TORONTO, Oct. 18, 2018 /CNW/ - Orefinders Resources Inc.
("Orefinders" or the "Company") (TSX.V: ORX) is pleased to present
its exploration plans, 3D geologic models and geologic
interpretations for its McGarry Project located along the
Cadillac-Larder Lake Break near Virginiatown, Ontario. The McGarry
Project has historical indicated and inferred resources of 447,000
tonnes grading 7.89 g/t gold, and 157,000 tonnes grading 5.83 g/t
gold, respectively (see note on historical resources). The mine
produced gold as recently as 2013 and abuts the Kerr-Addison mine
on our eastern border, which produced ~12 million ounces over 58
years, and the new Bonterra Resources spin off company Gatling
Exploration's Bear Lake and
Cheminis deposits on our western border.
Links to Orefinders McGarry Presentation and 3D Videos of the
Property's Geology:
- Orefinders' McGarry Project Presentation
- McGarry Mine Shaft Zone 3D Geology Flyby Video
- Barber Larder Zone 3D Geology Flyby Video
"This data compilation, validation and resulting new geologic
interpretation is a part of Orefinders process to define what our
assets are so that we can intelligently design our exploration and
drill programs. Given the McGarry project, which encompasses
multiple zones, is new to Orefinders this exercise is critical and
one we are completing with all of our assets. This information is
important for shareholders to understand the fundamental value
which our projects have, but also it's vital to be well organized
for the industry participants. Meaning when the larger companies
evaluate assets, a well-organized and complete database along with
a solid understanding and plan for the asset is essential," said
Stephen Stewart, Orefinders CEO. He
continued, "The McGarry acquisition was done under the radar and we
then proceeded to add substantial value by resolving its legacy
issues. The Cadillac Break is a major gold district which is now
open for business. And our McGarry project has excellent in place
infrastructure and was mined as recently as 2013. However, we view
this as an exploration play. It's my own opinion that there is yet
another orebody to be found along this trend of the
Cadillac-Larder Lake break and
what we've done with this data interpretation exercise is just one
step towards finding it."
McGarry Geology Interpretations & 3D Models
The compilation work has highlighted several targets on the
property that require further exploration. Comparisons with
the geometry and structure of the South Mine Complex, on the
Kirkland Lake Gold's Macassa Mine, located to the west of McGarry,
underlines the importance of "off-break" structures as potential
hosts for gold mineralization. "There has been comparatively
much less work on the gold occurrences that are located away from
the Cadillac-Larder Lake Deformation Zone which hosts the McGarry
and Barber-Larder deposits, except possibly the Mill Zone located
about 1km south of the headframe. These structures could
represent secondary faults emanating from the main break and
provide excellent hosts for gold. The volcanic domains to the
south and north are composed of intercalated mafic and ultramafic
volcanics and abundant porphyry intrusions and the mechanical
contrast itself as well as the chemical reactivity of the iron-rich
mafic rocks are known to be great hosts for gold," said
Charles Beaudry, VP Exploration for
Orefinders.
Within the McGarry Mine itself the 325N zone on the 2250ft level
showed some promise and will be compiled in more detail in the
coming weeks. However there is no current plan to dewater the
mine and any exploration around the McGarry deposit will be done
from surface until logistics favor re-opening the mine. At
Barber-Larder the mineralized zone extends to the east beyond the
existing pit and this area will also be the object of a detailed
compilation to evaluate the potential of the zone both as a small
open pit and for an underground development scenario.
"We have immediate targets that we can follow up on the Cadillac
Break as well as along the Mill Zone trend that are drill
ready. Additionally there is a good deal of basic field work
to do to the south and north of the break, in areas that have not
seen significant drilling since the 1940's", added Charles Beaudry. This work is planned to
be undertaken in 2019.
McGarry Project Data Validation & Compilation
The acquisition of the McGarry project came with an abundance of
data, spanning numerous decades including hard format data from as
early as the 1930s. Orefinders has been validating and compiling
all known work into its database. The Company believes that
reliable and organized data is a critical component to
understanding any historical project in order to design a work
program which will unlock value. With our data exercise now
complete, the finished products are our geologic interpretations
and ensuing planned exploration and drill programs which are now
detailed. These interpretations are intended to demonstrate to
investors and to industry what these assets are, what their
potential is and what our framework to develop them is.
McGarry Property Permitting
With the geologic interpretations and exploration plan now in
place, the Company will move towards the advanced exploration and
permitting phases with the Province so that the McGarry project is
drill ready.
About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused
exclusively within the Abitibi Greenstone Belt. The Company is
listed on the Toronto Venture Exchange under the symbol ORX.
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."
Important Note Regarding Historical Mineral Resources and
Mineral Reserves
Orefinders cautions that a Qualified Person has not done
sufficient work to classify the historical mineral resource
estimates as current mineral resources or mineral reserves;
Orefinders is not treating the previous estimates as relevant or as
current mineral resources or mineral reserves and the previous
estimates should not be relied upon. Orefinders considers these
results as indications of the presence of mineralization on the
property and will use the information to guide future exploration
but the reader is cautioned not to rely on these estimates.
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
SOURCE Orefinders Resources Inc.