phyllic) alteration (holes C12-02, C12-03, and C12-04).
Drill hole C11-01intersected 45 m grading 0.3 g/t Au and 0.09% Cu. Hole C12-05 intersected two intervals of strong gold mineralization; the upper zone grading 0.65 g/t gold and 0.06% copper (uncut) over 119 m and the lower zone grading 0.41 g/t gold and 0.07% copper (uncut) over 165 m. This mineralization remains open at depth.
A very interesting aspect of the two zones in C12-05 is some very high grade gold intersections. One interval grades 6.5 g/t Au over 9 m and the other carried 4.5 g/t Au over 6 m.
Recent drilling and geophysics have defined a strong correlation between gold/copper mineralization and magnetic anomalies. Holes C11-01 and C12-05 are located on the southern fringe of a large magnetic high extending over an area 1000m by 1500m. This anomaly is similar in size and intensity to the anomaly associated with the Mt. Milligan deposit located 30 km to the north.
The highlight of the 2013 drill program was the three meter intersection of the monzonite porphyry xenolith fragment grading 0.226% copper and 1.90 g/t gold in hole C13-03, this is very exciting as it is believed to have traveled only a short distance from its source within the Admiral target (measuring 1000 metres by 1500 metres) and will help guide future exploration drilling.
Ross Zawada, P. Geo., Manager of Exploration for Orestone Mining Corp., is a qualified person under the NI 43-101 guidelines and has reviewed the technical content on this webpage.