TORONTO, Jan. 30, 2018 /CNW/ - Orefinders Resources
Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to
provide details on its newly acquired 100% owned Mann silver and
cobalt mines in the Cobalt-Gowganda District of Ontario and its plans to create a pure play
battery metals public company.
![Orefinders Silver Cobalt Mann Mine Map - Figure 1: Principal mineralized zones and Creso diamond drilling on Mann deposit, Milner Township, Gowganda, Ontario (UTM NAD83, Zn17) (CNW Group/Orefinders Resources Inc.) Orefinders Silver Cobalt Mann Mine Map - Figure 1: Principal mineralized zones and Creso diamond drilling on Mann deposit, Milner Township, Gowganda, Ontario (UTM NAD83, Zn17) (CNW Group/Orefinders Resources Inc.)](https://mma.prnewswire.com/media/634807/Orefinders_Resources_Inc__Orefinders_introduces_its_Cobalt_Silve.jpg)
"The Mann Mines have high grade silver and cobalt intersections
and we believe these assets are as prospective as any other in the
Cobalt-Gowganda Districts. We see this as a great opportunity to
leverage the Mann Mine with our expertise and relationships to
create an exciting new cobalt and battery metals company. The new
company will act as an acquisition and development vehicle for
Abitibi battery metal projects. Our team is very
knowledgeable in the geology of the Gowganda-Cobalt Ontario
District and we also have established relationships at the asset
ownership level. We've been operating in the Abitibi since 1999
when we assembled and discovered what is now IAMGOLD's Cote Lake
Project in Chester Township. While Orefinders is a gold focussed
company, it happens to own one of the most prospective silver and
cobalt assets in what is a very hot district due to the demand for
battery and energy storage metals. Our plan is to create a new
public company with the Mann as its initial flagship asset and with
some of the shares of this company being distributed to our
Orefinders shareholders. Effectively Orefinders' shareholders would
receive shares in this new company that would bring direct exposure
to battery metal assets such as cobalt, nickel, lithium and
vanadium.," said Stephen Stewart,
Orefinders CEO.
About the Mann Mines
The Mann Mines are silver and
cobalt properties located in Milner Township, Ontario within the Cobalt-Gowanda region. The property hosts 9
historic shafts and a ramp driven to the 210-foot level. The former
past producing Mann Mine along with a few other prospects, which
immediately abuts our Mann project, reportedly had historic
production of nearly 500,000 ounces of Silver (see MNDM MDC010).
All of the silver production shows a close spatial and genetic
relationship to the Nippissing diabase, which has intruded older
rocks from a number of points to form a series of arches, basins
and irregular forms.
In 2011-12 the previous owners carried out a diamond drill
program (see MNDM AFRI 20011567), the objective of which was to
confirm targets in the D-zone, that had been partially mined and
had intersections of up to 17,356 g/t Silver.
The campaign returned the following highlights:
Hole
Number
|
From
Metres
|
To
Metres
|
Length
Metres
|
Grade
Cobalt
|
MN11-01
|
111.5
|
117.3
|
5.8
|
0.34%
|
including
|
11.3
|
114.3
|
1.4
|
1.12%
|
MN11-03
|
11.0
|
11.4
|
0.4
|
0.20%
|
|
Hole
Number
|
From
Metres
|
To
Metres
|
Length
Metres
|
Grade Silver
(g/t)
|
MN11-01
|
29.0
|
58.3
|
29.3
|
131.0
|
including
|
37.0
|
38.0
|
1.0
|
2320.0
|
including
|
52.2
|
52.7
|
0.5
|
1210.0
|
|
MN11-03
|
21.3
|
50.0
|
28.8
|
181.2
|
including
|
35.9
|
41.0
|
5.2
|
978.5
|
including
|
39.8
|
40.5
|
0.7
|
5130.0
|
|
MN11-02
|
27.8
|
34.3
|
6.5
|
17.9
|
and
|
95.0
|
144.5
|
49.5
|
14.3
|
including
|
47.8
|
48.4
|
0.6
|
141.0
|
For reference these holes are located as follows:
HoleID
|
Datum
|
UTMEast
|
UTMNorth
|
Elevation
|
Length
|
Dip
|
Azimuth
|
MN11-01
|
NAD83ZN17
|
513,824.9
|
5274074.1
|
395.0
|
227.00
|
-45
|
185
|
MN11-02
|
NAD83ZN17
|
513832.5
|
5274077.1
|
395.0
|
194.00
|
-45
|
174
|
MN11-03
|
NAD83ZN17
|
513832.5
|
5274077.1
|
395.0
|
209.00
|
-45
|
179
|
The mineralization on the property occurs as sub-vertical veins
and the true width of the intervals is approximately 75% of the
quoted values.
Orefinders views the Mann Project as a highly promising advanced
development project which is drill ready for future work. While
Orefinders is exclusively focused on gold, it believes that, given
the demand for Cobalt and Silver
specifically in the Cobalt-Gowganda region of Ontario, it can realize significant value for
its shareholders from the Mann Project and additional assets which
the new company would acquire to complement its battery metals
portfolio.
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.