Orestone Mining has reported the resistivity or induced polarization (IP) survey results from the Captain Porphyry project, containing gold and copper mineralization, situated about 30 km to the southern portion of the Mt. Milligan deposit and to the northern part of Fort St. James in BC.
A huge high IP chargeability region, enclosing 4,000 x 6,000 m region, has been defined by this survey.
The IP survey has included 30 km area for surveying in six lines and the area is spaced at 400 meters distance . The plan of the IP survey was to extend upon the past geophysical surveys conducted along the logging roads. The purpose of this survey was to outline the gold-copper sulphide mineralization prospective in the region that encloses the drill hole 09-05, returning potassic altered intrusive and volcanic rock. This 137 m deep hole, 09-05, drilled vertically intersects a mineralized breccia with 0.35 g/t gold and 0.21 % copper.
The area of the main IP chargeability anomaly, which occurs in the survey region’s central part, is 1,000 m by over 4,000 m and is compatible with high resistivity. This resistivity high and immediate chargeability region is situated at the west border of a magnetic high that is inferred to be an intrusive that bears magnetite, whose thickness is 1,000 to 2,000 n and a strike length of over 5 km. The resistivity or chargeability high target sited at the Captain Project is enclosed by this geophysical signature and is analogous to the Mt. Milligan’s MBX deposit. Three individual IP chargeability anomalies are present in the survey region and are lined by magnetic high anomalies, whose thickness are 1,000 m or more and are yet to be defined completely.
The company has allowed 25 drill holes in the region and will be drill testing the defined anomalies during October, 2011.
The President and CEO of the company, has commented Orestone is excited with the IP survey results that substantiate a huge mineralized system potential at the Captain property. The company will aggressively move to the exploration stage with a completely approved 25 drill holes.