Vancouver, British Columbia--(Newsfile Corp. - February 11, 2025) - Orestone Mining Corp. (TSXV: ORS)(OTC Pink: ORESF)(FSE: O2R2) ("the Company") is pleased to announce that it has signed an Option Agreement ("the Agreement") to earn up to an 85 per-cent interest in the seven square kilometer Francisca property located in Salta Province, northwestern Argentina approximately 80 kilometres northwest of the city of Salta. Geologic mapping has outlined an oxide gold stock-work mineralized trend over a northwest strike length of 1100 metres outcropping on the crest of a moderate relief hill. Orestone is targeting an oxide gold deposit mineable by open pit methods and amenable to heap leach gold recovery.
Two gold zones have been outlined to date within the trend. The surface expression of the North and South zones each measure 400 to 450 metres in strike length and widths vary from 50-100 metres. The zones are surrounded by a 500 to 1000 metre wide area of strongly hornfels altered sediments and a large IP changeability anomaly indicating a potential larger intrusive body at depth. The oxide gold quartz limonite stock-work trend is associated with quartz feldspar porphyry intrusive dykes and intense sericite alteration along NW trending faults.
Eighteen surface trenches have initially outlined the zones at 50 to 100 metre spacings with 11 trenches encountering significant gold and silver values. Mansfield Minerals discovered the zones in 1996 based on 300 initial grab samples from the exposed gold zones averaging 0.958 g/t gold. Mansfield then conducted detailed geological and structural mapping, trenching and detailed sampling in the period 1996-1999. Cascadero Copper later resampled portions of the trenches and drilled thirteen diamond drill holes in 2006 to depths of 30 to 100 metres. Drilling however was poorly oriented with a northerly strike and did not adequately test the target gold zone.
High grade intervals of gold are noted in historic summary reports and on trench maps over widths of 3 to 14 metres with grades from 1 to 109 g/t gold. Summaries of trenching data across the South zone are noted to have gold assay intervals of 52 metres grading 3.65 g/t gold with 17.88 g/t silver in trench TZ1 and 110 metres grading 0.82 g/t gold with 7.33 g/t silver in trench TZ2. The mineralization in both trenches remains open, indicating the potential for expansion. Mansfield noted that the high-grade intervals are hosted within a broad zone of lower grade material but only the higher-grade zones were noted.
David Hottman, Orestone's CEO, stated: "We are excited to option the Francisca property as we believe that it represents an opportunity to outline a bulk tonnage oxide gold deposit. Francisca is a robust gold system discovered during a period of historically very low gold prices with no meaningful work conducted for almost 20 years. Orestone's goal on the Francisca property is to define an oxide gold deposit that can be mined by open pit and would be amenable to low cost heap leach gold recovery methods. Orestone plans to conduct a program of detailed mapping and trench re-sampling followed by drilling to test the gold zones."
Terms of the Option Agreement: Orestone has signed an Option Agreement with two arms-length Argentinian vendors to earn up to an eighty five percent (85%) interest in the Francisca property for cash payments and exploration expenditures totaling US$4,200,000 over seven years. After reaching certain milestones, Orestone and the vendors will form a jointly owned company after which if any individual shareholder's interest is diluted to 5%, its interest will be converted to a one percent (1%) net smelter returns royalty (the NSR"). Orestone will have the right to purchase 50% of any NSR granted (0.50%) for a sum of US$1,000,000 within five years from the granting of the corresponding NSR.
Cash payment and exploration expenditure schedule:
Date for Completion and Time Period
Cash Payment
Expenditures
After Due Diligence period
15 days
US$20,000
Nil
August 4, 2025
6 months
US$20,000
Nil
February 4, 2026
1st Anniversary
US$40,000
US$100,000
February 4, 2027
2nd Anniversary
US$40,000
US$150,000
February 4, 2028
3rd Anniversary
US$90,000
US$250,000
February 4, 2029
4th Anniversary
US$150,000
US$500,000
February 4, 2030
5th Anniversary
US$840,000
US$1,000,000
February 4, 2032
7th Anniversary
US$1,000,000
TOTAL
US$2,200,000
US$2,000,000
The Francisca property is in the eastern puna-Altiplano region at an elevation of 3300 to 3650 metres with moderate terrain, limited vegetation and is easily accessible via paved and gravel roads. Exploration can be conducted year-round. Salta is a region of good infrastructure where numerous large-scale copper, gold and lithium projects are being developed.
Orestone does not have the detailed assay data of the trenches or drilling as only summary data and maps of the higher-grade intervals encountered are available. The observations of gold assay values in the trenches are non-43-101 compliant due to their historic nature but the detailed geological mapping and exploration programs were done by competent professional geologists and indicate the presence of a significant disseminated gold stock-work system only poorly tested by drilling. Gary Nordin, P.Geo, a Director of the Company, is a qualified person as defined by National Instrument 43-101. Mr. Nordin has reviewed and approved the technical information in this press release.
Orestone Mining Corp. is a mineral exploration company headquartered in Vancouver, British Columbia. The Company's property portfolio includes exploration exposure to gold and copper with lesser amounts of silver and molybdenum in Canada and Argentina. Orestone's near term objective on the Francisca gold property in Salta Province, Argentina is to define an oxide gold deposit mineable by open pit methods using low cost heap leach gold recovery. The Company's primary asset is the 100 percent owned Captain gold-copper project in North Central BC which hosts a large gold dominate porphyry system; permitted and drill ready. The Las Burras property optioned in Salta Argentina provides large scale copper exposure to the Company. All three projects are road accessible and suitable for exploration year-round. For more information, please visit Orestone's website at: www.orestone.ca.
ON BEHALF OF ORESTONE MINING CORP.
David Hottman
CEO
For further information contact: David Hottman at 604-629-1929 info@orestone.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
