Orefinders Stakes Additional 1,190 Hectares at Mirado Gold Project, Kirkland Lake
May 20 2014 - 8:00AM
Marketwired
Orefinders Stakes Additional 1,190 Hectares at Mirado Gold Project,
Kirkland Lake
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 20, 2014) -
Orefinders Resources Inc. (TSX-VENTURE:ORX) has staked an
additional 1,190 hectares of land near Kirkland Lake, Ontario,
adjacent to and along strike to the northwest from its wholly-owned
Mirado gold project. The staking program increased Orefinders
landholdings by 54% to 2,200 hectares, resulting with 100%
ownership of favorable volcanic stratigraphy covering an additional
six historical gold occurrences considered highly prospective for
bulk tonnage gold deposits. The 2013 drill program at the Mirado
project delineated a NI 43-101 compliant inferred resource, which
contains 442,000 ounces Au at an average grade of 1.29 g/t Au, with
the main focus of resource drilling targeting bulk tonnage
mineralization at the South Zone (see press release dated December
9, 2013).
During the winter season, the
Mirado project was reviewed by Dr. Jim Oliver, Ph.D., P.Geo. Dr.
Oliver has more than 25 years exploration experience specializing
in global mineral deposit evaluations, has worked on five
continents in 25 countries and examined or worked on approximately
400 mineral occurrences or deposits. Dr. Oliver re-logged Mirado
drill core from the 2013 drilling program, prepared a geological
model and stratigraphic cross-sections. Two different ages and
styles of gold mineralization were recognized at the Mirado
deposit, at the North and South Zones.
South Zone bulk tonnage gold
mineralization is related to late, highly gold rich quartz pyrite
stockwork and extensional vein systems developed largely at
competency contrasts within relatively flat lying volcanic
stratigraphy. Auriferous quartz veins are preferentially developed
near the hanging wall contact of a thick, laterally persistent,
coherent felsic flow with overlying intermediate to mafic volcanic
units. Strong gold mineralized zones track extensional offsets in
the felsic section and property scale data suggests that multiple,
potentially gold mineralized, structural zones may be identified
along strike from the current resource areas.
Dr. Oliver also concluded that
the North Zone represents an older gold mineralizing event,
represented by a significantly gold enriched polymetallic
volcanogenic massive sulphide (VMS) system. The North Zone gold
target has a specific stratigraphic position, which is often
defined by a persistent chert or felsic ash tuff horizon which
exhibits good lateral and down-dip continuity within a vertical to
steep northeast dipping section. In 2013, Orefinders drilled a
limited number of diamond drill holes (six), on broad step outs,
into this favorable target, and intercepted significant high grade
gold bearing sulphide mineralization (eg. 6.0 m @ 6.32 g/t Au)
associated with a strong coincident IP chargeability response (see
press release dated April 10, 2013). Blocks of VMS material sampled
from stockpiles located near the North Zone shaft area during the
fall of 2012 assayed 134.5 g/t Au, 63.5 g/t Ag, 23.9% Zn and 1.6%
Cu. Within the Archean Abitibi Subprovince, gold rich volcanic
hosted massive sulphides represent important exploration targets
and deposits, including the Horne, Quemont and Bousquet 1 and 2
Mines. One of the best documented deposits of this type is the La
Ronde Penna gold deposit, 58.6 Mt of 4.31 g/t Au, located in the
Doyon-Bousquet-La Ronde camp. An updated geological cross-section,
through the North and South gold mineralized zones prepared by Dr.
Oliver can be reviewed on the website at www.orefinders.ca under
the "Core Shack" section for the Mirado Project.
Bill Yeomans, President,
commented that, "The winter staking program targeted favorable
volcanic stratigraphy associated with a major structure along
strike from the Mirado deposit, with 100% ownership of six
additional gold occurrences obtained for the minimal cost of
staking fees. North Zone gold enriched massive sulphide
mineralization is considered to be a high priority exploration
target for Orefinders due to their excellent size potential.
Recognition that Mirado claims overlie both structurally controlled
gold vein systems as well as precious metals enhanced volcanic
hosted massive sulphides significantly increases the net
prospectivity of the claim block. It is expected that both target
types will be aggressively pursued during the 2014 exploration
season.
On behalf of the Board of
Directors
William Yeomans, P. Geo, President
Neither TSX
Venture Exchange nor its Regulations Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results may
differ materially from results suggested in any forward-looking
statements. Orefinders assumes no obligations to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward-looking
statements unless required by securities laws applicable to
Orefinders. Additional information identifying risks and
uncertainties is contained in filings by Orefinders with Canadian
securities regulators, which filings are available under Orefinders
profile at www.sedar.com.
Orefinders Resources Inc.William Yeomans, P.
Geo.President1-250-707-0911byeomans@orefinders.cawww.orefinders.caContact
FinancialKirk Gamley1-604-689-7422kirk@contactfinancial.com
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