Orestone Initiates Exploration on Francisca Gold Project in Salta Province Argentina
Orestone Begins Early-Stage Work in Argentina, Backed by Recent Financing but Burning Cash in Pursuit of Early-Stage Gold Targets.
The most recent news release (2026-01-23) announces the commencement of a Phase I surface exploration program at the Francisca Gold Project in Argentina. The program consists of detailed mapping and sampling over a 200m x 500m grid on the South gold zone. The data will be used to plan a subsequent 1,500-meter reverse circulation (RC) drill program. The release reiterates historical high-grade sampling results and the CEO's goal of defining an oxide gold deposit amenable to open-pit mining.
This news is Routine - Positive. It represents the expected, logical next step in advancing the Francisca project, following the property expansion (2025-09-17) and the completion of a CAD $2.24 million financing (2025-12-17). While positive as it demonstrates operational progress and the deployment of recently raised capital, it is not material. No new assay results, resource estimates, or discoveries are reported. The market had already anticipated exploration work following the financing. The news confirms management is executing on stated plans but does not change the fundamental risk/reward profile of this early-stage exploration story.
Orestone Mining Corp. is a Canadian junior exploration company with two primary projects: 1. Francisca Gold-Silver Project (Salta, Argentina): An early-stage, road-accessible oxide gold target. The company can earn an 85% interest by spending US $4.2M over 7 years. Historical sampling (non-43-101) shows high-grade surface results (e.g., 33 g/t Au). The current work is the first systematic exploration in ~20 years. 2. Captain Gold-Copper Porphyry Project (BC, Canada): A 100%-owned, drill-ready project hosting a large gold-dominant porphyry system. It has a defined T1 target and a partially defined T2 target slated for an AirMT survey. The project has a 1% NSR (0.5% buyable for $500k).
The flagship project is arguably the Captain project due to its advanced stage and location in a stable jurisdiction, though recent corporate focus and financing have been directed toward the newly optioned Francisca project.