TORONTO, Jan. 5, 2018 /CNW/ - Orefinders Resources Inc.
("Orefinders" or the "Company") (TSX.V: ORX) is pleased to announce
that it has closed all of its Shining Tree area property
acquisitions as described in November
30th, 2017's News Release. With the consolidation now
complete, Orefinders owns a 100% interest in each of the
properties.
Orefinders would also like to announce that given the
consolidation of nine properties each with individual names, the
Company will be referring to this cohesive and contiguous land
package as the Knight Project, with the individual property names
reverting to zones within the broader project.
"Given the region's recent consolidation and previous variety of
names, we felt it prudent to give the Knight Project a singular
name and one which is distinct to Orefinders. Knight is the name of
the Township where our core interest in the District is located and
its more geographically accurate given that Shining Tree is
actually 30km west of our focus. We expect 2018 to be a busy year
for Orefinders and we are looking forward to unlocking the value
within each of our assets," said Stephen
Stewart, Orefinders CEO.
Knight Project Highlights
As per Orefinders News Release from November 30, 2017, the Knight Project includes
nine properties/zones know consolidated into one land package
covering 67 claims, 14 patented leases covering over nearly 2,348
hectares. The Knight Project is located immediately adjacent to
Tahoe Resources Inc.'s 1.09 million ounces Gold Indicated Resources
and 2.91 million ounces Gold Inferred Resources Juby Gold
Project.
- Several of the properties within the Knight Project host very
high grade and/or long gold mineralization intercepts as
demonstrated by drill results between 2010 and 2013, notably on the
Minto Mine:
-
- 13.3 gpt Gold (11.0 gpt if cut to 31.1 gpt) over 82.5 metres
in drill hole MC-09-01 (Creso Exploration news release
August 9, 2010)
- 18.2 gpt Gold (7.9 gpt if cut to 31.1 gpt) over 65.7 metres
and 4.61 gpt Gold (3.5 gpt if cut to 31.1 gpt) over 79.6 metres in
drill hole MC-09-02 (Creso Exploration news release
June 8, 2010)
- 1.01 gpt Gold over 192.0 metres, including 5.04 gpt Gold
over 24.4 metres in drill hole MC-11-11 (Creso Exploration news
release May 11, 2011)
- 1.15 gpt Gold over 280 metres, including 5.2 gpt Gold over
3.44 metres, 3.2 gpt Gold over 5.47 and 3.4 gpt Gold over 41 metres
in drill hole MC-10-03b (Creso
Exploration news release October 29,
2010)
- Duggan Mine's near-surface intersections include:
-
- 1.52 gpt Gold over 75.5 metres in drill hole D3-07
(Creso Exploration news release June 8,
2011)
- 2.20 gpt Gold over 34.50 metres including 40.0 gpt Gold over
1.0 metre in drill hole CD13-03 (Creso Exploration news release
February 14, 2013)
- 1.5 gpt Gold over 80.9 metres, using metallic screen assay
method, from CD13-03 (Creso Exploration news release
March 13, 2013)
- Porphyry Lake Property has wide near surface drill
intercept in porphyry intrusives:
-
- 1.57 gpt Gold over 25.5 metres* in hole PL-3, and
- a separate high-grade intersection in PL-3 of 36.1 gpt Gold
over 1.5 metres (DDH report by J.S. Walker, 4 July 1998)
- The silver-cobalt Mann Mine includes:
-
- 181.2 gpt Silver over 28.75 metres (Creso Exploration
news release December 14, 2011)
- 1.12% Cobalt over 1.4 metres
- The Tyrenite Mine has substantial mining infrastructure
including a mine shaft rehabilitated in the 1990's, a headframe,
skip and hoist, a core shack with core handling facility, ramp, and
6 on-site buildings.
Note on mineralized core intervals versus actual estimated
mineralized widths: The Minto Zone is a near vertical breccia
pipe and the drill holes referred to above are all steeply plunging
and as such intersections are not true width. The exact geometry
and hence the true width of the mineralized zones cannot be
assuredly concluded at this time and therefore core lengths are
reported. The Duggan, Porphyry Lake and Mann mineralization's are
all sub-vertical and the true widths are approximately 60% to 75%
of quoted intervals.
Orefinders would also like to announce that in accordance with
the Company's Stock Option Plan, a total of 4,250,000 incentive
options have been granted to officers, directors and consultants
all of whom who have assisted in creating value for our
shareholders to date. The options exercise price is $0.13, and they are exercisable for a period of
five years from the date of issue.
QP Statement
The technical information contained in this news release has
been reviewed and approved by Charles
Beaudry, P.Geo, Director and Vice President Exploration for
Orefinders, who is a Qualified Person as defined in "National
Instrument 43-101, Standards of Disclosure for Mineral
Projects."
Neither 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 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 might
differ materially from results suggested in any forward-looking
statements. Orefinders' assumes no obligation 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 and until 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.
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SOURCE Orefinders Resources Inc.