Captain Property

    • The 100%-owned Captain Project was acquired in 2007. The Company currently controls 72 sq kilometres 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 kilometres 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 kilometres south of the Mt. Milligan gold/copper deposit owned by Centerra Gold. The Mt. Milligan Mine in a large open pit mine and processing facility in production since 2014. For reference only, the Mt Milligan operation:

    • Has Proven and Probable reserves of 447,562 mt grading .30 g/t Au and .018% Cu (1)
    • For the quarter ending Oct 30, 2019 the operation mined 5,127,000 t ( 55,727 tpd) at a grade of 0.51 g/t Au and 0.25% Cu producing 55,355 oz Au and 21.2m lbs Cu at an ASIC cost on a by-product basis of US$766/oz AU (2)

    Centerra website, Nov 20, 2019 Centerra news release dated Oct 30, 2019

     

    Any discoveries at Captain will benefit greatly from the proximity to established infrastructure at Mt. Milligan.

    Project History

    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 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.

    Regional Geology

    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.

    Property Geology

    Topographic relief in the Captain area is minimal and 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 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 silicified magnetic diorite intrusive. The numerous smaller, flanking magnetic features are felt to represent monzonite dyke swarms and plugs and are the main exploration targets at Captain.

    Mineralization

    The gold-copper mineralization intersected in diamond drilling at Captain is classic alkalic porphyry mineralization and alteration. The mineralized zones are associated with highly altered volcanics and alkaline to monzonite porphyry dikes. Alteration consists of intense chlorite-actinolite kspar-carbonate-hematite and sericite with disseminated magnetite and very fine grained pyrite chalcopyrite .

    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.

    Geophysics

    The Company has completed several phases of induced polarization (IP) totalling 43 km and 135 km of ground magnetic surveys during 2007-2008 and 2010-2013.

    Geochemistry

    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 to the northeast from the Captain South drill area.

    Drilling

    Between 2008 and 2013 the Company completed two programs of percussion drilling and three programs of diamond drilling.

    The drilling Program in 2019, focussed on two principal targets: testing a large IP chargeability anomaly (Admiral Target) that was thought to be the potential source of the high grade xenolith encountered in the hole C13-03; and the copper-gold mineralization associated with the strong magnetic highs intersected in the 2012 Program associated with highly altered volcanics and magnetic alkaline to monzonite porphyries..

     

    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 magnetic 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 200-300 metres in thickness and 1000 meters in strike length and the xenolith fragment or rafted block is thought to have been transported from immediately adjacent rocks.

    Hole 13-02 was drilled at an Azimuth of -70 to the NE across a strong magnetic anomaly and intersected two sections of magnetic 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, open to depth.

    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 highly altered and mineralized monzonite porphyry xenolith fragment within a post mineral dyke near the center of the Admiral magnetic target in hole C13-03. A large IP target surrounding the dyke is interpreted to be the source of the xenolith; future drilling south and north of the dyke was 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.

    Summary

    Recent drilling and geophysics have defined a strong correlation between gold/copper mineralization and magnetic altered monzonite porphyry intrusions with moderate IP chargeability anomalies flanking a central magnetic diorite intusive. 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.

    Drilling in 2019 failed to locate the source of the high grade monzonite inclusion in hole 13-03.  Holes C19-02 and C19-05 drilled to the west and north of the magnetic post mineral dyke intersected prophylitic altered volcanics; holes C19-03-C19-04 and C19-06 drilled 200-600 m to the south and north of the post mineral dyke intersected a phyllic altered monzonite sill.

    Hole C19-07 was the best mineralized hole and was drilled to test magnetic anomaly T-2 and to undercut mineralization seen in hole C13-02 located 200 m to the south. It intersected 91 m of highly magnetic – kspar-chlorite –actinolite-sericite-hematite altered monzonite with very fine grained disseminated pyrite-chalcopyrite mineralization grading 0.26 g/t gold and 0.65% copper, including 24 m grading 0.56 g/t gold and 0.112 % copper. This was the first long intercept of a highly altered and Cu-Au mineralized magnetic monzonite dyke similar to mineralization at the Mt. Milligan Mine located 30 km to the north.

    A total of 9 magnetic high anomalies are present to the west and east of a central magnetic silicified and pyritic diorite intrusive. These anomalies strike primarily to the NW and measure from 200-1000 m in width and from 400-3000 m in strike.  Drilling in 2012 and in 2019 has now shown that the magnetic anomalies T-1 and T-2 are associated with magnetic copper-gold mineralized monzonite porphyry intrusions and the drill testing of the potential magnetic intrusions will be the focus of further exploration at Captain.

    Permitting is underway to permit an additional 29 drill holes to test these magnetic anomalies T-2 to T-9.

    Gary Nordin P. Geo., Director of Orestone Mining Corp. and Ross Zawada, 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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